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Jewellery stocks rallied 3-5 percent intraday Monday after the GST Council on Sunday decided to reduce GST rates for jewellery making charges to 5 percent from 18 percent earlier.
PC Jeweller and Titan Company gained as much as 3 percent while Gitanjali Gems and Tribhovandas Bhimji Zaveri climbed nearly 5 percent.
In the last meeting on June 3, the GST Council had fixed GST rate at 3 percent on gold jewellery under the Goods and Services Tax (GST).
The council on Sunday reduced tax rates on 66 items including ketchup, instant food mixes, pickles, tractor components, computer printers and insulin as the Centre and the states sought to iron out rough edges ahead of GST's roll out from July 1.
The Finance Minister Arun Jaitley-headed GST Council will again meet on July 18 to take stock of the preparedness of the new tax system that promises to stitch together a common national market.
In significant decision, the council also raised the eligibility threshold level of the “composition scheme” — to an annual turnover of Rs 75 lakh from Rs 50 lakh earlier, Jaitley said on Sunday after the council's meeting.
The Council has till now fixed rates of more than 1200 goods and 500 services.
At 10:04 hours IST, Tribhovandas Bhimji Zaveri was quoting at Rs 91.90, up 2.91 percent and Gitanjali Gems was at Rs 66.95, up 3 percent while Titan Company was trading at Rs 532.50, up 1.44 percent and PC Jeweller was at Rs 537.65, up 1.41 percent on the Bombay Stock Exchange.
Posted by Sunil Shankar Matkar
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