The historic rollout of GST has become the talk of the country even more as its rub-off effect has made market scrips surge to yearly highs. Monday, the second trading day after GST rollout was a stellar day for the intra-day traders. The ‘bears’, however, faced turmoil as the Sensex surged nearly 300 points while Nifty rallied by over 100 points.
An Excel-based sheet has been introduced by the government to ensure that the users do not have to maintain online access at all points in time. The users can record their sales in an Excel-based format which can then be loaded onto the GST software. All users are required to load data bi-yearly.
Future Group’s Big Bazaar plays it easy
While all firms are showing slackness in pacing up with GST, BigBazaar pulled up its socks really fast. Moreover, Big Bazaar issued first India’s invoice after GST rollout.
Anti-profiteering committee set by under GST
A 5-member anti-profiteering committee has also been formulated to ensure companies transfer the maximum benefit to the consumers. It will act as a monitoring and watchdog for all GST registered companies. Piyush Goyal, Union Minister of Power tweeted: “GST’s anti-profiteering clause ensures that the benefits of tax reduction are passed on to the common man of the country. #GSTForCommonMan
GST's anti-profiteering clause ensures that the benefits of tax reduction are passed on to the common man of the country. #GSTForCommonMan
— Piyush Goyal Office (@PiyushGoyalOffc) July 3, 2017
GST: Stock Markets Trivia
From various companies like ITC, Minda Industries, Ashok Leyland touching new highs, pharma stocks are still showing dips. Sun Pharma, Wipro, Lupin are all hovering around the same levels and ending in the red. Today, the second trading day after GST ended 300 points higher and Nifty closed above 9600.
A slew of products has been exempted from GST. Have a look:
Public Consumption Products that are exempted from GST! #GSTForCommonMan pic.twitter.com/UicsRjeRNv
— #TransformingIndia (@transform_ind) July 3, 2017
Here are products which have been bracketed under the 5% bracket.
Reduced Tax rates for Products for public consumption under GST. #GSTforCommonMan https://t.co/HlQF7Wn5es pic.twitter.com/94yvlvoi0K
— MyGovIndia (@mygovindia) July 3, 2017
Which sector to benefit the most?
The unorganized sector will benefit the most through GST. Moreover, steel, cement, fast moving consumer goods (FMCG) industry is likely to benefit from the GST and the rub-off effect of GST is likely to be seen on the market for about a quarter now.
