Many large companies to move Appellate Authority against GST demand notices
In recent days, an increasing number of GST notices have been sent to many companies mainly on account of alleged discrepancy in input tax credit (ITC).
Indian equity markets traded on a flat-to-negative note during the mid-afternoon trade session on Friday as investors booked profits and automobile, consumer durables and capital goods stocks faced heavy selling pressure.
The key indices, which opened on a higher note following a rebound in global cues and the Goods and Services Tax (GST) Council's fitment of 1,211 goods in the tax slabs, were pulled lower during afternoon trade.
However, the 30-scrip Sensitive Index (Sensex) of the BSE touched a new intra-day high of 30,712.35 points. It had touched an intra-day high of 30,692.45 points on May 17.
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At 12.45 p.m. on Friday, the BSE Sensex, which opened at 30,539.65 points, traded at 30,410.18 points — down 24.61 points or 0.08 per cent from its previous close at 30,434.79 points.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) traded below its psychologically important level of 9,500 points at 9,415.90 points — down 13.55 points or 0.14 per cent.
"Appreciation of the rupee against the US dollar in initial trades also supported the firm opening. FMCG shares get uplift from the GST tax rates finalisation, the shares of ITC and HUL hit a fresh all-time high," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
On Thursday, the benchmark indices closed in the red on the back of weak global cues and depreciation of the rupee.
The NSE Nifty closed at 9,429.45 points — down 96.30 points or 1.01 per cent. The Sensex of the BSE shed 223.98 points or 0.73 per cent to close at 30,434.79 points.
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