VST industries would be the bigger beneficiary of the change in the indirect tax structure. With the abolition of excise duty and additional excise duty, net tax incidence for VST industries would come down by 8.3% and to comply with the anti profiteering clause, the company would require taking price cut by 6.0%. State VAT has been replaced by GST and cess would replace specific excise duty. Though, the absolute tax rate on cigarettes has remained same but with the elimination of Tax on Tax' has reduced the tax liabilities for cigarettes companies. We have...