Wednesday, 29 March 2017

Indian equity indices convalesce; Sensex ends above 29400 mark

It turned out to be a stable day for the Indian benchmark indices, which climbed well over half a percent point and managed to end above the crucial support levels. Investors remained optimistic on hopes that the Goods and Services Tax (GST) will be implemented on time. The government introduced the supporting legislation for the GST in Parliament on Monday, reinforcing expectations that it would make the July 1 deadline for the roll-out of this singular tax reform. According to Revenue Secretary Hasmukh Adhia, GST will not only usher in a transparent tax system thereby reducing cascading of taxes, but will also result in reduction of prices for consumers and broaden the tax base in the country.

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