Shares of 10 logistics companies were up 0.65% to 5.08% at 11:46 IST on BSE ahead of the Goods and Services Tax council meeting that begins later today, 18 October 2016.
Snowman Logistics (up 5.08%), Gati (up 3.69%), Sical Logistics (up 2.68%), Allcargo Logistics (up 2.33%), Gateway Distriparks (up 2.06%), Container Corporation of India (up 1.79%), VRL Logistics (up 1.63%), Blue Dart Express (up 0.97%), Transport Corporation of India (up 0.78%) and Aegis Logistics (up 0.65%), edged higher.
The S&P BSE Sensex was up 233.40 points, or 0.85% at 27,763.37.
A crucial three-day meeting of the Goods and Services Tax (GST) Council, comprising state finance ministers, starts today, 18 October 2016. The meeting is crucial because the government has set a deadline of 1 April 2017 for the GST rollout.
GST, touted as the single biggest indirect taxation reforms since independence, will simplify and harmonise the indirect tax regime in the country. The GST seeks to create a seamless national market in the country by replacing plethora of state taxes and central taxes by one tax.
Logistics firms could benefit from the removal of inefficiencies in interstate taxation and check posts.
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