Cement Stocks Slip as Government Fixes GST for Cement at 28%

Shital Jibhe / 07 Jun 2017

Cement Stocks Slip as Government Fixes GST for Cement at 28%

The Goods and Services Tax (GST) for cement has been fixed at a rate of 28%, which is slightly higher from the previous tax. However, experts believe that the revision in tax rates brought an additional benefit, as the GST on coal and metal ore has been reduced to 5%, reported a national news portal.

Majority of the cement stocks slipped in Tuesday’s trading session. Burnpur Cement suffered the worst as it was down by 4.4% at Rs 10.15 per share.
 
Other stocks in the index such as Barak Valley Cements was down by 3.6% at Rs 34.25 per share, Everest Industries was down by 3.3% at Rs 298.90 per share, Shiva Cement was down by 3.1% at Rs 20.30 per share and Bigbloc Construction was down by 3.4% at Rs 88 per share. 
 
Giants such as Ambuja Cements were down 1.9% at Rs 235.45 per share, JK Cement was down 2% at Rs 1068 per share and ACC was also trading down by 2.4% at Rs 1603 per share.
 
Visaka Industries, Orient Paper & Industries and Shree Digvijay Cement are some stocks that were trading in green on the BSE.
 
The Goods and Services Tax (GST) for cement has been fixed at a rate of 28%, which is slightly higher from the previous tax. However, experts believe that the revision in tax rates brought an additional benefit, as the GST on coal and metal ore has been reduced to 5%, reported a national news portal.