Indian Stock Market Sensex, Nifty Headed For Massive GAP-UP Opening Nearly 350 Points On Mega GST Reforms Trigger

Indian Stock Market Sensex, Nifty Headed For Massive GAP-UP Opening Nearly 350 Points On Mega GST Reforms Trigger

S&P Raises India’s rating S&P Global has raised India’s long-term sovereign credit rating to ‘BBB’ from ‘BBB-‘, with the short-term rating upgraded to ‘A-2’ from ‘A-3’. The stable outlook reflects confidence in India’s strong economic fundamentals and prudent policy management. India has received its first sovereign credit rating upgrade in 18 years.

Prime Minister Narendra Modi in his Independence Day address on August 15 announced mega GST reforms as a ‘Diwali gift’ ahead of the festival on October 20 later this year. Once approved, the new framework would represent the most significant overhaul of GST since its launch in July 2017, impacting businesses, consumers, and state finances alike.

Structural reforms in GST are quite welcome, with many of the pain points of the industry, such as registration related issues, addressing the inverted structure and resolution of classification related disputes etc, set to be addressed along with one of the biggest demands of rate rationalisation and reduction in tax rate slabs, said Karthik Mani, Partner of Indirect Tax at BDO India.