Mumbai: Shares of logistics firm rallied by up to 7 per cent on Thursday amid rising hopes of passage of the long-pending Goods and Services Tax (GST) Bill in the ongoing monsoon session of Parliament. The scrip of Allcargo Logistics surged 7 per cent, Snowman Logistics soared 5.49 per cent, Gati jumped 4.44 per cent, Arshiya (3.82 per cent) and VRL Logistics (3.71 per cent) on BSE.
The Cabinet on Wednesday cleared changes in the GST Constitutional Amendment Bill, dropping 1 per cent manufacturing tax and providing guarantee to compensate states for any revenue loss in the first five years of rollout of the proposed indirect tax regime. The Cabinet decided to include in the Constitutional Amendment Bill that any dispute between states and the Centre will be adjudicated by the GST Council, which will have representation from both the Centre and states.
With states on board and the Cabinet approving the amendments, the government is hopeful of passage of the Bill in the ongoing monsoon session of Parliament, which ends on August 12. The goods and services tax bill, with the changes approved by the Cabinet, could come up in the Rajya Sabha as early as this week, but certainly by next week.
