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Share Market Closing Note | Sharetipsinfo

27. June 2022 sandeep Stock Market Research (0)

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Topic :- Share Market Closing Note

Benchmark indices ended higher for the third straight session on June 27 with Nifty above 15800 amid buying across the sectors.

At close, the Sensex was up 433.30 points or 0.82% at 53,161.28, and the Nifty was up 132.70 points or 0.85% at 15,832. About 2311 shares have advanced, 1030 shares declined, and 140 shares are unchanged.

ONGC, Coal India, L&T, HCL Technologies and Tech Mahindra were among the top Nifty gainers. The losers were Eicher Motors, Apollo Hospitals, HDFC Life, Reliance Industries and Kotak Mahindra Bank.

All the sectoral indices are trading in the green with capital goods, IT indices rose 2 percent each.

The BSE midcap index added 0.8 percent and smallcap index added 1.5 percent.

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Topic :- Time:3.00 PM

Nifty spot close above 15780 level will result in some further upmove in coming sessions and if it closes below above mentioned level then some sluggish movement can be seen.

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Topic :- Time:2.15 PM

Adani Group raises debt of ₹6,071 cr for Kutch Copper project from SBI, other PSU banks:

Under the first phase capacity of 0.5 MTPA, the Kutch Copper project has achieved financial closure through a syndicated club loan for the greenfield copper refinery project at Mundra, Gujarat.

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Topic :- Time:2.05 PM

Aluminum down by -3950MT,

Copper up by 11825MT,

Lead unchanged MT,

Nickel down by -360MT

Zinc up by 2550MT.

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Topic :- Time:2.00 PM

Nifty is trading at 15890.If it manages to trade and sustain above 15920 level then expect some upmove in the market and if it breaks and trade below 15860 level then some decline can follow in the market.

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Topic :- Time:1.30 PM

GOLD Trading View:

GOLD is trading at 50830.If it manages to trade and sustain above 50860 level then expect some quick upmove in it and if it breaks and trade below 50780 level then some decline can follow in it.

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Topic :- Time:1.00 PM

Nifty is flying high. Nifty spot if manages to trade and sustain above 15920 level then expect some quick upmove in the market and if it breaks and trade below 15880 level then some decline can follow in the market.

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Topic :- Time:1.00 PM

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 701.30.If it breaks and trade below 700 level then expect some decline in it and if it manages to trade and sustain above 703.50 level then some upmove can follow in the market.

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Topic :- Time:12.00 PM

News Wrap Up:

1. Sensex off days high, still up 500pts; Financials pare gains

2. Maruti Suzuki bets on hybrid tech, natural gas & biofuels over EVs

3. Indian economy gains momentum on pent-up demand after reopenings

4. GST Council may treat fantasy games on a par with gambling, taxed at 28%

5. Jaguar parent Tata Motors bond sinks as weak rupee blights India credit

6. Russia defaults on foreign-currency sovereign debt for 1st time in a century

7. India sitting on 500 million syringe inventory as demand goes down

8. Crypto exchanges hunker down as everything goes wrong in India

9. Adani group firm Kutch Copper raises Rs 6,071 cr for one mn tonne unit

10. V Krishnamurthy, Marutis former chairman, PSUs turnaround man, dies at 97

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Topic :- Nifty Opening Note

Indian Stock Market is likely to remain volatile and global cues will be trend decider.

Nifty spot if manages to trade and sustain above 15740 level then expect some upmove in the market and if it breaks and trade below 16640 level then expect some decline in the market. Please note this his just opening view and should not be considered as the view for the whole day.

IRS officer Nitin Gupta appointed new CBDT chairman

27. June 2022 sandeep Stock Market Research (0)

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Nitin Gupta, an Indian Revenue Service (IRS) officer of the 1986 batch of the Income Tax cadre, is serving as the Member (investigation) in the Board and is scheduled to retire in September next year.

IRS officer Nitin Gupta has been appointed as the new CBDT chairman, a recent government order said. Gupta, an Indian Revenue Service (IRS) officer of the 1986 batch of the Income Tax cadre, is serving as the Member (investigation) in the Board and is scheduled to retire in September next year.

The order issued on June 25 said the "Appointments Committee of the Cabinet has approved the appointment of Shri Nitin Gupta, IRS (IT:86), Member Central Board of Direct Taxes (CBDT) as chairman, Central Board of Direct Taxes from the date of assumption of the post."

The post of the CBDT chief was being held in an additional capacity by Board member and 1986-batch IRS officer Sangeeta Singh after J B Mohapatra retired on April 30.

The CBDT is headed by a Chairman and can have six members who are in the rank of special secretary. It is the administrative body for the Income Tax department.

There are five members in the Board at present with 1985-batch IRS officer Anuja Sarangi being the senior most. The other members are Pragya Sahay Saksena and Subashree Anantkrishnan, both from the 1987 batch of the IRS.

Egypt contracts to buy 180,000 tonnes of wheat from India: Aly Moselhy

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India banned wheat exports in May because of lower domestic production, but made allowances for countries like Egypt with food security needs

Egypt has contracted to buy 180,000 tonnes of wheat from India, Supply Minister Aly Moselhy said on Sunday, less than previously agreed, a deal that is part of the country's efforts to diversify its wheat supplies.

Egypt, one of the world's biggest wheat importers, is looking for alternatives to Black Sea grain exports which face disruptions caused by Russia's invasion of Ukraine.

Russia and Ukraine have been Egypt's main wheat suppliers.

The Ukraine crisis has also raised import costs for Egypt, which heavily subsidises bread for its 70 million population.

Moselhy had said in May that Egypt had agreed to buy 500,000 tonnes of wheat from India but that a contract had not been signed.

India banned wheat exports in May because of lower domestic production, but made allowances for countries like Egypt with food security needs.

"Based on what the supplier said, the condition was that the wheat has to be at the ports, then it would be available," Moselhy said on Sunday.

"We had agreed on 500,000 tonnes, turns out [the supplier]has 180,000 tonnes in the port," he said.

Moselhy added that Egypt was also in talks with Russian suppliers for a wheat purchase agreement.

Egypt is also looking at ways to extract more flour from its grain, Moselhy said, by raising the extraction percentage for flour used for subsidised bread to 87.5% from 82%.

It plans to save around 500,000 tonnes of imported wheat, and to import 5-5.5 million tonnes of wheat for the 2022/23 fiscal year, he added.

Current wheat reserves are sufficient for 5.7 months after the procurement of 3.9 million tonnes in the local harvest, Moselhy said on Sunday.

GST at 5: A structural, economic analysis and prescriptions

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The three-tax structure of GST -- integrated, central and state -- with a requirement to register and pay each in every state of operation has made GST complex, more so for mid-sized and small businesses.

It has been almost five years since the Goods and Services Tax (GST) was introduced in India and it is now time to review whether one of the country’s most transformational tax reforms since Independence has delivered on its promise and if the economic rationale behind moving to GST is yielding the expected benefits for both the government and business.

The concept of subsuming existing central and state taxes into GST was very novel and the resultant three-tax structure (Integrated GST, Central GST and State GST) instead of a multiplicity of levies, was a significant improvement over the earlier indirect tax regime.

However, this three-tax structure has led to a lack of fungibility of Input Tax Credit (ITCs) for businesses with operations in more than one state. While SGST credits cannot be used for payment of either IGST or CGST even within the same state, there is a specified sequence for using IGST credits for payment of CGST and SGST.

Any of the GST tax credits in one state cannot be used for payment of a similar tax in another state. The three-tax structure of GST with a requirement to register and pay each of the three taxes in every state of operation without fungibility across states, has made it essential for all businesses to maintain separate state-wise records which makes GST complex, more so for mid-sized and small businesses. The attendant complexity makes it necessary for businesses to have more reconciliations, record keeping and automation efforts, which lead to increased costs for businesses.

Equally, the requirement of vendors to pay GST and fulfil their compliance requirements in order to entitle buyers to take the ITC does create an additional workflow requirement for all businesses, both from accounting and tax perspectives. While there was some leeway in the past for taking unmatched credits, it has been completely done away with now, putting businesses that have non-compliant vendors at a disadvantage, despite their own compliances and payments being spotless.

In the present situation where many businesses have been handicapped by working capital shortages due to elongated payment cycles from customers, the above structure imposes significant a funding burden due to:

a) The inability to adjust ITC across states and in some cases across taxes in a particular state.

b) The requirement that the vendor is compliant with tax payment and return filing.

From an economic standpoint, for manufacturers, the GST has resulted in a lower indirect tax cost on their products as the rates for most products are significantly lower than the combined impact of the erstwhile Excise Duty and Value- Added Tax. For service providers, there has been an increase in the rate from 15% to 18%. However, their ITC basket has expanded in GST, leading to a lower actual increase. For the government, while there were revenue challenges during the initial period, the past few months have seen increased GST revenue in the backdrop of several macro-economic parameters seeing an upswing.

The larger issue from an economic standpoint would be whether GST has resulted in an expansion of the tax base as that is the only long-term method to have stable and lower rates across products and services.

Since GST registration numbers are based on the Permanent Account Number, there has been a steady increase in both PAN applications and in GST registrations. Income tax collections have risen and possibly some part of that buoyancy can be attributed to the gradual shift in taxpayer behaviour due to the realisation that compliance from both direct and indirect tax perspectives is now essential as they are interlinked.

Also read: GST at 5: Accountants still confront major issues in filing returns

As we move on to the next five years of GST and beyond, it is necessary to focus on the following five areas, keeping in mind that GST reforms represent an ongoing process and should not be considered a singular event.

1. Rationalise the rates under GST and bring them to a maximum of three rates covering essentials, comforts, and luxuries.

2. Move away from levy of compensation cess as soon as revenue considerations permit it.

3. Include petroleum products in a phased manner under GST, bringing in natural gas and aviation turbine fuel initially, and then eventually including petrol and diesel.

4. Move to a simpler compliance regime with fewer returns, especially for service providers.

5. Enable fungibility of ITC across states to realise the “one nation, one tax’ vision.

The reform process in these areas over the next few years will significantly improve the rankings in the Ease of Doing Business parameters and would enable GST reforms to move to the next level of a truly nationwide and simple tax.

M.S. Mani is a Partner with Deloitte India. The views expressed are the personal views of the author.

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