Footwear stocks rallied on Thursday after the GST Council slashed tax rates on affordable shoes, boosting investor sentiment across the sector.
In its 56th meeting chaired by Union Finance Minister Nirmala Sitharaman, the Council reduced the GST rate on footwear priced up to Rs 2,500 per pair from 12% to 5%. The move is aimed at making shoes more affordable and stimulating demand, particularly in the mass market segment.Bata India surged 6.75%, Liberty Shoes jumped 3.63%, Lehar Footwear advanced 2.27%, and Relaxo Footwear gained 1.52% following the announcement.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
