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Rupee falls 1 paisa to 88.03 against US dollar in early trade

Mumbai, Sep 4 (PTI) Rupee fell 1 paisa to 88.03 against the US dollar in a highly volatile morning trade on Thursday amid sustained FII outflows and a stronger greenback. Goods and Services Tax (GST) rate cuts, which buyoed market sentiments, and a drop in global oil prices limited losses in the local unit, according to forex traders. At the interbank foreign exchange, the domestic unit opened weaker at 88.09 against the US dollar and rose sharply to 87.85 before slipping again to 88.03, down 1 paisa from its previous close. The rupee recovered 13 paise from its all-time low

GST Bonanza fuels stock markets rally; Sensex jumps nearly 900 points

Mumbai, Sep 4 (PTI) Benchmark equity indices Sensex and Nifty surged in early trade on Thursday as investors became cheerful after the GST Council approved a complete overhaul of the tangled Goods and Services Tax regime. The 30-share BSE Sensex jumped 888.96 points to 81,456.67 in opening trade. The 50-share NSE Nifty surged 265.7 points to 24,980.75. Common use items from roti/paratha to hair oil, ice creams and TVs will cost less, while tax incidence on personal health and life insurance will be brought down to nil after the all-powerful GST Council on Wednesday approved a complete overhaul of the

Winners and losers in India’s sweeping GST overhaul

NEW DELHI, Sept 4 (Reuters) – Indian Finance Minister Nirmala Sitharaman unveiled tax cuts for hundreds of consumer items, from soap to cars, in the biggest overhaul of the goods and services tax (GST), set to take effect from September 22. Here are key highlights: MAJOR CHANGES India will have two key tax rates of 5% and 18% from September 22, versus four now. A new tax slab of 40% will apply to high-end goods, but all additional levies above that are to be abolished, bringing down effective tax rates on mid-size and big cars. REVENUE LOSS, INFLATION IMPACT The

Indian auto stocks jump on GST cut boost

Sept 4 (Reuters) – Indian auto stocks jumped 2.2% to the highest level in nearly 11 months on Thursday after the government slashed GST (Goods and Services tax). Auto shares were the top sectoral gainers on the benchmark Nifty 50 index, which was trading 0.7% higher. On Wednesday, the GST panel, approved lower taxes on hundreds of consumer items ranging from soaps to small cars to spur domestic demand in the face of steep US tariffs. The GST on small cars has been reduced to 18% from 28%. Most stocks on the auto index were trading in the green, with

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