Indian Indices Trade on a Negative Note; Realty Sector Down 1.9%

Tue, 8 Aug 11:30 am

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After opening the day marginally higher, Indian share markets witnessed selling pressure and went on to trade on a negative note. Sectoral indices are trading on a mixed note with stocks from the realty sector and the oil & gas sector witnessing maximum selling pressure. Metal sector is witnessing buying interest.

The BSE Sensex is trading down 206 points (down 0.6%) and the NSE Nifty is trading down 63 points (down 0.6%). Meanwhile, the BSE Mid Cap index is trading down by 0.8%, while the BSE Small Cap index is trading down 0.9%. The rupee is trading at 63.73 to the US$.

As per an article in the Economic Times, individual income tax returns jumped 25% so far in the current financial year as the authorities turned up the heat on evaders after demonetisation.

As per the data, the returns filed by individuals were 25.3% higher at 27.9 million as of August 5. This was an addition of about 55 lakh from 22.3 million in the corresponding period of 2016-2017.

Growth in filing in the previous year was 9.9%. Going by the data, it comes out that a substantial number of new taxpayers have been brought into the tax net following the notebandi exercise.

Apart from individual income tax, there is also seen a jump in the number of registered tax payers under the goods and services tax (GST). Reportedly, as of 24th July, around 7.95 million applicants had sought GST registration. That is 99.3% of the 8 million tax base under the earlier system comprising of assesses of state value-added tax (VAT), service tax and central excise duty.

The above development will aid India's tax revenues to a greater extent in the coming future. This augurs well for the country that has one of the lowest tax revenue as a percentage of GDP compared with other countries.

India's Tax Revenues to Get a GST Boost

The higher tax revenue receipt will help bolster the country's financials and also provide further ammunition for the government to spend on social welfare and providing additional infrastructure to its citizens.

A wider tax base will also allow the government to lower its tax rates in future. After studying these and other finer aspects of GST, our colleague Vivek Kaul, has penned his views on the GST tax regime and what could go right and wrong in its implementation process. Get a balanced perspective on the entire GST saga from Vivek in his report titled The Good, the Sad and the Terrible (GST).

In the news from automobile sector, several car models that have become cheaper after the introduction of goods and services tax are set to return to their pre-GST levels or to higher prices.

This comes as the Goods and Services Tax (GST) Council is said to have decided to raise cess on the automobile industry.

The models include mid-sized models from car manufacturers as well as luxury vehicles.

The rates, however, may not go up immediately as any increase in the cess rates may require amendment to the GST compensation law.

Automobile manufacturers may face some hiccups on the back of above development.

As per the news, executives from auto industry said they may have to re-evaluate their business plans owing to the above development. Meanwhile, we'll keep you posted on the recent developments from this space.

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