Govt committed to bring natural gas under GST regime: PM Modi …. Gas stocks shines
· Gas stocks are witnessing smart rally after the news that the government is considering bringing natural gas under the Goods and Services Tax (GST) regime. Government is committed to bring natural gas into Goods and Services Tax (GST) regime to make prices cheaper and uniform across the country, Prime Minister Narendra Modi said on Wednesday. He said India was spending Rs7.5 lakh crore ($103.05 billion) over 5 years to build its oil and gas infrastructure, PM Modi said.
· Currently, Central excise at 14% while state level between 3-14%. Market hope of Natural gas price will cheaper if add with GST regime.
· Stocks like Gujarat Gas surged 11%. Both MGL and IGL gained 5% each.
· Positive on Gujarat Gas, GAIL, IGL and MGL