Budget 2023: Cigarettes become more expensive after budget announcement, memes flood on Twitter
In the Union Budget on Wednesday, Finance Minister Nirmala Sitharaman proposed an increase in the tax on cigarettes, setting off memes and jokes online.
With the latest announcement of budget 2023-24 presented by Finance Minister Nirmala Sitharaman on Wednesday, taxes on cigarettes will be increased by 16%. For the past two years, there have been no changes in cigarette taxation but now the government has decided to hike NCCD (National Calamity Contingent Duty) on certain cigarettes.
The cigarette taxation announcement certainly made a negative impact on cigarette manufacturers, particularly Godfrey Phillips India and ITC Ltd. The shares of both firms plummeted by more than 5%.
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According to analysts, a significant increase in tobacco taxes and stricter rules will not only ensure that citizens have better health, bringing out the finest in human capital but will also contribute to the realisation of Prime Minister Narendra Modi's goal of a $5 trillion economy by 2025.
Anyhow social media users quickly flooded the microblogging platform Twitter with memes and jokes about more expensive cigarettes.