 "Hotel stocks rally up to 20% after GST Council rate cut on hotel room tariffs")
New Delhi: Shares of hotel companies zoomed up to 20 percent on Monday after the GST Council reduced the tax rate for hotel room tariffs.
The scrip of Taj GVK Hotels & Resorts jumped 19.98 percent and Royal Orchid Hotels advanced 16.30 percent on the BSE.
Among others, Indian Hotels Company zoomed 8.20 percent, ITC rose 6.95 percent and Hotel Leela Venture advanced 3.59 percent.
Post-market hours on Friday, the GST Council reduced the tax rate on hotel room tariffs, a move aimed at giving a boost to the hospitality sector.
The GST (goods and services tax) rate on hotel rooms with tariffs of up to Rs 7,500 per night has been cut to 12 percent from the existing 18 percent.
Similarly, the tax on rooms with tariff above Rs 7,500 has been slashed to 18 percent from the existing 28 percent.
There will be no GST on rooms with tariffs below Rs 1,000 per night.
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