Benchmark indicies were trading flat despite Asia stocks that edged higher on Friday and were within reach of record highs, although losses on Wall Street slowed the advance, while worries over a possible US government shutdown weighed on the dollar.
Back home, the Goods and Services Tax (GST) Council on Thursday cut rates on 83 employment-oriented goods and services. This will hit the exchequer by Rs 10-12 billion annually.
The Council is moving towards one return form, though a final decision in this regard is yet to be taken. The government also got the enabling power to have a single registration for services, a key demand of many players including those in the banking sector. This may be exercised later for specific services.
Meanwhile, India Ratings and Research on Thursday projected the country’s economic growth to improve to 7.1% next financial year from 6.5% this year, buoyed by robust consumer demand and low commodity prices..business-standard