On December 03, 2024, The Central Board of Indirect Taxes & Customs (CBIC) clarified that reports on GST rate changes proposed by the Group of Ministers (GoM), are speculative. This clarification comes as Varun Beverages and ITC shares are in focus, with investors reacting to potential tax adjustments.
In a social media post, the CBIC said that the GST Council, chaired by the Union Finance Minister and comprising ministers from all states and Union Territories, has the authority to recommend and modify GST rates. The Group of Ministers (GoM) serves solely as an advisory body and cannot make final decisions.
In its post, CBIC further added that at this point, the GST Council is yet to discuss any proposed changes to GST rates. Additionally, it has not received any recommendations from the GoM. Once the GoM presents its recommendations, the GST Council will consider them and decide whether to implement any changes.
A GoM has been formed to explore GST rate rationalisation and other issues, referred by the GST Council. The GoM includes ministers from Bihar, Uttar Pradesh, Rajasthan, West Bengal, Karnataka, and Kerala, with the Deputy Chief Minister of Bihar serving as the Convenor.
On December 04, 2024, Varun Beverages’ share price (NSE: VBL) traded 0.84% lower at ₹615.90, while ITC share price (NSE: ITC) traded 0.43% higher at ₹474.60 at 11:00 AM on the NSE. In yesterday’s trade, Varun Beverages shares slipped 1.76%, while ITC shares dropped 0.97%.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Dec 4, 2024, 12:29 PM IST
We're Live on WhatsApp! Join our channel for market insights & updates