ITC shines owing to clarification on GST
DSIJ Intelligence / 17 Mar 2017
The Goods and Services Tax (GST) Council has cleared a proposal to cap the cess on luxury cars and aerated drinks at 15 per cent over the peak rate of 28 per cent.
The Goods and Services Tax (GST) Council has cleared a proposal to cap the cess on luxury cars and aerated drinks at 15 per cent over the peak rate of 28 per cent. There is big relief for ITC that a sin tax, is capped at 15 per cent for the first time.
On tobacco and cigarettes, the cap would be 290 per cent, or Rs 4,170 per 1,000 cigarette sticks. At the same time, the council is yet to decide on whether a cess would be imposed on bidis or not.
On the financial front, ITC earned 62.28 per cent from FMCG-Cigarettes and 17.81 per cent from FMCG-other, 7.78 per cent from Agri-business, 2.46 per cent from hotels and remaining 9.67 per cent from others in FY16.
The stock price of ITC increased 6.95 per cent in early trade, and is trading at Rs 286 on an intraday basis. The stock price of the company is contributing 161 points to BSE Sensex’s gain of 138 points.
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