Items such as cereals, which were taxed earlier at 5 per cent, will now be zero-rated. Coffee, sugar, tea and edible oil will attract a lower GST rate of 5 per cent. Capital goods, a key asset for the manufacturing sector, will be taxed at 28 per cent. Several daily-use items such as hair oil, toothpaste and soap have been kept in the 18 per cent – slab instead of at 28 per cent.
Cheering the news, shares of the company rose 1.91 per cent to Rs 1006.30 apiece on Bombay Stock Exchange at 13:00 hours.
In a similar fashion, stocks of the company climb 1.89 per cent to Rs 1,009 apiece, or 18.75 points, on National Stock Exchange at 13:00 hours.
Meanwhile, the broader benchmark BSE Sensex was trading at 30,442.21, up 0.02 per cent, or 7.42 points, at 13:01 hours.