Godfrey Phillips India Limited — Others, 03-12-2024: News Verification

Godfrey Phillips India has clarified that a recent media report suggesting a 35% GST increase on tobacco products does not originate from the company. The management is unaware of any outcomes from the Group of Ministers’ meeting regarding GST rate rationalization and cannot assess the potential impact on the business unless the GST rate is officially changed. This lack of awareness minimizes immediate investor concerns, though the proposed tax hike remains a potential risk to the sector. The company emphasizes its commitment to transparency and compliance with regulatory requirements, ensuring it will update the exchanges as necessary.