Six jewellery stocks surged 0.12% to 10% at 11:44 IST on BSE after the Goods and Services Tax Council reportedly slashed tax rate on gold and jewellery making charges to 5% from 18% earlier.
Meanwhile, the S&P BSE Sensex was down 135.04 points or 0.43% at 31,127.02.
Vaibhav Global (up 10%), TBZ (up 2.58%), Gitanjali Gems (up 2.31%), Tara Jewels (up 0.9%), PC Jeweller (up 0.85%) and Titan Company (up 0.12%) edged higher. Rajesh Exports (down 0.08%) and Thangamayil Jewellery (down 2.52%) edged lower.
The Goods and Services Tax (GST) Council at a meeting held on Sunday, 11 June 2017 reportedly slashed the applicable tax rate on gold and jewellery making charges to 5% from 18% earlier, bringing some relief for the jewellery industry.
The Council decided to revise tax rates on 66 products and widened the scope of a concessional tax payment scheme for small businesses and restaurants. The council will meet again on 18 June 2017 to take stock of the rollout preparedness and any new proposal. The council also decided to go ahead with the planned 1 July 2017 rollout.
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