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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

Congress terms GST overhaul ‘GST 1.5’; says wait for ‘true GST 2.0’ continues

New Delhi, Sep 4 (PTI) With the GST Council approving a complete overhaul of the Goods and Services Tax (GST) regime, the Congress on Thursday termed it a “GST 1.5” and said time alone will tell whether it would stimulate private investment as well as ease the burden on MSMEs. The opposition party asserted that the wait for a “true GST 2.0” continues. Congress general secretary in-charge communications Jairam Ramesh said that a key demand of the states made in the true spirit of cooperative federalism ‘” namely, the extension of compensation for another five years to fully protect their

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