Shares of ITC Ltd were trading lower by about 1.5 per cent at 11:03 am on the BSE on Tuesday.
A businessline report had earlier said that the Group of Ministers (GoM) within the GST Council is likely to recommend a rate hike on tobacco and tobacco-related products from 25 per cent to 35 per cent
According to the report, these issues were discussed at a meeting of the rate rationalisation GoM, chaired by Bihar Deputy Chief Minister Samrat Chaudhary, on Monday. The GoM reached a consensus on several GST rate changes aimed at simplifying the GST framework and boosting revenue collection.
The recommendations will be presented at the 55th GST Council meeting scheduled for December 21 in Jaisalmer, chaired by Finance Minister Nirmala Sitharaman.
ITC, formerly Indian Tobacco Company, is the largest cigarette-maker in the country.