Sunday, 3 December 2017

Intense Technologies BSE: 532326 (CMP 83.55)

Intense Technologies Ltd was established in 1990, CK Shastri is the promoter of the company. It is a publicly owned enterprise software products company headquartered in Hyderabad, India. It offers enterprise agility through the intelligent Enterprise Customer Communication Management, intelligent Enterprise Information Management and intelligent Enterprise Content Management Suites.
Since their inception, they have laid a supreme emphasis on attracting and retaining the brightest of talent - be it solutions architecture, software development, technical support or marketing. Their people work in close knit teams and comprise of both specialists and multiplexers, motivated by a simple methodology –get the work done. Moreover, they do aim at going beyond tasks and roles when they build their teams, with the final focus always being on the customer and the delivery of innovation.
Their enterprise agility Suites are best-fit for a wide range of applications across a number of verticals and proven to solve mission-critical enterprise challenges. SOA-driven, they are highly scalable, typically require no additional investments in the form of IT infrastructure or manpower and backed by a compelling value proposition.
Their flagship enterprise agility offering, the iECCM Suite is a comprehensive, end-to-end, enterprise customer communications solution best fit for ETL (Extraction, Transformation and Loading), Enterprise Application Integration, Communication Design, Output Management and Self-care applications. Chosen for enterprise-wide customer communications by more than 75% of India’s Telecom Operators, the iECCM Suite enables enterprises to use their obligatory customer documents (such as bills, statements, receipts, invoices, etc.) for delivering customer-focused Agile Customer Experiences.
Their process and knowledge agility offering, the iECM Suite is a robust solution for generic Document Management and Process Automation and has emerging applications such as Information Rights Management, Customer Application Forms Management, Service Provisioning Workflow Automation and Non-voice Customer Response management. The iECM Suite’s ability to establish electronic offices and digital knowledge repositories means that it can usher in metric-driven automation into any enterprise process, across any vertical, be it Telecom, Banking, Insurance, Manufacturing or so on!
The company is having domain expertise in :
  • Telecom
  • Banking & Finance
  •  Insurance
Solutions provided by the company:
  • iECCM Suite
  • iEIM Suite with Digital   Dashboard
Its flagship enterprise agility solution is the iECCM (intelligent Enterprise Customer Communication Management) Suite, an end-to-end process-unifying customer communications solution that helps enterprises turn their obligatory customer communications (and any other customer documents) into highly personalized, cross-sell and up-sell messaging enriched Agile Customer Experiences ,the iECCM Suite has a compelling value proposition and can (while significantly reducing costs) enhance customer service levels and speeds, compress time to market and transform enterprise customer communications into a strategic brand building competitive advantage.
  • Arab National Bank
  • Commercial Bank of Kuwait
  • First Gulf
  • GE Money
  • Bajaj Allianz
  • ICICI Prudential
  • Bharti Axa
  • Honda
  • Pepsico etc.
Why buy then?
 In the initial part of the report we have touched upon 5 reasons to buy, we will explain them one by one.
  1. New age product
  2. Large opportunity size
  3. Revenue visibility
  4. Low valuation
  5. Some telling signs that is difficult to ignore.
  1. New age product:
  • In a time when customer acquisition and retention is becoming one of the largest challenges and money drain for global corporations, UniServe provides end-to-end automation of customer on boarding for 50% faster turnaround and 40% reduction in customer acquisition costs.
  • Old large corporations ( Think SBI, LIC, BSNL) are under major threat to hold on to their customers and provide them a better service experience and running helter-skelter to find a solution for the same, this product we believe comes as a digital boon.
  • Intense is slated to launch modified second version of UniServe, UniServe-next this quarter itself. UniServe NXT helps enterprises build business agility with an objective to enhance customer experience by digitalizing customer centric business processes. This innovative platform radically reduces the application development and deployment timelines to seamlessly transform existing eco system to cater to customer expectations based on federated architecture. The biggest benefit of this is, it can be used with company’s old hardware and software ensembles which radically reduce cost and time of implementing the new process. This is quite unique in the domain.
  1. Large opportunity size
Despite this key focus on customer experience, many enterprises engage their customers via isolated, disconnected channels. Across Telecommunications, Banking, Insurance and Financial Services industries, digital transformation of Customer Experience has become a key competitive differentiator and a CEO-level area of focus. Gartner too in its recent publication has underscored the importance of transforming customer experience and states that improving technology stacks within the customer interfacing layers of business is at or near the top of the list of investment opportunities for both private and public-sector enterprises.
  • The global digital transformation market is expected to reach $369.22 billion by 2020 from $150.70 Billion in 2015, at a CAGR of 19.6%
  • Global customer experience management market alone to grow at 17% CAGR from $3.77 billion in 2014 to $8.39 billion in 2019
    (Taken from Annual Report)
So, to conclude the focus towards customer experience and the sheer size of opportunity numbers leaves Intense a company of a tiny size (180 cr mcap) with an enormous headspace to grow if they can get their acts together and can remain ahead in the value curve.
  1. Revenue visibility:
  • In June 2016 Intense was awarded a multiyear contract of around INR 175 cores by one of the large telecom player of India, which gives fare visibility of revenue for near future. This is quite large if one compares it TTM revenue of only 49 cr. This looks like a onetime large order, while regular orders would keep coming in.
  • Apart from this Intense has recently signed their first ever first ever contract in North America with their largest privately held wireless provider. The engagement entails deployment and support of UniServe platform to assist the client’s enterprise business in governance & risk, reports and analytics domains for an undisclosed deal amount.
  • Intense has also got into a multiyear deal with world’s second largest telecom player based in Europe (Read Vodafone) with their UniServe product again for a undisclosed deal amount.
  • A media and communications company, projected to be the largest in its class across the globe, with an investment of more than $20 billion, has chosen UniSer ve platform for customer engagement
So, overall, Intense has a robust order book at hand now, and this should help them to bring stability in their numbers. Also, this should allow us even more breathing space to deploy some R&D and Sales and marketing budget to stay ahead of the curve, which is a prerequisite in this business.
  1. Low valuation:
The largest player in the business is SalesForce with market cap of $52 billion and yearly revenue of around $6 billion. So, one can safely conclude that for this kind of business market provides high valuations and almost 9x to sales in this case. On that math Intense valuation too come near to 540 cr, while it is only around 180 cr now. We understand fully that Intense is no match to Salesforce and this is a lame comparison, but this somewhere goes on to say, if things go well, Intense too can command big valuations.
Also, given the one large order (whose deal value is known) almost equals it market cap, again indicating comfortable valuations.
  1. Some telling signs that is difficult to ignore
Small company, big dominance:
  • Intense serve customers in 30+ countries across 4 continents, with a 70% market share in telecom domain in India (Telecom had been their area of focus, now they are getting into banking, insurance, travel etc.)
  • Intense processes 25 billion USD worth of client revenue data, help onboard 1 million customers daily, and have a 500 million customer base across clients
  • Big client base comprising of names like Reliance Jio Bharti Airtel, Idea Cellular, Aircel, Omantel, Etisalat,Robi, ICICI Prudential Life Insurance, GE Money, Bharti AXA Life Insurance, Government of India-Income Tax Dept., and many more
Valued by the people | corporate who knows better than us
  • Reliance Jio launched with e-KYC done by Intense guys
  • The first banking client Intense roped in is the largest private bank in India
  • World’s second largest telecom player relies on UniServe
Identified and awarded by prestigious international institutions
  • UniServe NXT platform has been recognized as the best of Future IT (Emerging technologies) by world renowned iCMG architecture awards panel for 2016
  • Intense got mentioned in prestigious Gartner and Forrester magic quadrant wave report for customer communications management this year.
  • Intense has also received the Da Vinci TT100 Business Innovation Award. It is South Africa’s longest running most prestigious innovation award supported by Dept. of Science and Technology
When it comes to complex software product like this, we can count on experience of such large corporate CTOs or business bodies to understand and choose the better product. To our mind this hints Intense’s superiority of product, pricing, sales ability to a large extent.
A small cohesive team with interests directly aligned with minority stake holders
  • Intense boasts of very low attrition rate, which is far below industry standards
  • The current core team has been together since the inception, which means working together for as long as 17 years!
  • The CEO Jayant Dwarkanath owns 6% of the company; so the better he perform the richer he gets, along with us 😉

Friday, 3 November 2017

Difference between Preference Shares and Equity shares

Key difference is that while Preference shareholders enjoy the benefit of receiving their dividend distribution first; the equity shareholders enjoy voting rights in major company decisions, including mergers or acquisitions. 

 A Company can issue two types of shares viz. Equity Shares and Preference Shares. Equity shares are also known as Ordinary Shares.  While Preference shareholders enjoy the benefit of receiving their dividend distribution first; the equity shareholders enjoy voting rights in major company decisions, including mergers or acquisitions. 

Preference shares have the right to receive dividend at a fixed rate before any dividend is paid on the equity shares. Further, when the company is wound up, they have a right to return of the capital before that of equity shares. The key differences between preference shares and equity shares are listed in the following table: 

Basis of Distinction
Preference SharesEquity Shares
Rate of DividendPaid at fixed rateMay vary , depending upon the profits
Arrears of DividendGet accumulated for cumulative preference sharesNo accumulation
Preferential RightsBefore Equity sharesAfter
Winding upHave a right to return of capital before equity shares . This means they are safer.Only paid when preference share capital is paid fully
Voting RightsNo voting rightsVoting rights
Right to participate in ManagementHave NO rightHave right

Apart from the above, the preference shares may carry some more rights such as the right to participate in excess profits, which a specified dividend has been paid on the equity shares or the right to receive a premium at the time of redemption.
The preference shares are safer investments than the equity shares. In case the company is wound up and its assets (land, buildings, offices, machinery, furniture, etc) are being sold, the money that comes from this sale is given to the shareholders. After all, shareholders invest in a business and own a portion of it. Please note that usually, the preference shares are most commonly issued by companies to institutions. 
That means, it is out of the reach of the retail investor. For example, banks and financial institutions may want to invest in a company but do not want to bother with the hassles of fluctuating share prices. In that case, they would prefer to invest in a company’s preference shares. Companies, on the other hand, may need money but are unwilling to take a loan. So they will issue preference shares. The banks and financial institutions will buy the shares and the company gets the money it needs. This will appear in the company’s balance sheet as ‘capital’ and not as debt (which is what would have happened if they had taken a loan). Preference Shares are NOT traded in stock exchange. This also means they are not ‘liquid’ assets; there’s little scope for the price of these shares to move up or down. On the other hand, ordinary or equity shares are traded in the markets and their prices go up and down depending on supply and demand for the stock. But, that does not mean the investor is stuck with his shares. After a fixed period, a preference shareholder can sell his/ her preference shares back to the company. This cannot be done with the ordinary shares. Ordinary shares can be only sold to another buyer in stock market. One can sell the ordinary shares back to the company only if the company announces a buyback offer.

Saturday, 7 October 2017

Reading The Balance Sheet

A balance sheet, also known as a "statement of financial position", reveals a company's assets, liabilities and owners' equity (net worth). The balance sheet, together with the income statement and cash flow statement, make up the cornerstone of any company's financial statements. If you are a shareholder of a company, it is important that you understand how the balance sheet is structured, how to analyze it and how to read it.

1. The Balance Sheet Equation

The main formula behind balance sheets is: Assets = Liabilities + Shareholders' Equity

This means that assets, or the means used to operate the company, are balanced by a company's financial obligations along with the equity investment brought into the company and its retained earnings. The total assets must equal the liabilities plus the equity of the company.

2. Know The Current Assets

Current assets have a life span of one year or less, meaning they can be converted easily into cash. Such assets classes include cash and cash equivalents, accounts receivable and inventory. Cash, the most fundamental of current assets, also includes non-restricted bank accounts and checks. Cash equivalents are very safe assets that can be readily converted into cash; U.S. Treasuries are one such example. Accounts receivables consist of the short-term obligations owed to the company by its clients. Companies often sell products or services to customers on credit; these obligations are held in the current assets account until they are paid off by the clients.

3. Know The Non-Current Assets

Non-current assets are assets that are not turned into cash easily, are expected to be turned into cash within a year and/or have a life-span of more than a year. They can refer to tangible assets such as machinery, computers, buildings and land. Non-current assets also can be intangible assets, such as goodwill, patents or copyright. While these assets are not physical in nature, they are often the resources that can make or break a company - the value of a brand name, for instance, should not be underestimated. Depreciation is calculated and deducted from most of these assets, which represents the economic cost of the asset over its useful life.

4. Learn The Different Liabilities

On the other side of the balance sheet are the liabilities. These are the financial obligations a company owes to outside parties. Like assets, they can be both current and long-term. Long-term liabilities are debts and other non-debt financial obligations, which are due after a period of at least one year from the date of the balance sheet. Current liabilities are the company's liabilities which will come due, or must be paid, within one year. This is includes both shorter term borrowings, such as accounts payables, along with the current portion of longer term borrowing, such as the latest interest payment on a 10-year loan.

5. Learn about Shareholders' Equity

Shareholders' equity is the initial amount of money invested into a business. If, at the end of the fiscal year, a company decides to reinvest its net earnings into the company (after taxes), these retained earnings will be transferred from the income statement onto the balance sheet into the shareholder's equity account. This account represents a company's total net worth. In order for the balance sheet to balance, total assets on one side have to equal total liabilities plus shareholders' equity on the other.

6. Analyze With Ratios

Financial ratio analysis uses formulas to gain insight into the company and its operations. For the balance sheet, using financial ratios (like the debt-to-equity ratio) can show you a better idea of the company's financial condition along with its operational efficiency. It is important to note that some ratios will need information from more than one financial statement, such as from the balance sheet and the income statement

Friday, 15 September 2017

OK PLAY Financial Results For 30 June, 2017 Play India consolidated net profit rises 166.67% in the June 2017 quarter
Net profit of OK Play India rose 166.67% to Rs 1.12 crore in the quarter ended June 2017 as against Rs 0.42 crore during the previous quarter ended June 2016. 
Sales rose 32.39% to Rs 27.06 crore in the quarter ended June 2017 as against Rs 20.44 crore during the previous quarter ended June 2016

Here are some more key Update form OK PLAY

Huge opportunity in EV space; will produce 250,000 vehicles next year: OK Play India

OK Play India reported a steady of numbers with revenues jumping 36 percent. In an interview to CNBC-TV18, Rajan Handa, MD of OK Play India decoded the earnings fine-print and also spoke about opportunities in the electric vehicle (EV) space.

OK Play India reported a steady of numbers with revenues jumping 36 percent. In an interview to CNBC-TV18, Rajan Handa, MD of OK Play India decoded the earnings fine-print and also spoke about opportunities in the electric vehicle (EV) space.
We have set up manufacturing facilities in conjunction with our manufacturing partners across the country. We have seven facilities up and running and all of them are producing the same products with the same equipment using the same components. These are all dedicated EV facilities, he said.
We have done test marketing on EV and we have about 46 showrooms operating which deal only with OK Play EVs, he added.
The average price per vehicle is Rs 1,25,000, when I am talking about an e-rickshaw. There is a lot of opportunity also in the retail market because this is a natural upgradation from cycle-rickshaw or using a petrol/diesel alternative, said Handa.
We are being conservative about numbers because the opportunity is humongous, the capacities that we have created now would allow us to produce in the next year 250,000 vehicles. We have also tied up with one of the leading non-banking financial companies (NBFCs) to get these vehicles financed for the end-user, he further mentioned.
I would look at 10,000 units coming on a monthly basis down the line, Handa said.
To watch the full interview , click on the below link :

Friday, 28 July 2017

OK PLAY INDIA LTD , BSE Code - 526415

 OK PLAY INDIA LTD - BSE Code - 526415

The company is primarily a toy maker. It has a product portfolio of school furniture, playground equipment, signage boards and automotive fuel tanks along with toys. In the toys market, ‘OK Play’ is an unmatched brand. it has developed 100% plastic parts for electric vehicles and marketing them under the ‘e-Raaja’ brand. The company which has already been in the e-vehicles market with eight unconventional electric products that include e-rickshaws, e-vending carts, e-mobile shops, e-loaders, e-garbage collectors, e-school buses, e-scooters, has launched six variants of electric two-wheelers in the first quarter of 2017-18. These two wheelers, with one single charge, can ply 80 Km distance with 40 KMPH speed. 

Rajan Handa, founder-managing director of OK Play Electric Vehicles, believes the three-wheeled platform will be the low-hanging fruit since it will be the most cost-effective of all vehicles.

As India eyes an all-electric car fleet by 2030, Rajan Handa, founder-managing director of OK Play Electric Vehicles, believes the three-wheeled platform will be the low-hanging fruit since it will be the most cost-effective of all vehicles. "We decided to exploit our skills and experience in engineering and plastic moulding to design and develop technically and commercially viable electric vehicles," says Handa. OK Play's e-rickshaw under the brand E-Raaja is priced at Rs 1.25-1.5 lakh and indigenously developed. The company's other products include e-vending carts, e-mobile shops, e-loaders, e-garbage collectors, e-school buses and e-scooters. The e-rickshaw weighs 320 kg and can carry a load of 700 kg. It has a maximum speed of 24 km/ hr and the battery lasts 80 km with each charge. The company can produce 20,000 vehicles every month. "We have set up manufacturing facilities in eight locations in the country. With two more coming up, OK Play will be able to cater to national requirements in real time," says Handa.

"We are in the process of covering the entire geography of our huge country. We are also working towards becoming a global supplier of electric vehicles."

OK Play EV : A New Definition of E- Rickshaw

Designed to Rule the Roads

OK Play Electric Vehicles, one of the most recognised manufacturers in India, has combined innovative design with unparalleled quality to develop e-Raaja, India’s first plastic body e-rickshaw. Robust build and unique features of e-Raaja makes it far superior to any other e-rickshaw in the market. With its seamless, sturdy body, rounded edges and impact resistant plastic, e-Raaja is built to endure rough roads and provide a safe ride with maximum comfort. All this, along with striking aesthetics, makes it a viable option for last mile commute on difficult Indian roads.

Here are their clients in the automative sector 
  • POP, Signage &Display Stands

  • OK Play India Ltd has an annual production capacity of 96,000 electric two-wheelers. The government aims to develop India an e-mobility nation by 2030. To achieve the target, it has chalked out ambitious policies like FAME (Faster Adaption and Manufacturing of Hybrid and Electric vehicles), National Electric Mobility Mission, etc. The Indian e-two-wheelers market has been expanding at a 30% per annum growth rate. The company may garner a 10% market share. It is going to distribute world renowned toy brands in India. As the Supreme Court gave its verdict banning the fresh sales of BS-3 vehicles from April 1, 2017, the company will benefit mostly with the expected demand surge for its Plastic Fuel Tank which strictly adheres to Bharat-4 standards. OK Play has entered an agreement with an Israel firm for developing and marketing of ‘inspection chambers’ which find usage in the sewerage and drainage systems management.
    The promoters and non-promoters pumped in fresh capital by subscribing to its equity shares and warrants at a price of Rs 140.47. It caused a surge in the net worth of the company by about Rs 21 crore. With the implementation of BS-4 ecological norms and with the SC final verdict banning the BS-3 sales from this April 1st itself, now there will be an explosive demand for the next generation eco-friendly auto components. OK Play India Ltd, the maker of these parts, is attracting the market players. Currently priced at 164 rs

    Note: The above is not a research report but information as available on public domain and it should not be treated as a research report.

    Registration status with SEBI: I am not registered with SEBI under the (Research Analyst) regulations 2014 and as per clarifications provided by SEBI: “Any person who makes recommendation or offers an opinion concerning securities or public offers only through public media is not required to obtain registration as research analyst under RA Regulations”

    Disclosure: It is safe to assume that i might have Ok Play India Ltd in my portfolio and hence my point of view can be biased. Readers should consult their financial advisory before any investments.

    Friday, 21 July 2017

    Reliance Jio Phone 4G mobile launched - Bad days ahead for Airtel and idea ?

    Reliance Jio Phone 4G mobile launched. Bad days ahead for  Airtel , Dish Tv or do they have something up their sleeve ?
    Reliance Jio today announced the launch of its much rumoured 4G feature phone, which is named as JioPhone. Along with that it has announced its cable TV device. The JioPhone will be available for free but buyers will have to deposit a fee of Rs 1500 which will be refundable after three years on returning the phone. This means the phone will be available at an effective price of zero. JioPhone will be available for beta testing this 15th August, while pre booking will start from 24th August; physically it will available from September this year.


    Price and data plans:

    1. Reliance Industries Limited chairman Mukesh Ambani on Friday announced the JioPhone, a 4G VoLTE feature phone which he called ‘India ka Smartphone’.
    2. The JioPhone’s effective price is Rs 0. This means, you can buy the phone at Rs 1500, which will be refunded after 3 years.
    3. The phone is a feature phone, but with a larger screen, access to apps and of course 4G data and 4G VoLTE calls and will effectively cost the customer Rs 0 for the device.
    4. JioPhone users will have to pay just Rs 153 a month, including the cost of the phone. There will be a weekly plan of Rs 54 and a two-day plan of Rs 24 with all the same features.
    5. The highlight of this phone is the 4G VoLTE, it has a voice command interface, and comes pre-loaded with Jio’s apps loaded on it.
    6. JioPhone has 2.4-inch display, and can play the JioCinema app as well. So users can watch movies on this feature/smartphone smash.
    7. It has an SOS feature as well, which can be activated by pressing 5. There is support for NFC that enables quick payments, and the ability to cast content.
    Availability and date of sale:
    8. The phone will be available for beta testing from August 15 and for prebooking from August 24.
    9. The phones will be available for sale at a first come, first serve basis from the last quarter of 2017. The target is to make 5 million phones available every week.
    10. The JioPhone will always have free voice calls. From August 15, the JioPhone will come with free unlimited data.

    Made in India JioPhone:

    11. The phone has been created by Indian engineers for an Indian audience.

    Other things to know:

    12. The phone will offer an innovative cable link to television to help users view content on a big screen at home. Users will need to buy the Jio Dhan Dhana Dhan package of Rs 309 to get the extra data needed for this.
    13. The phone also responds to voice commands, which is unprecedented for a feature phone anywhere in the world.
    14. Jio will be the greatest accelerator of the Bharat-India connectivity, said Mukesh Ambani.
    15. Mukesh Ambani declared 15th August 2017, as ‘DIGITAL FREEDOM’ for all feature phone users with JioPhone.

    JioPhone is bad news for Bharti Airtel, Idea Cellular , Dish TV , Hathway cable and shilpi cable 


    Thursday, 29 June 2017


    Meaning of GST
    GST is abbreviation for Goods and Service Tax. GST is also known as Value Added Tax (VAT) in few countries.
    GST / VAT is a consumption based tax wherein the basic principle is to tax the value addition at the each business stage. To achieve this, tax paid on purchases is allowed as a set off/ credit against liability on output/income.
    GST is levied on all transaction of goods and services. Thus, in principle, GST should not differentiate between ‘goods’ and ‘services’.
    For Example:
    Stage 1 (Manufacturer)
    Imagine a manufacturer of Trouser . He buys raw material or inputs — cloth, thread, buttons, tailoring equipment — worth Rs 100 a sum that includes a tax of Rs 10. With these raw materials, he manufactures a trouser
    In the process of creating the trouser, the manufacturer adds value to the materials he started out with. Let us take this value added by him to be Rs 30. The gross value of his good would, then, be Rs 100 + 30, or Rs 130.
    At a tax rate of 10%, the tax on output (trouser) will then be Rs 13. But under GST, he can set off this tax (Rs 13) against the tax he has already paid on raw material/inputs (Rs 10). Therefore, the effective GST incidence on the manufacturer is only Rs 3 (13 – 10).
    Stage 2 (Manufacturer to Wholesaler)
    The next stage is that of the good passing from the manufacturer to the wholesaler. The wholesaler purchases it for Rs 130, and adds on value (which is basically his ‘margin’) of, say, Rs 20. The gross value of the good he sells would then be Rs 130 + 20 — or a total of Rs 150.
    A 10% tax on this amount will be Rs 15. But again, under GST, he can set off the tax on his output (Rs 15) against the tax on his purchased good from the manufacturer (Rs 13). Thus, the effective GST incidence on the wholesaler is only Rs 2 (15 – 13).
    Stage 3 (Wholesaler to Retailer)
    In the final stage, a retailer buys the trouser from the wholesaler. To his purchase price of Rs 150, he adds value, or margin, of, say, Rs 10. The gross value of what he sells, therefore, goes up to Rs 150 + 10, or Rs 160. The tax on this, at 10%, will be Rs 16. But by setting off this tax (Rs 16) against the tax on his purchase from the wholesaler (Rs 15), the retailer brings down the effective GST incidence on himself to Re 1 (16 –15).
    Thus, the total GST on the entire value chain from the raw material/input suppliers (who can claim no tax credit since they haven’t purchased anything themselves) through the manufacturer, wholesaler and retailer is, Rs 10 + 3 +2 + 1, or Rs 16.
    To conclude in GST regime there will be “NO TAX ON TAX and there will be seamless credit of tax available at each value addition of business stage

    Tax Rates Before And After GST

    Toothpaste, Branded Cereals May Cost More

    Rates Up For Mobile Phones, Refrigerators

    Shampoos, Perfumes May Cost More

    Higher Rate On Electric Hot Plates

    Wallpaper, Paints In Highest Slab

    Fresh Milk, Vegetables Exempt

    No Tax On Condoms

    Lower Tax On Kerosene

    Plastic Products To Cost More

    Eating Out, Phone Calls Costlier