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Hotel shares rise as GST brings relief
September 18, 2019


Shares of hotel companies rallied by up to 15 per cent on the BSE in the early morning trade on Wednesday after reports said the Goods and Services Tax (GST) Council could cut rates for five-star hotels to provide relief to the hospitality industry. The Council is scheduled to meet on Friday, September 20 reports  Business Standard. 
States are open to a GST cut on hotel tariffs of Rs 7,500 and more to 18 per cent from 28 per cent or to raise the threshold for the higher tax bracket, sources have told ET.
Goa and Rajasthan, which generate substantial revenue from tourism, have been pushing for relief on this front.

Among individual stocks, Hotel Leela Venture and TAJGVK Hotels & Resorts jumped 15 per cent and 11 per cent, respectively in the intra-day trade so far. Meawhile, Royal Orchid Hotels, EIH Associated Hotels, Oriental Hotels, EIH, Lemon Tree Hotels and Indian Hotels were up between 3 per cent and 5 per cent on the BSE. In comparison, the S&P BSE Sensex was up 0.45 per cent at 36,645 points at 09:29 am.
The GST Council is likely rationalise rates for five-star hotels at its next meeting, holding out hopes for a boost to the tourism industry.

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