Logistics stocks trade higher on clarity over GST rollout date

NEW DELHI: Logistics stocks were trading higher in morning trade on Tuesday after the government rolledout date for the long-awaited Goods and Services Tax (GST) by 3 months to July 1.

Logistics majors such as Snowman Logistics, Shreyas Shipping & Logistics, Patel Integrated Logistics, Allcargo Logistics and Aegis Logistics were trading higher by 4.79 per cent, 3.70 per cent, 2 per cent, 1.57 per cent and 1.73 per cent, respectively, around 10 am (IST).

VRL Logistics, Gati and Tiger Logistics were up by 1.75 per cent, 2.69 per cent and 0.67 per cent, respectively, around the same time.

Deloitte Haskins & Sells LLP Senior Director ( Indirect Tax) M S Mani told PTI that GST roll out from July 1 instead of April 1 is welcome as it ends the anxiety of industry to have a firm roll out date in place.

Finance Minister Arun Jaitley said the draft of Integrated GST or IGST, the tax which will be levied by the Centre on inter-state movement of goods and services, as well as SGST and CGST will be finalised in the next meeting of the GST Council on February 18.

Once approved, the Council will then decide on taxing various goods and services in different tax slabs, he said.

The benchmark BSE Sensex was trading 27.54 points, or 0.10 per cent, up at 27,315.71 in morning trade.