ICICI Securities Ltd | Retail Equity Research In the review meeting of the GST Council on tax rates, the council has raised the specific cess on cigarettes in all categories below 75 mm. The product mix for VST is currently at 50:50 for below 65 mm: above 65 mm category. We believe this would increase the blended tax incidence per stick from | 2.3 to | 2.9. We believe this increase in tax incidence would compel the company to undertake ~20% price hike to pass on the complete burden to consumers. Due to this sharp increase in the tax...