Union Budget 2023: Price Rise Likely on Cigarettes, Tobacco Products

New Delhi: As the nation is anxiously waiting for the Union Budget 2023, which will be presented in Parliament on Wednesday, it is expected that the government may announce a price hike on tobacco and tobacco products. The Finance Minister Nirmala Sitharaman may also increase the cigarette tax in her budget. 

The prices of cigarettes and taxes on the tobacco products have been left untouched for nearly two years, therefore, it is expected that tomorrow's budget may change this. 

The Central government levies National Calamity Contingent Duty (NCCD) on cigarettes. If the Centre decides to raise it, the cigarette manufacturing companies will pass on the burden to the consumers leading to a rise in the cost of cigarettes and tobacco products. 

Earlier on Tuesday, the Finance Minister tabled the Economic Survey in the Parliament soon after President Droupadi Murmu’s address to the joint sitting of Parliament. According to the Economic Survey, India’s economic growth is forecast to be 6.5 per cent in fiscal 2024. 

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