Monday, 23 July 2018

Footwear stocks gain after GST rate revision

Shares of footwear companies were trading higher in today’s trade with Relaxo Footwear and Bata India gaining over 3.5% each on the BSE. Footwear stocks jumped after the GST Council lowered GST rates on footwear below Rs1,000 to 5% from 18% earlier (footwear having a retail sale price up to Rs500/pair is already covered under 5% rate). The changes in tax rate would come into effect from July 27, 2018, said a press release issued by the Ministry of Finance.

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