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Sensex, NIFTY At All Time High, Jet Fuel, Natural Gas May Come Under GST et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jul 12, 2018 12:53 PM 2 min read
Editorial

End of Day Wrap-up (Thursday / July 12, 2018) #Sensex #Nifty #GST #Airtel #tax #ZTE #US #NaturalGas #WhatsApp #Paytm #Transfin

Editor's Comment: Sensex hits all time high, NIFTY crosses 11,000. Sensex closes at 36,548.41 and Nifty closes at 11,023.20. Global market cues, strong Q1 results, foreign investment and optimism around earnings season help Sensex and Nifty surpass previous highs.

 

Jet fuel and natural gas may come under GST as early as next week. An Indian tax panel will look into the proposal next week to put aviation fuel in the 28% tax bracket, replacing the current excise of 30%. No proposed tax bracket of natural gas has been put forward yet.

 

Airtel Payments Bank gets RBI nod to add new customers; can use e-KYC. This comes after the controversy that Airtel opened savings accounts for its existing customers without their permissions, and transferred LPG subsidies worth INR1.68bn from the government in these accounts. Airtel can now use the 12 digit Aadhar e-KYC as well.

 

Govt to hike minimum amount for tax appeals in Income Tax Appellate Tribunals, high courts and the Supreme Court. The threshold amount has gone from INR10 lakhs to INR20 lakhs for appellate tribunals, INR20 lakhs to INR50 lakhs for high courts and INR25 lakhs to INR1cr for the Supreme Court.

 

ZTE set to resume business with US suppliers after clearing dues with US Commerce Department. ZTE will have to pay $400mn to an escrow account as a part of a penalty for its violations in the whole controversy. Once this amount is deposited, the Commerce department will allow operations again in US.

 

Broadcom to buy US-based Software Company, CA Technologies for $18.9bn. CA Technologies’ shareholders to receive $44.50/share, a 20% premium over the closing price of the company’s stock.