The GST Council on Saturday cut tax rates
The revised tax rates will come into effect from July 27.New Delhi: Shares of footwear, paint makers, consumer durables and FMCG companies surged up to 10 per cent on Monday after the GST Council reduced tax rates on a number of products.35 per cent, Bata India 6.Footwear غير مجاز مي باشدting up to Rs 1,000 will now attract 5 per cent GST. ITC rose 3. Among footwear stocks, Liberty Shoes soared 10.54 per cent, Mirza International 4.45 per cent and IFB Industries 2.40 per cent and Relaxo Footwears 2.09 per cent, Kansai Nerolac Paints 2.71 per cent, Asian Paints 2.76 per cent. Refrigerator, washing machine, small screen TV, storage water heaters, paints and varnishes, will henceforth attract 18 per cent GST as against high speed flat embroidery machine 28 per cent earlier.95 per cent, V-Guard Industries 5.33 per cent, Butterfly Gandhimathi Appliances 5 per cent, Whirlpool of India 3.75 per cent, Berger Paints 1.
"Consumption oriented sector inched higher in expectation of improvement in margin and volume growth on account of lower GST rates," said Vinod Nair, Head of Research, Geojit Financial Services.80 per cent and Hindustan Unilever 1.63 per cent and Kajaria Ceramics 0.77 per cent on BSE."We see paint companies, footwear companies, hotels to be some of the key beneficiaries of the GST Councils decisions on rate-rationalisation," JM Financial Institutional Securities said in a report.The highest tax bracket of 28 per cent has been rationalised further with rates on daily-use items like perfumes, غير مجاز مي باشدmetics, toiletries, hair dryers, shavers, mixer grinder, vacuum cleaners, lithium-ion batteries, being lowered to 18 per cent.63 per cent, Akzo Nobel India 1.The GST Council on Saturday cut tax rates on 88 items, including footwear, refrigerator, washing machine and small screen TV.38 per cent on BSE.Shares of Havells India surged 9.13 per cent, Bajaj Electricals 5.The scrip of Shalimar Paints rose 4.96 per cent, Khadim India 6.84 per cent. So far, footwear up to Rs 500 attracted 5 per cent GST, and those having retail sale price of over Rs 500 attracted 18 per cent rate.
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