While there was much for the common man and the salaried class to cheer in the Union budget 2023, smokers will not too happy as cigarettes are expected to become costlier.
Finance Minister Nirmala Sitharaman, presenting her fifth budget on Wednesday, announced a 16 per cent increase in NCCD (National Calamity Contingent Duty) on certain cigarettes.
This may translate to 1.5-2 per cent price hike in cigarettes.
However, this is lower than the increase that many feared, say experts.
Shares of ITC was up by more than two per cent despite the news in the hike in cigarette prices. There was however, a huge dip following the announcement. The stock made a recovery soon after.
