Centre amends finance bill to change taxation on tobacco, pan masala

Now Tobacco and tobacco products, pan masala and Gutka will attract compensation cess on the basis of the retail price instead of a current ad valorem levy. The centre on Friday proposed an amendment in the Schedule of the GST (Compensation to States) Act, 2017in the finance bill which capped the GST Compensation Cess on Pan Masala and Gutka at 51% of the retail sale…