MUMBAI, Sep 4: Benchmark equity indices Sensex and Nifty surged in early trade on Thursday as investors became cheerful after the GST Council approved a complete overhaul of the tangled Goods and Services Tax regime.

The 30-share BSE Sensex jumped 888.96 points to 81,456.67 in opening trade. The 50-share NSE Nifty surged 265.7 points to 24,980.75.

Common use items from roti/paratha to hair oil, ice creams and TVs will cost less, while tax incidence on personal health and life insurance will be brought down to nil after the all-powerful GST Council on Wednesday approved a complete overhaul of the tangled Goods and Services Tax (GST) regime.

The GST Council approved limiting slabs to 5 per cent and 18 per cent, effective from September 22, the first day of Navaratri.

From the Sensex firms, Mahindra & Mahindra jumped the most by over 7.50 per cent. Bajaj Finance, Hindustan Unilever, Bajaj Finserv, ITC, Tata Motors and UltraTech Cement were also among the gainers.

However, Eternal, Tata Steel, NTPC and HCL Tech were among the laggards.

“The revolutionary GST reform has come better-than-expected benefitting a wide spectrum of sectors. The ultimate beneficiary is the Indian consumer who will benefit from lower prices. The potential big boost to consumption in an economy that is already in growth momentum will be big and may surprise on the upside,” VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.

He further added that after the initial enthusiasm, tariff issues will continue to haunt the market.

In Asian markets, South Korea’s Kospi and Japan’s Nikkei 225 index traded in positive territory while Shanghai’s SSE Composite index and Hong Kong’s Hang Seng quoted lower.

US markets ended mostly higher on Wednesday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,666.46 crore on Wednesday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 2,495.33 crore, according to exchange data.

Global oil benchmark Brent crude dipped 0.56 per cent to USD 67.22 a barrel.

On Wednesday, the Sensex jumped 409.83 points or 0.51 per cent to settle at 80,567.71, and the Nifty climbed 135.45 points or 0.55 per cent to 24,715.05. (Agencies)

The National Foundation for Journalism and Media (NFJM) has welcomed the announcement of the Government of India’s Next-Gen GST Reforms, describing them as a significant move aimed at reducing the financial burden on households, supporting farmers, and boosting the growth of MSMEs.

Under the new tax structure, GST has been lowered across a wide range of sectors. Essential household goods including soaps, shampoos, toothpaste, dairy products, utensils and sewing machines will now attract only five percent GST, providing relief to families. The healthcare sector has also been extended major support, with health and life insurance, thermometers, oxygen, diagnostic kits and corrective spectacles either reduced to five percent GST or exempted altogether. Farmers will benefit from the reduction of GST on tractors, tyres, irrigation systems and bio-pesticides, a measure expected to strengthen rural incomes and productivity. Educational materials including notebooks, pencils, charts and erasers have been exempted from GST, ensuring affordability for students and parents. Automobiles such as small cars, motorcycles, three-wheelers and transport vehicles will now be taxed at eighteen percent instead of twenty-eight percent, while electronic appliances such as air conditioners, larger televisions and dishwashers have also been shifted to the lower slab.

The reforms are accompanied by process changes aimed at simplifying compliance, including faster taxpayer registration and system-based refunds to ease business operations.

In his message, the Chairman of NFJM stated that the reforms are a step that will touch every Indian household, bringing affordability in essential goods, relief in healthcare, support to farmers and encouragement to entrepreneurs. He emphasized that the role of media is critical in explaining such reforms in clear and simple language so that the benefits reach the grassroots. NFJM, he added, remains committed to communicating matters of national importance in the public interest.

The BSF, which guards India’s borders with Pakistan and Bangladesh, is training special units of “drone commandos” and “drone warriors” for modern warfare involving remote-controlled aerial platforms, with plans to deploy them in missions such as Operation Sindoor.

 A ‘School of Drone Warfare’ was inaugurated by Border Security Force (BSF) director general Daljit Singh Chawdhary at the officers’ training academy of the force in Tekanpur, Madhya Pradesh, on Tuesday.

PTI had reported in July that the about 2.65 lakh personnel strong force was raising its maiden “drone squadron” following the lessons learnt after Operation Sindoor.

“The School of Drone Warfare will provide special training to the border guarding troops of the force in combating modern strategic challenges,” a force spokesperson said.

“The institute will prepare drone commandos and drone warriors through five special courses that include unmanned aerial vehicle (UAV) operations, anti-drone warfare and surveillance and intelligence gathering,” he said.

The school has simulators and live drone flying zones, facilities for payload integration in the UAVs and night operations, tools for radio frequency (RF) jammers and kinetic interceptors, apart from linked hardware and Artificial Intelligence (AI) tools.

The BSF DG, after the inauguration of the school, addressed the trainee officers and spoke about the ongoing three-year-long Russia-Ukraine war, where drones have played an important role apart from some other battles and the strategic takeaways from Operation Sindoor conducted by India against Pakistan in response to the Pahalgam terrorist attack, a senior officer said.

Chawdhary also spoke about the role of AI and machine learning (ML) in combat, proactive and weaponised drone use for decisive outcomes, the importance of FPV (first person view related to remote piloting of Kamikaze drones) and strategic changes in national policies, the official said.

Eighteen BSF troops, during the Independence Day in August, were awarded gallantry medals for displaying “conspicuous bravery” and “unmatched valour” during Operation Sindoor. These included two personnel who were decorated with the military-issued Vir Chakra posthumously.

The force also tackles Chinese-made Pakistani drones that smuggle drugs, weapons and ammunition into India from across the international border on the country’s western side every day.

The BSF is tasked with guarding the 2,290-km India-Pakistan International Border (IB) apart from the Line of Control (LoC) under the Army’s operational command, and the 4,096-km front with Bangladesh on the eastern side. (PTI)