A look at the headlines in the sector right now:

  1. GST will not have major impact on inflation, will favour growth, says Moody's: The rating agency said the new law will simplify the tax regime and reduce administration costs, hence boosting the government's revenues.
  2. RBI launches website to check illegal money pooling by firms: Apart from providing information about whether an entity is registered with any regulator, sachet.rbi.org.in will help people file and track their complaints.
  3. Cabinet clears 3% minimal spectrum usage rate, paving way for major auction in September: The new fee, recommended by the Telecom Commission, could help fetch the government Rs 5.6 lakh crore.
  4. GST will be inflationary if standard rate is very high, says Arvind Subramanian: The chief cconomic advisor said in an interview that the GST Council will try to agree on the lowest possible rate that is safeguards the current level of revenues.
  5. Centre will try to roll out GST on April 1, 2017, says Revenue Secretary Hasmukh Adhia: Finance Minister Arun Jaitley said the prices of some commodities might drop after the new tax regime is put in place.
  6. Bank of England cuts interest rates for first time since 2009, after Brexit vote: The central bank cut its main lending rate to 0.25% from 0.5% and also launched two bond-purchasing schemes to ensure that banks continue lending.
  7. Auto stocks rally on passage of GST Bill as Sensex ends 17 points up: Nifty ended 6 points higher at 8,551, where Tata Motors was the biggest gainer trading 3% higher at Rs 369.