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Bikaji Foods, Gopal Snacks, Prataap Snacks shares jump after govt slashes GST rates on namkeen
The GST rate of extruded savoury/salted (other than un-fried or un-cooked snack pellets), falling under HS 1905 90 30 has been reduced from 18% to 12%
Bikaji aims to set up a House of Brands to cater to unique customer tastes and preferences and establish Bikaji as a key player in the Quick Service Restaurant (QSR) domain
Shares of Bikaji Foods International, Gopal Snacks, and Prataap Snacks jumped on Tuesday after the government cut GST on Namkeen. During the 54th council meeting, the Centre reduced the Goods and Services Tax (GST) levied on Extruded Namkeen snacks to 12% from 18%.
Gopal Snacks Ltd shares closed at Rs 348.35 up 6.82%, Bikaji Foods International Ltd shares closed at Rs 860.85 up 3.11% and Prataap Snacks Ltd shares increased by 0.17% and closed at Rs 815 on Tuesday, respectively.
The GST rate of extruded savoury/salted (other than un-fried or un-cooked snack pellets), falling under HS 1905 90 30 has been reduced from 18% to 12% at par with namkeens, bhujia, mixture, chabena (pre-packaged and labelled), classified under HS 2106 90 label.
Earlier, the GST rate on chips, namkeen, bhujias, and other related snack foods attracted 12% of the GST. However, the Centre has now added the extruded snacks to the same GST tax bracket on 9 September.
Besides, the government also brought down the GST from 12% to 5% on cancer drugs this week.
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