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#949: Another Tax Hit on Us - These Items' Rates Will Rise
Original: # 949 మనపై మరొక Tax బాదుడు| ఈ వస్తువులు Rates పెరగనున్నాయి | Daily Money Show
Takeaway
Proposed GST hikes on 148 items will squeeze middle-class spenders and ITC/Varun/Raymond, while the parallel insurance GST cut could lift policy adoption.
Summary
- Group of Ministers proposes GST hikes on 148 items; tobacco GST may rise from 28% to 35% - negative for ITC, Godfrey Phillips, VST Industries
- Aerated beverages GST may also rise to 35% (negative for Varun Beverages); readymade garments: 5% under Rs 1500, 18% Rs 1500-10000, 28% above Rs 10000 (hits Raymond etc)
- Cosmetics, watches, shoes, handbags also proposed for higher GST tiers; price increases will be passed on to middle-class consumers
- Positive news for insurance: GoM proposes full GST exemption on senior citizens' health insurance and pure term life policies, plus reduction from 18% to 5% for non-senior health policies
- Sensex closed +597 at 80,845, Nifty +181 at 24,457; emphasises that everyone must have health insurance given India's high medical inflation
GSTtobaccoinsurance
Original description
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