Hotels stock during Monday’s trade are gaining ground as the GST Council on Sunday has fixed the tax rate for hotel rooms costing between Rs 2,500 to Rs 7,500 at 18%. While the cost of eat-out restaurants was fixed at 18%, down from the 28% decided earlier.
Stock such as, Mahindra Holidays & Resorts India was up by 0.6%, ITC was up by 1.6%, Taj GVK Hotels & Resorts was up 1.8%, Hotel Leela Group Venture was up by 2.6%, ITDC was up by 2.6%, Indian Hotels Company was up 3.1%, Asian Hotels North Limited was up by 3.3%, Byke Hospitability was up by 3.7% and Advani Hotel & Resorts India was up by 8.4%.
The Goods and Services Tax (GST) will be rolled out from June 30 midnight. The GST regime will unify Asia’s third largest economy into a common market, eliminating a string of central and state levies.
Once GST gets implemented, companies must file a complete return of their sales invoices by the 10th of the following month, with a second of their purchase invoices by the 15th. A third return would calculate their tax bill.