Hotel stocks gain as GST fitment committee proposes tax cut; Hotel Leelaventure ralllies 15%, Taj GVK up 11%
Updated : September 18, 2019 10:28 AM IST
Hotel stocks rallied after GST rate fitment committee proposed to cut tax from 28 percent to 18 percent on hotel tariff of Rs 7,500 and above, or to hike threshold tariff to Rs 10,000 with 28 percent. The report of the proposed tax rate cut was first reported by CNBC-TV18.
In intra-day deals, Hotel Leelaventure rallied 15.2 percent to Rs 8.47, while Taj GVK Hotels surged 10.8 percent to Rs 162.95.
Most hotel stocks have been in red in 2019 due to the ongoing slowdown and muted trends.