Mumbai: All eyes are set on the Indian market as Goods and Services Tax (GST) Council on Wednesday approved significant rate cuts for the several products like cement, bread, ghee, hair oil, shampoo, Chocolates, Coffee, Preserved Meat, Cornflakes, etc. It rationalised the GST slabs with a focus on “Common-man, Labour-intensive Industries, Farmers and Agriculture, Health, Key Drivers of the economy”.
The benchmark indices of the Indian stock market – BSE Sensex and NSE Nifty settled with gains on Wednesday. The 30-share BSE barometer gained 409.83 points to finish at 80,567.71. The 50-share Nifty jumped 135.45 points to close at 24,715.05.
The GST Council under the chairmanship of Finance Minister Nirmala Sitharaman proposed a a 2 rate structure with a Standard Rate of 18% and a Merit Rate of 5%. It said 40% rates will be fixed for a select few goods and services like tobacco, cigarettes and high-end luxury cars.