Finance Minister Nirmala Sitharaman is presenting the Union Budget 2023-24. The FM began the presentation in Lok Sabha at 11 am today. During her speech, the Finance Minister announced that taxes on cigarettes will be hiked by 16 percent which means now cigarettes will become costlier for consumers.
Following the FM's announcement shares of cigarette makers ITC, Godfrey Phillips, VST Industries, and NTC Industries fell up to 6 percent in trade.
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The stock of Godfrey Phillips slumped as much as 4.92 percent to Rs 1,828.75 on the BSE, while Golden Tobacco declined 3.81 percent to Rs 59.4.
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Shares of ITC were trading 0.78 percent lower at Rs 349 on the bourse. NTC Industries dropped 1.4 percent and VST Industries slipped 0.35 percent.
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In her Budget speech, the finance minister announced a hike in taxes on cigarettes by 16 percent.
Here are some big announcements made by Finance Minister Nirmala Sitharaman in the Union Budget 2023-2024 on Wednesday.
Railways get Rs 2.4 lakh crore, which is the highest ever allocation to it
The agricultural credit target increased to Rs 20 lakh crore
Mobility Infra -- 50 additional airports, heliports
50 destinations to be selected through challenge mode for tourism
Mahila Samman Savings Certificate will be made available for two years, with deposits of up to Rs 2 lakh at 7.5 percent interest
Senior Citizens' Savings Scheme deposit limit raised to Rs 30 lakh from Rs 15 lakh
The income tax rebate limit increased from Rs 5 lakh to Rs 7 lakh under the new tax regime
Allocation for PM Awas Yojna increased by 66 percent to over Rs 79,000 crore
Mission to eliminate sickle cell anaemia by 2047
Tribals are to get Rs 15,000 crore over the next three years for safe housing, sanitation, drinking water, and electricity .
Green Hydrogen Mission for reduced dependence on fossil fuel
