Sin tax goes up
Prices of cigarettes, carbonated beverages, and sugary items set to go up
A torn cigarette. Illustration: TBS
The government is poised to increase sin taxes - levied on goods deemed harmful to society and individuals- on cigarettes, carbonated beverages and sugary items to discourage their consumption from the upcoming fiscal year.
The finance minister today (6 June) proposed to impose a turnover tax on income from the production of sweetened beverages at the same rate as on carbonated beverages 3% instead of the existing rate of 0.6%.
Also, supplementary duty on carbonated beverages has hiked to 30% from 25%.
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Cigarettes of all categories - low to middle and premium – face higher taxes.
