As India enters the final lap in preparation of the rollout of the Goods and Services Tax, Finance Minister Arun Jaitley expressed confidence in the proposed multi-tier GST rate structure and said he saw no reason why the tax should not be rolled out on July 1. Still, Jaitley said tax rates for several commonly-used items would fall. “Footwear tax has been brought down. Tax rate for marble, granite has been lowered. The entertainment tax weighted average currently is 29.1 percent. The GST rate is 28 percent,” he said.
Nifty IT Outlook:
The promoters of Wipro Limited, India’s third-largest IT services company by revenues, are in the early stages of evaluating the sale of the company or some of its units and have approached investment banks to arrive at fair value, a senior banking source told Money control.
Founder and chairman Azim Premji and his family own just over 73 percent of the USD 7.7-billion company and are considering an exit in part or full, either to a strategic buyer – a multinational IT services company – or a private equity player. The promoters are understood to have sounded out more than one investment bank on the potential for a deal.
Nifty Day Performance