Share markets in India are presently trading marginally lower. Sectoral indices are trading on a mixed note with stocks in the auto sector and power sector witnessing maximum selling pressure. IT stocks are trading in the green.
The BSE Sensex is trading down 59 points (down 0.2%) and the NSE Nifty is trading down by 21 points (down 0.2%). The BSE Mid Cap index is trading down by 0.6%, while the BSE Small Cap index is trading down by 0.9%. The rupee is trading at 63.96 to the US$.
In the news from IPO space, Security and Intelligence Services (SIS) made a decent debut today as the company's share got listed at an 8% premium over its issue price.
The stock of the company got listed at Rs 875 apiece on BSE. The stock has been admitted to dealings on this exchange in the list of 'B' group of securities.
SIS offers a private security and facility management services in India. It claims to be the leading security services player in Australia and second largest in India in terms of revenues. It is also the second largest cash logistics company in India.
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In the news from Goods and Services Tax (GST) space, as per an article in the Economic Times, the government has notified the dates for furnishing final tax returns for July and August under the GST regime.
As per the notification, outward supplies in Form GSTR-1 for July will have to be filed between September 1-5. For August, it is to be filed between September 16-20. The original date for filing GSTR-1 was 10th of the next month.
Details of inward supplies in Form GSTR-2 for July will have to be filed between September 6-10, while the same for August will have to be filed between September 21-25.
Form GSTR-3 for July will now have to be filed between September 11-15 and for August the dates are September 26-30.
One shall note that there is seen a jump in the number of registered tax payers under the goods and services tax (GST). Reportedly, as of 24th July, around 7.95 million applicants had sought GST registration. That is 99.3% of the 8 million tax base under the earlier system comprising of assesses of state value-added tax (VAT), service tax and central excise duty.
The above development will aid in boosting India's tax revenues in the coming future. This augurs well for the country that has one of the lowest tax revenue as a percentage of GDP compared with other countries.
India's Tax Revenues to Get a GST Boost
The higher tax revenue receipts will help bolster the country's financial health and also provide further ammunition for the government to spend on social welfare and infrastructure to its citizens.
A wider tax base will also allow the government to lower its tax rates in future. After studying these and other finer aspects of GST, our colleague Vivek Kaul, has penned his views on the GST tax regime and what could go right and wrong in its implementation process. Get a balanced perspective on the entire GST saga from Vivek in his report titled The Good, the Sad and the Terrible (GST).
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