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of <h1>GST valuation for pan masala and tobacco products shifts to declared retail sale price from 1 Feb 2026</h1> Notification No. 49/2023-Central Tax is amended to insert a new clause prescribing valuation based on retail sale price for specified supplies where such price is declared on the package. The specified goods are pan masala and listed tobacco and tobacco-substitute products, including unmanufactured tobacco (excluding tobacco leaves), cigars/cigarettes, other manufactured tobacco (excluding biris), and specified inhalation products containing tobacco, reconstituted tobacco, or nicotine substitutes. 'Retail sale price' is defined as the maximum declared price inclusive of all taxes and cesses; where multiple prices are declared, the maximum applies; any upward alteration before/during/after supply is deemed the retail sale price; and area-wise different declared prices apply for valuation in the relevant area. The amendment takes effect from 1 February 2026.
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