India, Aug. 18 -- The Indian rupee strengthened against the U.S. dollar in the European session on Monday, after Prime Minister Narendra Modi unveiled plans of the biggest tax overhaul since 2017 over the weekend, boosting stocks across sectors like auto, financial, real estate, consumer and cement.
With robust GST collections and a broad tax base, government sources indicated that nearly 90 percent of the items in the 28 percent slab will now move to 18 percent.
Almost all the goods in the 12 percent slab will move to 5 percent, thus effectively making nearly all essential goods and household items cheaper.
Analysts said the GST reforms and rate cuts that would come into effect around Diwali this year would help offset the fallout from ...