In its latest budget, the government has increased custom duty on cigarettes by 16 per cent with shares of cigarette companies sinking after the announcement, reports the Hindustan Times.

Smoking will become more expensive in India as the government has increased custom duty by 16 per cent. The news was announced as part as of the Union Budget for 2023-24 by Finance Minister Nirmala Sitharaman.
“National Calamity Contingent Duty (NCCD) on specified cigarettes was last revised three years ago. This is proposed to be revised upwards by about 16 per cent,” The Irish Sun quotes Sitharaman in her budget speech.
As the news was announced, shares of numerous cigarette companies such as Godfrey Phillips India and ITC Ltd, declined by up to 5 per cent on the BSE, reports the Hindustan Times.