India's auto stocks surge on GST reforms
Buyers of large cars look set to gain in India's tax reform, driving up auto shares. Changes to the Goods and Services Tax towards a simpler structure will lower prices for more than 90% of everyday goods. From Sep 22, the GST will feature a two-slab structure of 5% and 18%, replacing the current four categories. Prime Minister Narendra Modi has hailed the measures as a step to ease the burden on citizens and boost economic growth. While consumers can take some joy, central and state governments could see revenue loss of as much as US$5.5 billion every year. Ishan Garg reports.
Buyers of large cars look set to gain in India's tax reform, driving up auto shares. Changes to the Goods and Services Tax towards a simpler structure will lower prices for more than 90% of everyday goods. From Sep 22, the GST will feature a two-slab structure of 5% and 18%, replacing the current four categories. Prime Minister Narendra Modi has hailed the measures as a step to ease the burden on citizens and boost economic growth. While consumers can take some joy, central and state governments could see revenue loss of as much as US$5.5 billion every year. Ishan Garg reports.
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