GST Council Meeting Live Updates: The GST Council has approved a new two-slab structure, scrapping the 12% and 28% brackets, easing rates on essentials, and imposing higher levies on select products. Investors on Dalal Street will also track the weekly expiry of Sensex derivatives.
The benchmark Indian equity indices are set to open higher on Thursday, buoyed by firm global cues and optimism over the Goods and Services Tax (GST) overhaul.
At 7:50 am, GIFT Nifty futures were up 152 points at 24,965, signaling a positive start for domestic markets.
Finance Minister Nirmala Sitharaman on Wednesday made big-bang announcements to ease tax burden on the common man, help businesses with GST refund reforms, and push overall consumption in the economy by cutting rates on daily-use items like ghee, butter, roti, shampoo, hair oil, and toothpaste, among others. Investors were keenly awaiting the decisions of the 56th meeting of the GST Council, as markets remained positive for a couple of days.
FMCG, healthcare, infra, small autos, farm & renewable infra stocks will remain in focus on Thursday, as the government has significantly cut GST rates on these items. However, rates have been increased on tobacco, luxury vehicles, beverages, yachts, etc.
The GST Council cleared the Centre’s proposal to streamline the indirect tax structure into a dual slab of 5% and 18%, with a special 40% slab earmarked for sin and luxury goods. This overhaul will replace the existing four major slabs — 5%, 12%, 18%, and 28% — with a simplified two-rate system.
