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Increase excise duty on tobacco products
Representational image
Eminent economists from across the country demanded the Centre to increase excise duty on all tobacco products in the Union Budget of 2023-24 to generate additional revenue
Hyderabad: Eminent economists from across the country demanded the Centre to increase excise duty on all tobacco products in the Union Budget of 2023-24 to generate additional revenue. In their appeals to the Finance ministry, they sought increased excise duty on cigarettes, bidis and smokeless tobacco.
According to these experts, if India has to become a five $ trillion economy, then increased tobacco taxation can be a major contributor. 'Higher taxation on tobacco products results in higher retail prices which is one of most economical, easiest and effective ways to reduce and discourage tabacco consumption and initiation. If we account for increase in income and inflation, the tax rate on tabacco products has not increased much during the post-GST period making these sin products relatively affordable.
India is the second largest consumer of tabacco in the world which has huge implication in terms of loss of human health/ life and in terms of health care expenditure. Therefore it is time to reduce the affordability of tobacco products by imposing higher taxes', Prof. Praveer Sahoo, Institute of Economic Growth, said.
