GST Council may go for more rate revisions

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While the 28 per cent GST rate and 5 per cent ad valorem on tobacco product remain, the additional cess will change as per the length of the cigarettes, Union Finance Minister Arun Jaitley told reporters after the GST Council meeting through a video conferencing.

"It was noted in the first 15 days of the GST implementation that when the rate on cigarettes was translated, the cascading effect of taxes was not factored in", Jaitley explained.

Telecom services are being charged at a rate of 18 per cent GST, whereas earlier they attracted a service tax and cess of 15 per cent. The cess rate varied from INR 2,126 to INR 4,170 for cigarettes of different lengths.

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According to the Morgan Stanley report, the latest policy update implies 11-21% increase in tax for cigarettes versus that in F17-a clear negative with obvious impact on volume growth and valuations multiples. A 5 percent ad valorem cess was levied on top of it and Rs 1,591 per thousand sticks as fixed cess on both filter and non-filter cigarettes of not exceeding 65 mm length.

Tax on cigarettes was the only agenda for the GST Council meet.

The minister said the department had no immediate plan of approaching the GST Council or the finance ministry in this regard. The meeting of the Council was originally slated to happen on August 5.

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Duterte is already set to study the recommendations. Abella, for his part, also said on Monday that Mr. Presidential spokesperson Ernesto C.

"This figure is nearly multiplying everyday. We estimate a hit of Rs35-36 billion to ITC's profits on an annualised basis-akin to the worst-case scenario feared by us prior to the government firming up on a much-more rational tax-structure announced on May 18", said JM Financial in a note to its investors. The GSTN portal is able to comfortably take this load, he added. "We will analyse what people were paying earlier, the impact of GST, and whether input credit is being passed on to consumers", Sinha said Monday.

"In a large number of products we have seen that input credit helps in bringing down the cost", he said.

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