Homepage / Asia / These consumer names are set to benefit from India's GST rollout: Nomura
9 Guidelines On How To Hook-up On College Gameday (At Any College) Leading Live Casino Games Provider Leading Live Casino Games Provider Pin Up Slotlarýyla Eðlence ve Para Kazanma Bir Arada The core concept of digital entertainment hub AbeBet: signature points and groups Live-сессии с дилерами в онлайн-казино azino777 How Online Gambling Enterprises Operate Around the World Meet compatible single mothers and exchange ideas official site Play airplane online Connect with suitable asian singles in your area How-to Date A Pornstar While Making It Operate (The Ultimate Guide) Buy Bitcoin with Credit Card or Debit Card Instantly Buy Bitcoin How to buy BTC Finding trans girls near you – the simplest way to hookup Connect with like-minded singles on a mennonite dating website Assortment of in-demand games respected casino platform abe bet casino in cyberspace Connect with girls from round the world Alexander Gambling establishment: Dйcouvrez une Nouvelle Expйrience de Jeu en Ligne Le meilleur Extra casino en ligne pour jouer BLACK SEO LINKS, BACKLINKS, SOFTWARE FOR MASS BACKLINKING BLACK SEO LINKS, BACKLINKS, SOFTWARE FOR MASS BACKLINKING BLACK SEO LINKS, BACKLINKS, SOFTWARE FOR MASS BACKLINKING BLACK SEO LINKS, BACKLINKS, SOFTWARE FOR MASS BACKLINKING The simplest way to get a local hookup what’s millionairess dating? Get prepared to connect to latinas whom share your interests Estonian Chat place – an ideal Place for Dating Estonian Singles Join our bisexual chat room now and commence connecting Discover the advantages of dating a mature mom latina How to discover the best bbw hookup app for you Title: Juega en 1Win Casino Argentina Bonos y Apuestas 5 Best BBW Lesbian Dating Apps/Sites In 2022 Online Gambling Review submissions dia govt.nz Разыгрываемые джекпоты в виртуальном клубе Вулкан казино 30 Of The Greatest Adult Sex Toys For Males | Men’s Room Health Mag Australian Continent Cazino 7 slots cyberspace: conditions and rules for betting with real cash 1Win: ¡el mejor lugar de casino y apuestas deportivas de Argentina! ????Mature Dating Evaluation 2023 – Whatever You Need To Know About It! ???? Take the first step towards fulfilling your ebony lesbian bbw match now Ideas on how to come-out: Tips to keep in mind > Taimi Meet your perfect match – granny hookup site Türkiye-Çin İşbirliği Derinleşiyor GuGi Mobil Yükleme Seçenekleri Hizmet İçi Eğitim Sona Erdi Dooball tv ดูบอล ออนไลน์ สด 66 ลิงค์ บนมือถือ ฟรี ภาพชัด HD ทั่วโลก Find your rich cougar date in the most useful dating site Find your dream fat girl hookup today Slot Thailand Daftar Link Situs Slot Gacor Maxwin x500 Terbaru Hari Ini Resmi Auto Jackpot! Konsultasi ke Dewan Pers, Komisi I DPRD Jambi Pertanyakan Indeks Kemerdekaan Pers Jambi yang Turun Akses News Cerita Korban Judol di Balikpapan yang Nekat Gelapkan Uang How to get local horney women in your area 3 Cara Hapus Akun Judi Online Slot : Okezone Economy SITUS TOTO > Sering Kalah Main Di Situs Slot Gacor Terbaru Mudah Maxwin Situs Slot Gacor Maxwin Main Tanpa Pola Modal 5ribu Terbaik Melhores cassinos online de Novembro 2024: Confira o top 10! Enjoy amazing gay sex experiences using the top sites on the web Make the absolute most of one’s big butt dating adventure here 9 circumstances this means when a person avoids eye contact with a lady – Hack Spirit Top Greatest M4M Personals Sites in 2022 ◉ BLACK SEO LINKS, BACKLINKS, SOFTWARE FOR MASS BACKLINKING BLACK SEO LINKS, BACKLINKS, SOFTWARE FOR MASS BACKLINKING BLACK SEO LINKS, BACKLINKS, SOFTWARE FOR MASS BACKLINKING BLACK SEO LINKS, BACKLINKS, SOFTWARE FOR MASS BACKLINKING Лотерейные розыгрыши в kasino on-line Лев казино: условия осуществления и доступа Main features of playing in machines at online-club Karavan Connect with like-minded females making new friends Comment accéder à des jeux gratuits avec Space fortuna bonus ? PUCUK4D⭐ Bandar Toto Togel Online & Situs Toto 4d Terpercaya #1 Betting site Karavan bet Gates of Olympus internet-based: benefits of playing for real money Discover an environment of opportunities with lesbian and bisexual dating Aprovecha Los Códigos Promocionales De Bbrbet ¡más Bonos, Más Juegos 1xbet Giriş Yeni Adresi 2024 ⭐️ 1xbahis Güncel Adres » 1x Guess Mobil Casino How to get started with sext room BLACK SEO LINKS, BACKLINKS, SOFTWARE FOR MASS BACKLINKING BLACK SEO LINKS, BACKLINKS, SOFTWARE FOR MASS BACKLINKING BLACK SEO LINKS, BACKLINKS, SOFTWARE FOR MASS BACKLINKING BLACK SEO LINKS, BACKLINKS, SOFTWARE FOR MASS BACKLINKING La Application De Bbrbet: Juegos Y Apuestas Approach Alcance De Tu Man Start your love story now – join our talk to gay strangers source today BLACK SEO LINKS, BACKLINKS, SOFTWARE FOR MASS BACKLINKING BLACK SEO LINKS, BACKLINKS, SOFTWARE FOR MASS BACKLINKING Find regional bbw hookups inside area BLACK SEO LINKS, BACKLINKS, SOFTWARE FOR MASS BACKLINKING BLACK SEO LINKS, BACKLINKS, SOFTWARE FOR MASS BACKLINKING BLACK SEO LINKS, BACKLINKS, SOFTWARE FOR MASS BACKLINKING No Download Casinos: The Ultimate Guide to Instant Play Video Gaming The Carnivore Diet Plan: A Comprehensive Guide to a Questionable Eating Plan What is CBD Lotion Used For? What are Free Penny Slot Machines? What Do Water Tablets Do: A Comprehensive Overview Online Casinos PayPal: Just How to Wager Safely and Firmly Imiquimod Lotion: Uses, Benefits, and Considerations Free Casino Site Games: The Ultimate Overview to Appreciating Safe Gaming What is Cold Cream as well as Just How is it Utilized? Lotion of Coconut: A Versatile Component for Delicious Desserts and Cocktails The Very Best Online Gambling Establishments: An Overview to the Top Ranked Online Casino Sites Dealing With Swollen Lymph Nodes in the Groin: A Comprehensive Guide Online Casinos that Approve Mastercard: The Ultimate Overview Rhinocerous Tablets: What Are They Used For? Online Blackjack Real Cash PayPal: The Ultimate Overview

Asia

These consumer names are set to benefit from India's GST rollout: Nomura

India’s historic tax reforms, rolled out on Jul. 1, are expected to be a positive for the fast-moving consumer goods (FMCG) companies and firms producing consumer durables, analysts at Nomura said in a note.

The new Goods and Services Tax (GST) regime replaces a thicket of indirect central and state levies that critics argue have blunted economic competitiveness and hobbled efforts to lift more people out of poverty.

The analysts, in their note dated Jun. 30, said FMCG firms benefited in the longer term from free interstate movement of goods. It would mean that “they would benefit from better logistics planning, which would bring cost efficiencies into the system.”

Strict implementation of the GST would also lead to tax compliance that could accelerate the movement from India’s vast unorganized sector — which largely does not pay taxes — to the organized sector.

In the near-to-medium term, however, the impact on individual names is likely to differ. Nomura highlighted several key beneficiaries for this time period, where the analysts said the benefit will arise out of “lower rates for many (product) categories, which would mean lower prices for several products for end consumers.” This, the analysts said, “may spur demand in the correct weak growth scenario.”

Among FMCG, toothpaste-maker Colgate-Palmolive is expected to be one of the key beneficiaries. Under the new regime, the average indirect tax rate for toothpaste is at 18 percent, down from an average of 23-24 percent, the analysts noted.

This means Colgate can possibly reduce prices “in excess of 5 percent,” which would make its products cheaper and thus lead to volume growth. Similarly, Colgate’s competitors, which were previously in a lower tax bracket, would now be taxed the same rate, but would not be able to reduce prices in the same way, the report said.

In its rollout, the government has introduced an anti-profiteering provisions that mandate companies that benefit from lower indirect taxes must pass on the benefits to consumers, in terms of lower prices.

Jubilant FoodWorks, which is a franchisee for Domino’s Pizza and Dunkin’ Donuts in India, will benefit from a lower indirect tax rate; under the old regime, tax rates applied were approximately 20 percent, while the current GST bracket applied is 18 percent plus full credit for service tax paid, the analysts said. They added that the company will now be “able to take advantage of the input tax credit on rent, operating expenses, housekeeping, internet bandwidth, etc.”

That, the analysts said, would be positive for all quick-service restaurant companies in general.

Indian conglomerate ITC, which has a FMCG business and is also a major seller of cigarette brands, is going to benefit from lower taxes due to the removal of dual taxation. Under the old tax regime, a value-added tax was applied on the maximum retail price that already included excise duty, the analysts said. This would allow the company to reduce prices in the range of 5 to 6 percent.

ITC shares were up nearly 6 percent in the late afternoon Singapore time.

Biscuits-maker Britannia will benefit from an overall increase in taxation on mass market biscuits, which will make its products become relatively less premium to its competitors, according to the Nomura analysts. “We foresee market share gains for Britannia in the near to medium term.”

In the consumer durables space, Nomura said there’ll likely be maximum shift from the unorganized to the organized space happening for companies like fans and lighting-makers Crompton and Havells. Except for fans, where indirect taxes rose to 28 percent from 26 percent, Crompton will benefit from declining rates in other categories including lighting and pumps, the note said.

Other companies including Asian Paints and malted beverage-maker GSK Consumer Healthcare face higher tax rates for their products. Nomura expects these companies to raise prices to offset the impact of increased taxation.

Source: cnbc china
These consumer names are set to benefit from India's GST rollout: Nomura

Comments are closed.