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MARKET WRAP
Equity benchmarks ended mildly higher on Friday after volatile trade throughout session ahead
of September industrial output and October inflation data due next week.
The 30-share BSE Sensex was up 63.63 points at 33,314.56 and the 50-share NSE Nifty rose
12.80 points to 10,321.80.
About 1,480 shares declined against 1,197 advancing shares on the BSE.
The Goods and Services Tax (GST) Council on Friday decided to slash rates on more than 175
items, reducing taxes on these from the existing 28 percent in one of the biggest tax
reductions since the new system kicked-in from July
The council, which is currently meeting in Guwahati, has decided to cut keep only 50 luxury and
`sin goods like tobacco in the highest slab, paving the way for price cuts in a raft of commonly
used goods from furniture to sanitary ware.
Daily use products such as shampoo, chocolates, beauty products and construction items such as
marble and granite will cease to be in the 28 percent slab, Bihar Deputy Chief Minister Sushil
Modi said today at the sidelines of the 23rd GST Council meeting in Guwahati.
The tax cuts will have a revenue implication of about Rs 20,000 crore.
The council is set to approve sweeping changes including simpler procedures, a single return
filing form for small firms and several changes to make composition scheme more attractive.
The GST Councilthe apex body for decision making headed by finance minister Arun Jaitley
today in its 23rd meeting in Guwahati will also discuss the proposal to do away with the
distinction between air-conditioned (AC) and non-air conditioned restaurants (not under
composition scheme) and tax them at 12 percent.
GST, billed as the country's biggest indirect tax overhaul, has consolidated a dozen of state and
central duties into one single levy. All goods and services have been fitted into four broad slab
structure 5, 12, 18 and 28 percentalong with a cess on luxury and demerit goods such as
tobacco, pan masala and aerated drinks.
In the next few hours, the Council is expected to take crucial decisions to make composition
scheme more attractive,improve compliance burden and may explore the possibility of including
real estate under GST.
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