<p>Finance Minister Nirmala Sitharaman is set to unveil the much-anticipated Interim Budget on February 1.</p><p>The focus is on whether significant announcements will be made in this election year, with just a couple of months remaining before the Lok Sabha polls.</p><p>As we approach the Interim Budget in the next few days, let's delve into the concept of Sin Tax.</p>.Union Budget 2024 | What is customs duty?.<p>Sin Tax is a substantial levy imposed products such as tobacco, alcoholic beverages, gambling, etc., aiming to discourage their consumption among the public. </p><p>India has consistently been one of the countries imposing hefty taxes on items like cigarettes, liquor, and pan masala substances. </p><p>These taxes serve a dual purpose: First, by increasing the market price, they dissuade people from consuming what is perceived as undesirable. </p><p>Second, the companies manufacturing these products bear a significant tax burden. </p><p>In essence, a Sin Tax is perceived as a beneficial strategy from the government's perspective.</p>
<p>Finance Minister Nirmala Sitharaman is set to unveil the much-anticipated Interim Budget on February 1.</p><p>The focus is on whether significant announcements will be made in this election year, with just a couple of months remaining before the Lok Sabha polls.</p><p>As we approach the Interim Budget in the next few days, let's delve into the concept of Sin Tax.</p>.Union Budget 2024 | What is customs duty?.<p>Sin Tax is a substantial levy imposed products such as tobacco, alcoholic beverages, gambling, etc., aiming to discourage their consumption among the public. </p><p>India has consistently been one of the countries imposing hefty taxes on items like cigarettes, liquor, and pan masala substances. </p><p>These taxes serve a dual purpose: First, by increasing the market price, they dissuade people from consuming what is perceived as undesirable. </p><p>Second, the companies manufacturing these products bear a significant tax burden. </p><p>In essence, a Sin Tax is perceived as a beneficial strategy from the government's perspective.</p>
