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Though the GST was introduced on July 1, 2017, petrol and diesel were kept out of it due to the higher dependence of states.

An Agriculture Infrastructure and Development Cess (AIDC) of Rs 2.5 per liter on petroleum and Rs 4 for each liter on diesel has been proposed in the financial plan.With fuel cost soaring, there is a boundless conviction that the incorporation of petroleum and diesel under the Goods and Services Tax (GST) may carry help to the average person. 

As of now, Finance Minister Nirmala Sitharaman and Petroleum Minister Dharmendra Pradhan have batted for the consideration of fuel under GST and demonstrated that the move may carry some alleviation to the everyday person. As of now, the cost of petroleum and diesel incorporates extract obligation charged by the Center and worth added charge by the states. In spite of the fact that the GST was presented on July 1, 2017, petroleum and diesel were kept out of it because of this higher reliance of states. 

Sitharaman required a joint co-activity between the Center and state governments to cut down fuel costs. On February 23, the cost of petroleum in Delhi was seen at Rs 90.93 a liter and diesel at Rs 81.32 a liter. The Center requires an extract obligation of Rs 32.98 a liter and Rs 31.83 a liter on petroleum and diesel individually. 

Effect of consideration of fuel under GST 

In the event that oil based goods are incorporated under the GST, there will be a uniform cost of fuel the nation over. In any case, oil based goods going under GST not really implies that duties or costs will descend. On the off chance that the GST chamber chooses to pick a lower piece, duties may descend. As of now, India has four essential GST rates - 5 percent, 12 percent, 18 percent and 28 percent.

Significant income worker for governments 

The GST chamber is probably going to place petroleum and diesel in a higher chunk or even put a cess on it as it is the significant income worker for the public authority. In light of government information, during the initial a half year of the current monetary year, the petrol area contributed Rs 2,37,338 crore to the public authority exchequer – out of which Rs 1,53,281 crore was the Center's offer and Rs 84,057 was the portion of the states. 

In 2019-20, the absolute commitment from the oil area for the states and the Center was Rs 5,55,370 crore. During the last financial, the area contributed around 18 percent of the income of the Center and 7 percent of the income of the states. According to the Union Budget 2021-22, the Center is required to gather an expected Rs 3.46 lakh crore this financial, from extract obligations on petroleum and diesel as it were. 

Among the states, Rajasthan demands the most elevated expense the nation over keeping VAT on petroleum at 36 percent, trailed by Telangana at 35.2 percent. Different states with more than 30% VAT on petroleum incorporate Karnataka, Kerala, Assam, Andhra Pradesh, Delhi and Madhya Pradesh. On diesel, the most noteworthy VAT rates are charged by states like Odisha, Telangana, Rajasthan and Chattisgarh. Up until now, five states, West Bengal, Rajasthan, Meghalaya, Assam and Nagaland have curtailed government expenditures on fuel this year.

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Topic :- Share Market Closing Note

Initially Nifty witnessed volatile session and post 12.00 PM nifty was ranbound. After 5 days of losing sessions today both Sensex and Nifty managed to closed in green zone. Sensex ended at 49751 up by 7.00 points and Nifty closed at 14707 up by 32 points from its previous close.

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Topic :- Time:3.15 PM

Just In:

Heranba Industries IPO subscribed 65%, retail portion fully booked on Day 1.

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Topic :- Time:3.00 PM

Nifty spot close above 14750 level will result in some further upmove in the market in coming sessions and if it closes below above mentioned level then some sluggish movement is likely to be seen. Avoid open positions for tomorrow.

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Topic :- Time:2.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 4547.If it manages to trade and sustain above 4555 level then expect some further upmove and if it breaks and trade below 4530 level then some decline can follow in it.

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Topic :- Time:2.15 PM

Nifty is still in mute state however it will turn volatile. Nifty spot if manages to trade and sustain above 14780 level then expect some upmove and if it breaks and trade below 14720-14700 levels then some decline can be seen in the market.

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Topic :- Time:1.30 PM

COPPER Trading View:

COPPER is trading at 703.If it breaks and trade below 702.40 level then expect some decline in it and if it manages to trade and sustain above 703.80 level then some upmove can be seen in the Copper.

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Topic :- Time:1.15 PM

Hindalco lays roadmap to drive future growth; stock scales fresh 52-week highs

In the much-awaited capital allocation plan revealed by the company, focus remains on organic growth, debt reduction and improving shareholder returns

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Topic :- Time:1.00 PM

Currently nifty is quite range bound. Nifty spot if manages to trade and sustain above 14750 level then expect some further upmove and if it breaks and trade below 14700 level then some good decline can follow in the market.

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Topic :- Time:12.50 PM

Just In:

Bitcoin slumps over 18% from record levels days after Elon Musk tweeted prices seem too high

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Topic :- Time:12.30 PM

CGOLD Trading View:

GOLD is trading at 46870.If it breaks and trade below 46820 level then expect some decline in it and if it manages to trade and sustain above 46920 level then some upmove can follow in the GOLD.

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Topic :- Time:12.00 PM

Nifty losing its early gains. Nifty spot if breaks and trade below 14720 level then expect some further decline in the market however 14700 will act as immediate minor support to watch out for. Nifty spot if manages to trade and sustain above 14760 level then some upmove can follow in the market.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Indices at days high; Sensex zooms 500 pts, Nifty tops 14,800

2. Fullerton India brings on board Standard Chartereds Shantanu Mitra as CEO and MD

3. Petrol, Diesel Prices Touch Record Highs After 2-Day Pause

4. Cairn, govt discuss LTCG tax and Vivad se Vishwas scheme

5. China back as Indias top trade partner, despite atmanirbhar push

6. Base metals stocks shine as supply crunch, EV push lift copper, zinc prices

7. F&O volumes likely to decline 30% on tighter peak margin regulation

8. Info Edge shares zoom 5% after Zomato raises another $250 million

9. Tanla Platforms rallies 40% in 2 weeks; stock hits new lifetime high

10. ONGC rallies 7% on higher oil prices; stock up 29% so far in February

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Topic :- Time:11.00 AM

After positive opening nifty is still trading in green zone. Nifty spot if manages to trade and sustain above 14820 level then expect some further upmove and below 14780 level some decline can be seen in the market.

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Topic :- Stocks under F&O ban on NSE

1. BHEL

2. Canara Bank

3. Vodafone Idea

4. SAIL

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Topic :- Board meetings

Venus Remedies: The board will meet on February 23 to consider and approve the issuance of warrants.

Safari Industries (India): The board will meet on February 23 for general purposes.

Uniply Industries: The board will meet on February 23 to consider and approve quarterly results.

Stocks in the news

Vedanta - GR Arun Kumar resigned as a whole-time director & chief financial officer of the company.

Bharti Airtel - The company will meet global fixed income investors on or after Feb 23, 2021, to take the decision on the issuance of foreign currency bonds/ notes.

APL Apollo - The company allotted commercial paper worth Rs 75 crore to ICICI Prudential Ultra Short Term Fund.

Urja Global - The company approved the allotment of 5 crore partly paid-up rights equity shares at a price of Rs 5 per rights equity share.

Bharat Forge - The company signed an agreement with Paramount Group for the production of protected vehicles in India.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 23 Feb,2021:

Nifty to turn volatile as the day progresses. Asian market will set the trend for Indian stock market.

Nifty spot if manages to trade and sustain above 14680 level then expect some further upmove in the market and if it breaks and trade below 14600 level then more fall is likely to be seen in the market. 14600 spot to act as key level.

Please note this is just opening view and should not be considered as the view for the whole day

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