ICICI September 17 Issue - content.icicidirect.comcontent.icicidirect.com/MoneyManagerMagazine/September_2017.pdf · 2 It's been three months since the implementation of the GST (Goods

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Shilpa KumarMD & CEO

ICICI Securities Ltd.

The notion of 'one nation, one tax' is finally here. While eliminating the cascading effect of indirect taxes is the prime objective, implementation of Goods and Service Tax (GST) is also expected to provide a stimulant for economic growth in India. The reform will have a noticeable effect on the unorganised and organised sector.

T h e u n o r g a n i s e d s e c t o r constitutes almost 50 per cent of India's Gross Domestic Product (GDP). It is also responsible for more than 80 per cent job creation in India. In the earlier tax regime, many of these companies overlooked or slipped out of the tax net due to non-compliance of regulations. This way they could offer products at lower prices which ensured competitiveness amongst small firms. But under GST, these firms will have to face lower margins, higher compliance cost and strict tax regulations. A reduction of tax arbitrage for the unorganised segment will provided additional benefit to organised players in the long run. Consumer durable companies are the key beneficiaries of the GST reform. Aggressive price cuts and low base year impact are likely to perk up volumes in the current financial year.

However, there are also other factors that could play out. The potential squeeze on the unorganised sector may lead to job losses, whereas, transparent and stable tax rule can attract local and foreign investment in India, creating job opportunities. The downstream impact will depend on how both ends of the supply chain adopt the reform.

On the private consumption side rising prices higher tax rates could put pressure on consumers to cut down on discretionary expenses

1ICICIdirect Money Manager September 2017

such as eating out in restaurants or entertainment affecting these players. It is important to note that almost 81 per cent of mass consumption goods are covered under no or less than 18 per cent GST rates, many essential services like healthcare and transport are exempted under GST, which should result into lower inflation. The final prices will depend on the extent to which sectors pass along the tax benefits to consumers.

A small portion of Consumer Price Index (CPI) basket consists of services like personal care products, prepared meals, snacks and sweets, utility bills, higher education institutes, where inflation was already high. Taxes on these services are still higher under the GST regime. The direct impact of GST may not push up estimated inflation scale for this fiscal but the price impact is likely to pinch consumers for the first few months.

Apart from FMCG and consumer durables, sectors like tourism, aviation, DTH cables, lubricants, laminates under building materials are the key beneficiaries under GST era.Negative impact is seen on sectors like luxury hotels, theme parks, luggage, breweries and distilleries, upstream and downstream oil sector. Majority of large sectors like auto, cement, banking, agri-chemicals, power and pharma are expected to witness a neutral impact.

On the personal investment front. There is a marginal impact on the cost of transactions and investment services after July 1. For instance, portfolio management service providers, who would charge 15 per cent service tax on annual fees earlier, now incur 18 per cent GST. There will also be a marginal impact on mutual fund investments as expense ratios will go up. However, given the long term trend expected in the Indian markets this should not have any material impact.

GST is a landmark reform and will give a boost to the formal economy. The introduction of GST is perhaps a mixed bag for individual sectors in short run but in the long run it will be very positive for the overall economy.

Our message remains the same – 'keep investing and stay invested for your life goals'. Through this magazine and our website www.icicidirect.com, we want to make an earnest attempt to partner you in setting and achieving your financial goals. Do walk into any of your neighborhood financial superstore and talk to us.

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It's been three months since the implementation of the GST (Goods and service tax) and many of us are still coming to terms with this new indirect tax regime. In simple terms, GST is a uniform tax replacing earlier indirect taxes such as service tax, VAT, central excise duty, purchase tax, luxury tax and so on. The basic idea behind GST is to create a single and cooperative market to make the Indian economy powerful. While taxing majority of goods under low or zero tax bracket has brought relief to the retail consumers, increase in the prices of services like banking and insurance may adversely affect finances.

Transition to GST has brought changes in various spheres. A large number of unorganized sector is bearing higher cost of compliance post GST adoption. Organized sector on the other hand is able to streamline business under GST regulations more efficiently. So far the new tax has a mild impact on the prices of goods and services we consume regularly, but with time this climb may escalate or decline depending on the extent of implementation of the law throughout the supply chain.

Measures like input tax credit and anti-profiteering mechanism can ensure the competence of GST. But awareness about such measures among masses is equally important for the progress. Thus our September edition of Money Manager is a comprehensive package on GST. An extensive IT system, is installed to register GST numbers of all producers and distributors of goods and services which can digitalize records. This is another step taken to simplify the administration of taxes. Our cover story tries to highlight some of the important facts about GST reform.

Additionally, in the Mutual Fund Analysis section we cover infrastructure funds as a number of infrastructure related government schemes and introduction of new regulatory measures are expected to help organized players in the infrastructure space over the medium to long term. Read on to know all about it. Stay updated and involved. Do write in with your feedback [email protected] and share your thoughts.

Your magazine is now also available on www.magzter.com, a digital newsstand.

ICICIdirect Money Manager September 2017

Editor & Publisher : Abhishake Mathur, CFA

Editorial Board : Sameer Chavan, CWM®, Pankaj Pandey

CMEditorial Team : Nithyakumar VP CFP , Sachin Jain, Research Team

Coordinating Editor : Namrata Lonkar


MD Desk......................................................................................... 1

Editorial...........................................................................................2

Contents..........................................................................................3

News.............................................................................................. 4

Stock ideas: Exide Industries & Shankara building product......... 5

Flavour of the Month: Three months into GST regime…do you know all

about it?

Now that the GST regime has come into force, a lot of us are

making a beeline for financial experts to understand complex

nature of GST. There are questions regarding registration,

supply, invoice, refund, central and state tax, exports and other

aspects of GST. Here's our attempt to answer the most

important ones…........................................................................15

Ask Our Planner

Our financial expert answers your personal finance queries...25

Mutual Fund Analysis

Which are the top performing mutual funds in current market

scenario? Check these top three infrastructure funds

recommended by our research team........................................29

This month on iCommunity

Take a look at the latest activities on our unique information

platform- iCommunity (for September 2017)............................39

Equity Model Portfolio.................................................................... 40

Quiz Time.......................................................................................44

Prime Numbers.............................................................................. 45

4

India likely to be third largest economy by 2028: HSBC report

India is likely to overtake Japan and Germany to become the third largest economy in the next 10 years but needs to be consistent in reforms and focus more on the social sector, British brokerage HSBC has said. “In over the next ten years, India will likely surpass Germany and Japan to become the world's third largest economy in nominal USD and the transition will happen even more quickly on a PPP [purchasing power parity] basis,” its economists said in a note. Demographics and macro stability were pointed out as key strengths for the country by the brokerage.

Courtesy: The Hindu

The domestic mutual fund sector is being saddled with a new cost burden due to the implementation of the new centralised know-your-customer (C-KYC) norms. According to industry players, moving one customer to the new C-KYC system costs the fund house up to Rs 40. Given the past pace of new client addition along with the movement of existing clients to the new system, the aggregate cost is likely to go through the roof, they say. The new system is aimed having a common KYC process for all financial sector intermediaries, which include mutual funds, banks, and insurance companies.

Courtesy: Business Standard

MFs face cost, operational pressures due to new KYC system

Fuel prices will drop in coming days, says Dharmendra PradhanAttributing the recent rise in fuel prices to a hurricane in the US, Union petroleum and natural gas minister Dharmendra Pradhan on Saturday said the rates will come down in the next few days.Pradhan also appealed to bring petroleum products under the goods and services tax (GST). The petroleum ministry has sent a proposal regarding this to the GST Council. Furthermore, the government will organise 1 lakh such LPG Panchayat across India in the next 18 months. LPG panchayat will serve as an interactive platform for the beneficiaries of LPG cylinders under the Pradhan MantriUjjwalaYojana (PMUY), while for the officials, NGOs and other stakeholders, it will be a medium to identify the issues faced by the rural population for using LPG.

Courtesy: Financial Express


Under the new tax regime, state-run lotteries, which do not have private distributors or marketing agents, attract 12% tax, while those operated by private distributors fall under a higher tax slab of 28%. It should be noted that there is no blanket ban on lotteries in India. Out of 29 states, 16 states have banned lotteries. On the other hand, lotteries are allowed in Kerala, Goa, Maharashtra, Madhya Pradesh, Punjab, West Bengal, Assam, Arunachal Pradesh, Meghalaya, Manipur, Sikkim, Nagaland and Mizoram. Pre-GST, a service tax was levied only on the agent's commission, which was around 10-12% and varied across states, tax experts said. Now, GST is levied on the face value of the lottery ticket.

Courtesy: Livemint

Private lottery distributors run out of luck post GST

5

STOCK IDEAS


Exide Industries – Market leader all charged up…

Company Background

Investment Rationale

Market leader well placed to gain from demand recovery!

Exide Industries (EIL) is India's largest manufacturer of lead acid storage batteries. As of FY17, i t has an annual automotive & Industrial battery capacity of 39.9 mn units & 3,336 mn Ah respectively. EIL has an extensive sales & d is t r ibut ion network o f >35,000 outlets with battery storage range of 2.5 Ah to 20,200 Ah used across industries namely Automotive, Power, Telecom, railways, defence etc. As of Fy17, Domestic business accounts for ~95% of its overall revenue and the balance of 5% is from exports market. Further in terms of segment mix, Auto and Indust r ia l segment account for 60% & 40% of its revenue respectively. EIL is the m a r k e t l e a d e r i n t h e automotive (OEM) battery space with market share >60%.

The overall auto volumes recovered in FY17, up 11.9% Yo Y i n H 1 F Y 1 7 . T h e

momentum was expected to c o n t i n u e , h o w e v e r , demonetisation in November 2016 came in as a speed breaker. Most OEMs were impacted in H2FY17, which further impacted ancillary companies. EIL also witnessed sluggish demand in the OEM space (especially - 2-W) during the same period. Further the short term impact in demand due to transition to BS IV e m i s s i o n n o r m s a n d implementation of GST in Q1FY18 has now largely started to fade away. Thus, we believe EIL is well placed to benefit from the demand recovery from the automotive s e g m e n t . T h e d e m a n d recovery will be supported by 1) Increasing demand from OEMs (on capacity expansion & new launches) 2) Growing replacement demand which is less cyclical in nature and 3) its focus on capturing market share of the unorganised players in segments like CV & tractors. Its industrial battery segment will gradually pick up in line with overall economic improvement. Thus, we expect revenue CAGR of 13% in Fy17 19E.


STOCK IDEAS

Cost control + technology up gradation = to improve it's bottom-line

Technological collaborations will result into innovative launches

The management has shifted its focus to margins than gaining market share at the cost of profitability & has hived off the existing less profitable OEMs. The management has set a target of achieving EBITDA margins of >15% for the next couple of years. We believe this is achievable through 1) technology up-gradation, cost cutting & internal efficiencies & 2) focus on more profitable segment. EIL being the market leader has been able to pass on the increase in raw material cost to its consumers. Over the past 6 9 months, EIL hiked average price of its products by ~10%. Thus we expect its margins to gradually move >15% going forward.

EIL has consistently focused on Innovation & new product launches. It has implemented 'Punched Grid Technology' under technical assistance of East Penn Inc (US) which not o n l y i m p r o v e s p l a n t efficiencies but also has a longer battery life. Going ahead, EIL plans to develop 1)

advanced automotive battery so lu t ion l i ke Enhanced Flooded Batteries (EFB) 2) zero maintenance battery for cars for 18 months 3) batteries life with warranty of 36 months in 4-W space; 4) front terminal batteries for telecom with long service life (10 years float life) are among others. It has developed advance tubular gel based products to address various solar and telecom application requirement. The company also launched a range of batteries for E-rickshaws in the past & now is aiming to offer e-mobility solutions for a wide range of applications such as E-vans and E-buses & others. The company has consistently remained at the forefront of i n t e r n a t i o n a l b a t t e r y technology with the help of our collaborators – Shin Kobe and Furukawa of Japan, Zhejiang Chaowei Chuangyuan Shiya of China, East Penn of the US and its subsidiary company Ecoult of Australia.

Keeping in mind the structural recovery in automot ive demand, EIL being the market leader is well placed to cater the demand. Its cost reduction

Long terms prospects continue to look bright


STOCK IDEAS

Stock Data

Key Financials

Valuations Summary

initiative & focus on profitable segment is likely to drive its margins. Hence, we value its core business at 21x FY19E EPS of 10.5/share. EIL is also engaged in the life insurance b u s i n e s s t h r o u g h i t s subsidiary. Considering, the recent deals & listing of life

insurance peers, we value the b u s i n e s s a t 2 x F Y 1 9 E embedded value to arrive at price of 47/share. Thus, on a SOTP basis, we maintain our target at 270/share & maintain BUY recommendation on the stock.

`

`

` Crore FY16 FY17 FY18E FY19E

Net Sales 6854 7628 8414 9729

EBITDA 1016 1082 1264 1483

EBITDA (%) 14.8 14.2 15.0 15.2

Net Profit 624 694 745 890

EPS (`) 7.3 8.2 8.8 10.5

P/E 30.6 27.6 25.7 21.5

Target P/E 36.7 33.1 30.8 25.8

EV / EBITDA 17.9 17.0 14.4 12.1

P/BV 4.2 3.9 3.5 3.2

RoNW 13.8 14.0 13.7 14.8

RoCE 19.2 18.5 19.0 20.3

FY16 FY17 FY18E FY19E

Market Capitalization ( Crore) 19125 Crore

Total Debt (FY17) (` Crore) 170.2

Cash and Investments (FY17) (` Crore) 925.1

EV (` Crore) 18370.2

52 week H/L (`) 250/168

Equity capital (` crore) ` 85 Crore

Face value (`) ` 1

MF Holding (%) 26.3

FII Holding (%) 15.0

` `


STOCK IDEAS

Key risks include:

Raw material price volatility

U n a b l e t o d e v e l o p c h a n g i n g technological solution

Lead and Lead Alloys are the primary materials consumed in the manufacturing of batteries representing >70% of total raw material cost. Any volatility in the price of its key raw material and its inability to smoothly pass on the same to the consumers might impact EIL margins. About 30% of company's business are with OEM's which have Lead price variation clause & thus are insulated from lead price volatility however the balance 70% of EIL's business is towards retai l customers and is thus exposed to lead price volatility the risk.

EIL is working on the lithium-ion battery and its solution which is likely to cater the Electric Vehicle

going forward. However we believe if EIL is unable to provide (or any delay in providing) the industry appropriate battery solution, its business might get impacted. There are multiple players exploring the new lithium ion battery technology and thus it might lose its leadership strength going forward.

Slower than anticipated pace of demand recovery from the OEMs and Industrial battery segment might impact its revenue. Further any change in demand sentiment due to change in technology /government policy will impact auto OEMs volumes eventually impacting ancillary players like EIL.

Slower than expected demand from OEMs & Industrial battery


STOCK IDEAS

ANALYST CERTIFICATION We /I, Nishit Zota, MBA & Vidrum Mehta, MBA Research Analyst, authors and the names subscribed to this report, hereby certify that all of

the views expressed in this research report accurately

reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or

indirectly related to the specific recommendation(s) or view(s) in this report.

Terms & conditions and other disclosures:ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia, engaged in the business of stock

brokering and distribution of financial products. ICICI Securities Limited is a Sebi registered Research Analyst with Sebi Registration

Number – INH000000990. ICICI Securities is a wholly-owned subsidiary of ICICI Bank which is India's largest private sector bank and has its

various subsidiaries engaged in businesses of housing finance, asset management, life insurance, general insurance, venture capital fund

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STOCK IDEAS

Shankara Building Products - Retail play on building material opportunity!!!

Company Background

Investment Rationale

Shankara BuildPro – Building

materials under one roof…

I nco rpora ted in 1995 ,

Shankara Building Products

(SBPL) is one of the leading

organised retailers of home

improvement and building

products operating under the

“Shankara BuildPro” brand.

We like SBPL given its

aggressive expansion plan in

asset l ight retai l store

b u s i n e s s i n h o m e

improvement & building

products. It plans to almost

double its retail store to 200

(from 116 currently) in next

five years and upgrade 96

existing old stores with new

product categories in next

two to three years. Focus on

retail business should lead to

strong earnings growth

(33.3% CAGR) with a sharp

improvement in return ratios

in FY17-20E.

Under “Shankara BuildPro”,

SBPL offers a wide range of

h o m e i m p r o v e m e n t &

building products under one

umbrella. During FY13-17,

SBPL's retail business grew at

26.4% CAGR at 980.7 crore

on the back o f s to re

expansion (17.8% CAGR at

106 stores) and expansion in

third-party brands (from 16 to

100+) and SKU (from 6806 to

20000+). Going ahead, we

expect its retail business to

grow at 27.1% CAGR to

2013.3 crore in FY17-20E on

the back of aggressive

expansion plans (looking to

almost double stores to 200

with 15-20 store addition

every year) and upgradation

(plans to upgrade 96 stores

with 25-30 stores every year).

We like SBPL given its asset

light focus on retail stores for

h o m e i m p r o v e m e n t &

building products. SBPL

requires minimal capex of

`

`

`

Focus on asset light retail

business model…


STOCK IDEAS

0.5-1 crore for opening new

store due to its lease model,

which is very low at 16.6/sq

ft per month due to higher

presence in Tier II & III cities.

With low initial capex, higher

asset turnover & consequent

RoCE (~45-50% without

back-end infrastructure),

payback period for new retail

store is three years. It lends us

comfort that SBPL's retail

store is scalable without

incremental capex, which

should improve its return

ratio profile ahead. Hence, we

expect SBPL's RoCE to

improve 680 bps to 29.7% in

FY17-20E.

Wi th SBPL 's focus on

expanding business in the

`

Asset light play on growing

building material segment;

initiate with BUY!!!

asset l ight retai l store

business, we believe it is in a

sweet spot to capture

growing organised home

improvement market. We

anticipate SBPL's earnings

will grow at 33.3% CAGR to

142.9 crore with 680 bps

improvement in RoCE at

29.7% in FY17-20E. We

initiate coverage on SBPL

with a BUY rating & TP of

1725/share. We value its retail

business at 1553/share (16x

FY20E EV/EBIT, at 33%

discount to Home Depot

when it was in growth phase.

Channel & Enterprise

business is valued at |

208/share (at 6x EV/EBIT).

`

`

`


STOCK IDEAS

Key Financials

Valuations Summary

` crore FY16 FY17 FY18E FY19E FY20E

Net Sales 2035.9 2310.1 2460.1 2851.4 3331.2

EBITDA 119.6 154.4 170.8 212.3 263.8

EBITDA (%) 5.9 6.7 6.9 7.4 7.9

Net Profit 40.7 60.3 76.2 106.3 142.9

EPS 18.6 26.4 33.3 46.5 62.5

P/E 76.7 54.2 42.9 30.7 22.9

Target P/E 92.6 65.4 51.8 37.1 27.6

EV / EBITDA 29.1 22.1 20.0 16.0 12.7

P/BV 10.7 8.3 7.1 6.0 4.9

RoNW 14.0 15.3 16.6 19.4 21.3

RoCE 21.4 22.9 23.0 26.6 29.7

ROIC 21.3 25.5 25.4 28.8 32.2

Stock Data

Market Capitalization 3265.3

Total Debt 216.0

Cash and Investments 66.2

EV 3415.1

52 week H/L (`) 1520 / 545

Equity capital 22.9

Face value 10.0

DII Holding (%) 16.4

FII Holding (%) 7.3


STOCK IDEAS

Key risks include:

Risk associated with trained sales staff at retail stores…

Possibility of inventory loss at retail stores…

Currently, share of new products such as decorative and finishing products like plywood, tiles, laminates, sanitaryware, etc, is at ~10% and are available only in few new stores. SBPL plans to increase the share of these products to 25% and upgrade the existing 96 old stores over the next few years. As a result, it could face challenges in training staff at the retail store level to guide customers purchasing decisions through creating awareness of various products and their applications.

SBPL has a comprehensive range of 75+ products of 100+ brands a n d a p r o d u c t p o r t f o l i o comprising 20000+ stock keeping units (SKUs). However, with a

huge SKU size, in case some products become obsolete or its sales are impacted significantly, then the company may have to book inventory losses on its books, which could impact its financials.

The company plans to expand its retail footprint by aggressively expanding its store network by almost doubling its store network from 116 to 200 stores over the next four to five years. We have also factored it in our estimates and expect its store network to increase to 161 stores by FY20E from 106 stores in FY17. We have considered average revenue per

store of 10 crore. To achieve s a l e s o f t h i s m a g n i t u d e , identifying stores at the right location with lower rental rate would be critical for future expansion.

Identifying right location with lower lease rate for new stores is critical…

`


STOCK IDEAS

ANALYST CERTIFICATIONWe /I, Deepak Purswani, CFA MBA (Finance) and Vaibhav Shah, MBA (Finance) Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.

Terms & conditions and other disclosures:ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia, engaged in the business of stock brokering and distribution of financial products. ICICI Securities Limited is a Sebi registered Research Analyst with Sebi Registration Number – INH000000990. ICICI Securities is a wholly-owned subsidiary of ICICI Bank which is India's largest private sector bank and has its various subsidiaries engaged in businesses of housing finance, asset management, life insurance, general insurance, venture capital fund management, etc. (“associates”), the details in respect of which are available on www.icicibank.com.

ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India. We and our associates might have investment banking and other business relationship with a significant percentage of companies covered by our Investment Research Department. ICICI Securities generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.

The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI Securities. While we would endeavour to update the information herein on a reasonable basis, ICICI Securities is under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or ICICI Securities policies, in circumstances where ICICI Securities might be acting in an advisory capacity to this company, or in certain other circumstances.

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15

FLAVOUR OF THE MONTH

Three months into GST regime…do you know all about it?


What is GST?Conceived on the idea of 'one country, one tax', GST is a unified tax on products and services that has subsumed excise, VAT, octroi, entry tax etc. Earlier, tax was levied at each stage separately by the union and state government at varying rates, on the full value of the goods. But under the GST system, tax is levied only on the value added at each stage. Thus, final consumer will bear only the GST charged by the last dealer in the supply chain.

Why was it introduced?Until June 2017, products in Indian markets were facing cascading tax effect. The cascading tax simply meant taxes on tax. Such a high-cost tax structure is prone to revenue leakage and tax evasion. Thus, a uniform tax law across all sectors and

states was necessary to enhance tax buoyancy. GST was introduced to replace central indirect taxes as well as additional state-levied taxes. It's a blanket tax that is levied equally all over India and expected to bring down tax burden on the end user.

Types of taxes under GST:P r i o r t o G S T, c e n t r a l government collected excise duty, duties of customs and service tax; and the State collected state VAT, octroi, central sales tax, entertain-ment and amusement tax, taxes on lotteries, luxury tax. With uniform taxation under GST there are only three types of taxes on goods and services.

Ø Central GST

CGST is levied on intra-state (movement within the same state) supplies of goods and services. Its proceeds are

GST (Goods and Services Tax) is by far the biggest indirect tax reform in India since independence. It was introduced to provide a uniform taxation system. Now that this new tax regime has come into force, a lot of us are making a beeline for financial experts to understand complex nature of GST. There are questions regarding registration, supply, invoice, refund, central and state tax, exports and other aspects of GST. Here's our attempt to answer the most important ones:

16



shared by both central and state government.

Ø State GST

This is also levied on intra-state supplies and administered by respective state governments. Its liability can be set off only against SGST or IGST input credit.

Ø Integrated GST

IGST is levied on all goods and services that come under inter-state (from one state to another) trade category.

Example: A manufacturer selling goods worth Rs. 10,000 in Gujarat (produced in Gujarat) attracts 18% GST comprising both SGST and

CGST. So the tax of Rs. 1,800 is split between central and the Gujarat government. When the same goods are sold to a manufacturer in Maharashtra this becomes an interstate trade. In which case, IGST of 18% is collected by the central government. In both the above cases, price of the product is Rs. 11,800. But only the states where the goods are consumed are entitled to tax collection. This transfer of tax and collection from the end c o n s u m e r e n s u r e s transparency intax structure.

17



Who is liable to pay GST?Any individual who is involved in economic activity of trade and commerce is liable to register under model GST law. According to this rule, any business whose aggregate turnover exceeds Rs. 20 lakh and Rs. 10 lakh for entities in North Eastern states in a financial year should get registered under GST. Those who were registered for service tax, excise, VAT earlier are now liable to pay GST from

stJuly 1 , 2017.

What is input tax credit?Input tax credit is a facility through which GST taxpayer can reduce tax on output by

adjusting against the tax paid on input. Here, if the tax paid on input is greater than the tax paid on output, the difference can be refunded.

Here's how: A manufacturer of shirt purchases raw material like cloth, dye, and thread from the dealer and pays tax while buying these inputs. The manufacturer collects tax upon selling this shirt from the consumer in the market. He adjusts the tax paid during purchase with the tax amount collected on sale and pays balance liability (tax on output minus tax on input) to the government.

Source: www.cleartax.com

18



How is it helpful?In old tax regime there was no provision to adjust taxes and t h u s p r o d u c e r s f a c e d cascading impact of taxes. Claiming input tax credit has built a seamless system. For example, manufacturing firms which spend ample amount on advertising can now offset tax paid on this under GST.

This can directly benefit consumers as manufacturers can lower the final prices of goods and services while they save a good amount on taxes through input credit. Thus the advantage of reduced tax outgo directly affects inflation in the economy. It is important for effective functioning of GST that the manufacturer or the trader passes on the benefit to its retail consumer.

What is the anti-profiteering mechanism?The GST law exhibits control over market activities through 'anti-profiteering measures'. It is a provision to ensure that the entities do not avail excessive benefits from the simplified structure and reduced tax burden on products and services is passed on to consumers.

'A five-member National Anti

Profiteering Authority, headed

by a secretary-level officer, has

been proposed in the rules.

The authority can order

r e d u c t i o n i n p r i c e

commensurate with the

lowering of incidence of

taxation under GST. It also

seeks return of the undue profit

earned from not passing on the

reduction in incidence of tax to

consumers along with an 18

per cent interest, as also

impose penalty, according to

the anti-profiteering rules

issued by the CBEC.' – Indian

Express With current structure,

consumer can complain about

an entity found profiteering to

s t a t e - l e v e l s c r e e n i n g

committee or to national-level

s t a n d i n g c o m m i t t e e ,

depending on the nature of the

comp la in t . A comp le te

investigation takes place and

authority can either direct the

respective entity to transfer the

benefits to the consumer or to

a 'consumer welfare fund'. As

the last resort, authorities can

also cancel registration of the

concerned company under

GST rules.

19



GST rates in different slabs:

5%

GoodsItems such as fish fillet, Apparel below Rs 1000, packaged food items, footwear below Rs 500, cream, skimmed milk powder, branded paneer, frozen vegetables, coffee, tea, spices, pizza bread, rusk, sabudana, kerosene, coal, medicines, stent, lifeboats, Cashew nut, Cashew nut in shell, Raisin, Ice and snow, Bio gas, Insulin, Agarbatti, Kites, Postage or revenue stamps, stamp-post marks, first-day covers, Branded food, walnuts, dried tamarind, roasted gram, Dhoopbatti, Corduroy fabric, saree fall, Paper macheitems,Oil cakes, Duty Credit Scrips,Cotton quilts(quilts not exceeding Rs 1000 per piece),corals, Rosaries and prayer beads, Hawansamagri, Grass, leaf and reed and fibre products, including mats, pouches, wallets.

ServicesTransport services (Railways, air transport), small restaurants will be under the 5% category because their main input is petroleum, which is outside GST ambit. Textile job work will be taxed at 5%.

12%

Goods Apparel above Rs 1000, frozen meat products , butter, cheese, ghee, dry fruits in packaged form, animal fat, sausage, fruit juices, Bhutia, namkeen, Ayurvedic medicines, tooth powder, agarbatti, colouring books, picture books, umbrella, sewing machine, cellphones, Ketchup & Sauces, All diagnostic kits and reagents, Exercise books and note books, Spoons, forks, ladles, skimmers, cake servers, fish knives, tongs, Spectacles, corrective, Playing cards, chess board, carom board and other board games, like ludo,

rubber band, Wood, stone, metals, marble idols, Table and kitchenware, Batters, including idli / dosa batter, Textile caps, sprinklers, Cotton quilts(quilts exceeding Rs 1000 per piece),Statues, statuettes, pedestals, ceramic articles, porcelain items, ornamental articles, bells, gongs, non-electric of base metal, animal carving material.

Services

State-run lotteries, Non-AC hotels, business class air ticket, fertilisers, Work Contracts will fall under 12 per cent GST tax slab

18%

Goods Most items are under this tax slab which include footwear costing more than Rs 500, Trademarks, goodwill, software, BidiPatta, Biscuits (All categories), flavoured refined sugar, pasta, cornflakes, pastries and cakes, preserved vegetables, jams, sauces, soups, ice cream, instant food mixes, mineral water, tissues, envelopes, tampons, note books, steel products, printed circuits, camera, speakers, Kajal pencil sticks, Headgear and parts thereof, Aluminium foil, Weighing Machinery [other than electric or electronic weighing machinery], Printers [other than multifunction printers], Electrical Transformer, CCTV, Optical Fiber, Bamboo furniture, Swimming

Services

AC hotels that serve liquor, telecom services, IT services, branded garments and financial services will attract 18 per cent tax under GST, Room tariffs between Rs 2,500 and Rs 7,500, Restaurants inside five-star hotels

20



Financial summary of PSU banks

pools and padding pools, Curry paste; mayonnaise and salad dressings; mixed condiments and mixed seasonings, Tractor parts, raincoats, Medical grade disposable gloves, Computer monitors(up to 20 inch),Custard powder,Rice rubber rolls for paddy de-husking machine,Kitchen gas lighters.

28%

Goods Bidis, chewing gum, molasses, chocolate not containing cocoa, waffles and wafers coated with choclate, pan masala, aerated water, paint, deodorants, shaving creams, after shave, hair shampoo, dye, sunscreen, wallpaper, ceramic tiles, water heater, dishwasher, weighing machine, washing machine, ATM, vending machines, vacuum cleaner, shavers, hair clippers, automobiles, motorcycles, aircraft for personal use, will attract 28 % tax - the highest under GST system.

Services Private-run lotteries authorized by the states, hotels with room tariffs above Rs 7,500, 5-star hotels, race club betting, cinema will attract tax 28 per cent tax slab under GST

Source: The Economic Times

How GST affects:

Ø Daily budgetWhile GST will not directly affect salaried or self-employed class per say, the shift will be felt as the prices of essential goods and services change. More than 1000 products and services are taxed under 4 tax slabs. Commuters of cab rides have a slight relief as tax on these services is brought down to 5% from 6%. Tax on personal ca re i t ems l i ke soap , toothpaste, detergent, hair oil has been pulled down to 18%, which was 24-28% earlier.

Everyday consumpt ion products like milk, eggs, curd,

honey (among others) come under no tax category. Exemption of wheat, rice and other staple products further adds some relief to an average household budget. However, tax rates are hiked for packaged and processed food items like sugar syrups, chocolates, pasta, preserved vegetables, ice cream etc.

Discretionary expenses like eating out and movies have come under higher tax slabs t h a n e a r l i e r. T h e a i r -condit ioned restaurants serving liquor attract highest tax of 18%, whereas, a non-AC restaurant without liquor servings charges double from earlier rate i.e. 12% GST.

21



Only the restaurants whose turnover is below Rs. 75 lakh per annum charges 5% GST on its services. In clothing, apparels below Rs. 1,000 are unchanged at 5% tax. However, anything costing above this limit is now taxed at 12%.

Ø Taxpayers:S m a l l f i r m s a n d entrepreneurs need to pay close attention to everything from registration to refunds to get acquainted with GST in i n i t i a l m o n t h s . T h e government had estimated 20-25% increase in indirect tax collection after GST roll out. The objective was to bring small businesses and entrepreneurs under tax net. Small businesses and traders have to maintain regular tax books as the compliance regulations have become more rigid under GST. Digital takeover is another milestone to achieve for GST taxpayers.

Ø Real estate:The construction sector has seen marginal changes under the ambit of GST. Under construction properties are

taxed at 18% (9% CGST and 9% SGST) but wi th a provision of deduction of land value equivalent to one-third of the total value charged by the developer. For example: If the property value is Rs. 90 lakh, one-third of the total amount i.e. Rs. 30 lakh is considered as the land cost and can be deducted by the d e v e l o p e r f o r f u r t h e r calculation. Thus 18% GST is levied on remaining Rs. 60 l a k h . G S T o n u n d e r -construct ion propert ies subsumes service tax & VAT; but excludes stamp duty & r e g i s t r a t i o n c h a r g e s . D e v e l o p e r s o f u n d e r-construction properties are at advantage as they can claim input tax credit on resale of u n d e r - c o n s t r u c t i o n p r o p e r t i e s . F u l l y constructed properties are exempted from GSTrule.

Simplified tax structure and accountability at every stage can benefit residential real estate sector. But this is possible when the builder passes the benefit of lower prices due to input credit to

22



the buyer. The single taxation system is likely to improve developers'as well as buyers' sentiment and perception of real estate sector.

Ø Gold industry:At 3% GST rate, gold has w i t n e s s e d m a r g i n a l

stdifference after July 1 . The precious metal attracted 1% excise and 1% VAT before GST implementation. With rising price scale of gold the additional tax burden of 1% may impact consumer demand. However, upside is that the gold dealers can avail input tax credit and reflect the benefit in purchase prices.

5% GST levied on making charges of gold jewelry is a new addition to the final price. Moreover, import duty of 10% remains unchanged. The 3% tax rate is also applicable for resale of the old jewelry and modifying old gold ornament will attract 5% tax due to making charges rule.

Ø Personal financePersonal finance service p r o v i d e r s , i n s u r a n c e c o m p a n i e s , A T M

transactions beyond free limit and lenders are now charging 18% GST as against service tax of 15% earlier. Mutual fund investors have to deal with slightly greater costs as the new tax affects total expense ratio (TER) of mutual funds. Same rate is levied on exit load and redemption costs. However, the change in taxation doesn't influence fundamental attributes or objective of mutual fund schemes in any way. Stock investors will also feel nominal pinch as GST on brokerage will push the overall transaction costs.

Moreover, loan processing fees , l i fe and genera l insurance premiums and bank transaction charges on N E F T & R T G S , l o a n prepayment charges, credit card annual fees, delayed EMI penalty will hike narrowly due to increased tax rate of 18%. All in all, we can see impact of GST on our personal finance i s m i n i m a l b u t w o r t h understanding.

Ø Imports and ExportsImports are treated as inter

23



state items and IGST rates are levied on imported goods and services. The State where consumption of imported goods and service takes place accrues SGST. Exports, on the other hand, are categorized under zero G S T z o n e . H o w e v e r, exporters can claim input tax credit and refunds for the tax paid at earl ier stages. Businesses supplying goods and services from outside India or person doing business on behalf of an NRI has to get registered himself under GST.

How GST affects inflation?Inflation was a common fear a m o n g m a s s e s a n d economists before GST roll out. Countries like Australia, Malaysia had struggled their way to control inflationary p r e s s u r e a f t e r G S T implementation in their countries. In Indian scenario, GST is not supposed to be inflationary as most of the goods are taxed at lower rates or exempted from the list. However, revised tax on serv ices may cause a

disruption in overall retail inflation.

Producers can reduce total tax outgo through input tax credit which should result into lower consumer prices and consequently lower inflation. But as mentioned earlier, if the benefit does not reach to the end of supply chain, the overall price hike is likely to cause disruption in the economy. Besides, tax on services is now 3% higher than the earlier tax regime. This along with higher compliance cost can put upward pressure on the prices and thus inflation. Although measures are taken to prevent profiteering by goods and service providers, e a s y a n d e f f i c i e n t implementation of the law will decide the nature of impact.

While GST is not likely to increase inflation as long as CPI (Consumer Price Index) basket is concerned, but we cannot ignore its impact on services which contribute considerably to our GDP. In the long-term, GST should

24



help bring down the pressure on prices through smoother c o m p l i a n c e p r o c e s s ,

efficiency gains and lower transport cost.

The views expressed in the article are personal views of the author and do not necessarily represent the views of ICICI Securities

What is exempted?

Animal feedHand operated agriculture

equipments Poultry feed & cattle feed

Aquatic feed Hearing aids Prasad (sacred food)

Betel leaves

Human blood

Printed books, including Braille books and newspaper, periodicals & journals

Bread

Human hair

Puffed rice (muri)

Butter milk, curd

Indian national flag

Puja samagri

Children's' picture, drawing or colouring books

Indigenous handmade musical instruments

Raw jute

Coconuts Jaggery

Raw silk

Contraceptives

Judicial, Nonjudicial stamp

papers, Court fee stamps

Raw wool

Papad Khadi yarn Salt Earthen pot and clay lamps Kumkum, Bindi, Sindur Slates, Slate pencils and chalk sticks

Educational services

Lassi

Tender coconut water

Eggs

Live animals

Unbranded atta (flour) and maida

Fire wood

Live trees and plants

Unbranded besan

(gram flour)

Fish

Medical services

Unbranded natural honey

Fresh fruits

Municipal waste, sewage sludge, clinical waste

Unpacked foodgrains (Cereals, pulses)

Fresh milk

Non-alcoholic Toddy, Neera

Unpacked paneer

Fresh vegetables Oraganic manureWater (other than aerated, mineral,

purified)

Gandhi topi Plastic bangles Wood charcoal

25

ASK OUR PLANNER


Tax management in personal finance

proceeds of your policy, the surrender proceeds will be exempt from income tax. However, you will have to declare this income in your income tax return. If you are filing ITR-1, you can show the same under 'Exempt Income only for Reporting Purpose' field. If you are filing ITR-2, you can show the same under 'Others' field in 'Details of Exempt Income' section.

I am a Central Govt. employee. My annua l and mandatory contribution to NPS is 84500. The same amount is contributed by Govt. How can I claim this amount in the special NPS Section 80CCD(1b) so that I can extend my tax benefits upto 200000?

(a) Can I split (34000/-) in 80CCD(1) and 50000 in 80CCD(1b) in these sections?

(b) Or Section 80CCD(1b) only c o n s i d e r v o l u n t a r y contribution, that is beyond the mandatory NPS amount deducted by my office? So, will I have to deposit extra Rs. 50000 to my NPS account to a v a i l b e n e f i t s o f S e c 80CCD(1b)?

( c) Also, can I add to Sec 80CCD(2)

Q.

Q.

A.

I have purchased ULIP policy in the year 2004& I was paying premium of Rs.12000/- every year until I surrendered it in the month of March, 2017. As a result, I have received the proceeds of Rs.3.73 Lakhs in FY – 2016-17. I want to know whether the entire proceeds of Rs.3.73 lakhs would be taxable and I have to pay tax on the same as per my tax slab rate. Which ITR form is to be filed – ITR 1 or ITR 2? And should proceeds received be categorized under'Income from other sources'? There is no TDS deductions during FY 17.

- Kejul Mehta

As per section 10(10D), the maturity proceeds / surrender proceeds from a life insurance policy issued after 1.4.2003 but on or before 31.3.2012, would be taxable in the hands of the insured, if the premium payable in any year exceeds 20% of the actual sum assured. Also, if your policy is taxable as above, then as per Section 194DA of the Income Tax Act, 1961, such maturity / surrender proceeds from the insurance policy shall be subject to of 1 percent.

As there has been no TDS deduction from the surrender

TDS

26

ASK OUR PLANNER


the employer's contribution, i.e. 10% of my salary, which comes around Rs. 91,000 annually? What is the requirement to use this Section. Should the employer's contribution be reflected in Form 16 or 26AS Traces?

- Ankush Bindwal

The last part of Section 80CCD (1B) says, “Provided that no deduction under this subsection shall be allowed in respect of the amount on which a deduction has been claimed and allowed under 80CCD(1).”

Hence, ifyou are availing deduction under 80 CCD(1), then for the same amount, you will not be able to avail deduction again under Section 80CCD(1b). However, you can split and claim deduction under both the sections, ensuring that you are not claiming deduction for the same amount under both the sections.

Also as per Section 80CCD (2), “Where, in the case of an assessee referred to in sub-section (1), the Central Government or any other e m p l o y e r m a k e s a n y contribution to his account referred to in that sub-section,

A.

the assessee shall be allowed a deduction in the computation of his total income, of the w h o l e o f t h e a m o u n t contributed by the Central Government or any other employer as does not exceed ten per cent of his salary in the previous year”.

Hence, as per this section, employer's contribution is eligible for deduction under Section 80CCD (2), subject to the limit mentioned. This additional deductionwill not form part of Sec. 80C limit and is over and above the same. The employer's contribution would reflect in Form 16; it will also reflect in the employer contribution book available under your NPS account.

I have a demat& trading account in ICICIdirect. I want to start monthly SIP in a few equity funds, but am fearful that market may come down from its all-time high valuations soon. Would you advise me to sit on the shore for some weeks, count the waves, scent the breeze in the market and then start with my SIP venture? I know you will say that 'SIP is for long term'. However, I have been actively investing since past 12 years, and I know that entry point in the market, no matter through SIP, always impacts your total returns.

Q.

27

ASK OUR PLANNER


lock-in period for no surrender charge deductions. The current market value of the 3 lacs premium I have paid so far is Rs. 446420/-.

She would like to withdraw the money in lump sum if possible. Please let me know if any tax is payable on the sum received and ifso how much.She is not a tax payer and has a pan card. Will it help if she withdraws the money in instalments.

- M. Balakrishnan

If you surrender the pension plan before maturity, you will be able to withdraw the entire surrender value as lumpsum and the entire surrender value will be added to your wife's annual income and taxed as per her tax slab. If your wife does not earn any other income, then you have to declare this income & pay tax on the same as per the income slab.

I had one ULIP taken on 7th June 2012 with annual premium 30,000/- & SA 3 lakhs. I paid premium for 5 yrs. Paying term was 10 years. Due to unavoidable circumstances I could not pay this 6th year premium. Company foreclosed the policy and paid me approximately 1.48 lakhs .They did not deduct any TDS. My question is whether this amount is taxable?

A.

Q.

So please advise me with your view on the same.

- Vijay Gautam

You are right in saying that the returns will always be better when the entry point is low in the market. However, it's very difficult to time the market and identify the low point. Retail investors are better off by simply investing regularly in the market, as it tends to average the cost of investment over a longer run.

If you do not start the SIP now & let's say the market does not come down for the next few months and goes up, you would have lost an opportunity and would still be waiting for market to fall down and invest after that. Stopping a SIP when market is high or not starting a SIP considering that the market is high are not considered ideal strategies for retail investors. As a retail investor, it 's suggested to keep investing regularly and stay invested till the time your goal arrives.

My wife has taken a unit-linked pension policy commencing 22/07/2010 with policy term 10 years and premium of Rs.1 lac yearly. She has paid premium for 3 years and discontinued thereafter. She has also completed the 5 year

A.

Q.

28

ASK OUR PLANNER


- K P Chattopadhyay

As per section 10(10D), the maturity proceeds / surrender proceeds from a life insurance policy issued after 1.4.2012 would be taxable in the hands of the insured, if the premium payable in any year exceeds 10% of the actual sum assured.

Also, if your policy is taxable as above, then as per Section 194DA of the Income Tax Act, 1961, such maturity / surrender proceeds from the insurance policy shall be subject to of 1 percent.

As there has been no TDS deduction from the surrender proceeds of your policy, the surrender proceeds will be exempt from income tax. However, you will have to declare this income in your income tax return. If you are filing ITR-1, you can show the same under 'Exempt Income only for Reporting Purpose' field. If you are filing ITR-2, you can show the same under 'Others' field in 'Details of Exempt Income' section.

A.

TDS

Do you also have similar queries to ask our experts? Write to us at: [email protected].

Q.

A.

I have a unit-linked pension policy and I have paid 8 annual premium (Rs.50000/annum). Premium payment period is till 2030. It was suggested by an agent to avoid tax liability of pension plan, the profit earned so far can be reinvested in another ULIP (non-pension). The balance amount can be withdrawn through transfer of funds method.Kindly suggest, if this option is available?

- Arumuga Krishnan

If you surrender your pension policy before maturity, the entire surrender value will be added to your annual income and taxed as per your tax slab. The end use of funds will not change the tax liability. You have to declare this income and pay tax as per your tax slab. You can re-invest the surrender proceeds anywhere, including a new policy; but paying tax on the surrender proceeds of the pension policy is mandatory.

MUTUAL FUND ANALYSIS

29

Investing in infrastructure funds


The government spending and focused push on sectors such as roads, railways, housing, power, mining, ports and oil & gas is likely to offer greater opportunities to companies operating in the infrastructure and allied sectors. Over the past year or two, the government has been working on providing the much needed groundwork that can see the infrastructure sector take off in coming years. The removal of sectoral bottlenecks such as land acquisition, environmental approvals and allocation of mining resources may lead to timely completion of infra projects. Project economics is changing for the good. Low oil prices and commodity prices are flattening the cost curve for infra projects.

The increased allocation to railways, roads and highways and urban development segments will have a multiplier effect on the economy in terms of infrastructure creation and benefit companies operating in allied sectors. A number of infrastructure related government schemes and introduction of new regulatory measures are expected to help organised players in the infrastructure space over the medium to long term. This will place infrastructure and ancillary stocks on an attractive footing. Infrastructure funds focusing on specific companies capitalising on growth potential in the sector are offering good investment option to investors.

Aggressive investors may consider investing in the recommended infrastructure funds as a part of their thematic allocation. We recommend the following funds: Aditya Birla SL Infrastructure Fund, L&T Infrastructure Fund, and Reliance Diversified Power Sector Fund.

Aditya Birla Sun Life Infrastructure Fund

Fund Objective:

To provide for medium to long-term capital appreciation by investing predominantly in a diversified portfolio of equity and equity related securities of c o m p a n i e s t h a t a r e participating in the growth and development of Infrastructure in India.

Key Information:NAV as on August 31, 2017 ( ) 36.2

Inception Date March 17, 2006

Fund Manager Mahesh Patil

Minimum Investment (`)

Lumpsum 1000

SIP 1000

Expense Ratio (%) 2.71

Exit Load 1% on or before 1Y, Nil after 1Y

Benchmark NIFTY 50

Last declared Quarterly AAUM(` cr) 589

`

Product Label:

30



This product is suitable for investors who are seeking:

•Long term capital growth

•Investments in equity and equity related securities of companies that are participating in the growth and development of infrastructure in India

Performance:The fund has consistently outperformed the category and the benchmark. It has generated CAGR returns of 16.2% and 21.3% in the last three years and five years vs. 7.6% and 13.5% returns by

benchmark, respectively (as of August 31, 2017). However, this comparison is not strictly comparable because the fund has chosen Nifty 50 as its benchmark. Looking at the scheme's performance vis-à-vis the category average would be more appropriate. It is here that the fund's relative out performance is commendable, having delivered 28.08% (one year), 15.31% CAGR (three years) and 21.19% CAGR (five years) against category average of 21.94%, 13.23% CAGR and 17.59% CAGR, respectively, as of September 4, 2017.

Portfolio:The fund has traditionally invested heavily in financials and industrials with these two sectors regularly constituting ~50-55% of the portfolio. However, over the last two to three years it has consistently cut exposure to these sectors

while increasing allocation to materials. Other sectors in which the fund has reduced in recent times include energy and consumer discretionary. The portfolio displays no market cap bias and is almost equally divided between large cap and midcap stocks. At the

Investors understand that their principal will be at high risk

Fund Benchmark

Performance vs. Benchmark

28.3

16.2 21.3

11.9

12.9

7.6

13.5

10.2

7

0

10

20

30

1 Year 3 Year 5 Year Since Inception

31



stock level the fund is heavily diversified, currently holding more than 50 stocks with the top 10 bets making up around a

third of the portfolio. The fund currently also holds around 4.5% in cash.

%

4.6

4.2

4.1

3.6

3.0

2.9

2.9

2.9

2.8

2.5

Top 10 Holdings Asset Type

Hindalco Industries Ltd. Domestic Equities

PNC Infratech Ltd Domestic Equities

Housing Development Finance Corporation Ltd. Domestic Equities

Indraprastha Gas Ltd. Domestic Equities

Clearing Corporation Of India Ltd. Cash & Cash Equivalents

Vedanta Ltd. Domestic Equities

Honeywell Automation India Ltd. Domestic Equities

Carborundum Universal Ltd. Domestic Equities

NTPC Ltd. Domestic Equities

Mahanagar Gas Ltd. Domestic Equities

%6.7

5.9

5.6

5.4

5.3

5.0

4.3

4.2

4.2

4.1

Banks Domestic Equities

Others Domestic Equities

Industrial Minerals Domestic Equities

Power Equipment Domestic Equities

Transmission Towers Domestic Equities

Top 10 Sectors Asset Type

Construction Civil Domestic Equities

Cement Domestic Equities

Refineries/Marketing Domestic Equities

Industrial Electronics Domestic Equities

Engineering-Designing-Construction Domestic Equities

%

0.4

Whats In

Aditya Birla Capital Advisors Pvt Ltd.

%

0.8

Whats out

Kaveri Seed Company Ltd.

The fund has worked on diversifying its portfolio by moving away from highly concentrated positions in financials and industrials. Having reduced exposure to

sectors such as consumer discretionary and financials the fund is now true to the infrastructure theme. Investors can consider this fund from a three year perspective.

You can view performance of other schemes being managed by the fund manager of this scheme on the following link:

http://mutualfund.birlasunlife.com/MFUSFactsheetsAddendums/Empower-September-2017.pdf

Data as on August 31, 2017; Portfolio details as on July-2017Source: ACE MF, ICICIdirect Research, AMC factsheet

32



L&T Infrastructure Fund

Fund Objective:The scheme seeks to generate cap i ta l apprec ia t ion by investing predominantly in equity and equity related instruments of companies in the infrastructure sector.

Key Information:

This product is suitable for investors who are seeking*:

• Long term capital appreciation

• Investment predominantly in equity and equity-related instruments of companies in the infrastructure sector

Product Label:


Performance:The fund has been a top quartile performer over the last one year, three year and five year time frames (as on September 4, 2017), indicating its relative out performance over its peers. It has also comfortably and consistently beaten the benchmark Nifty Infra by ~19% (one year), ~20% CAGR (three years) and ~14.5% CAGR (five years) (as of August 31, 2017).

NAV as on August 31, 2017 ( ) 16.3

Inception Date September 27, 2007

Fund Manager Soumendra Nath Lahiri


Lumpsum 5000

SIP 500


Exit Load 1% on or before 1Y, Nil after 1Y

Benchmark NIFTY INFRA

Last declared QuarterlyAAUM(` cr) 681

`

Fund Benchmark


32.8

19.9

22.7

5

13.3

2.2 8

.3

-3-10

0

10

20

30

40


33



Portfolio:The portfolio has undergone a significant change in character over the years. Till 2012 the holdings were dominated by financial, energy and industrial stocks. However post 2012 it started shedding financial stocks in favour of materials sector and post 2015, the holdings in financial stocks has been cut completely. As a

result, now the fund truly resembles an infrastructure fund with the port fo l io predominantly comprising of appropr ia te cons t i tuent sectors, viz. industrials (42%), materials (24%), energy (8%), real estate (9.5%) and telecom (4.5%). Currently, there are 52 stocks in the fund with the top holdings making up close to 35% of the portfolio.

%

6.8

5.6

3.8

3.6

3.1

3.0

3.0

3.0

3.0

2.9


Larsen & Toubro Ltd. Domestic Equities

Net Current Asset Cash & Cash Equivalents

OCL India Ltd. Domestic Equities

Sterlite Technologies Ltd. Domestic Equities

Bharat Forge Ltd. Domestic Equities

Bharat Electronics Ltd. Domestic Equities

Idea Cellular Ltd. Domestic Equities

Graphite India Ltd. Domestic Equities

Cummins India Ltd. Domestic Equities

Petronet LNG Ltd. Domestic Equities

%13.2

10.5

6.6

5.5

5.3

5.1

4.8

4.6

4.2

4.1


Cement

Domestic Equities


Domestic Equities

Residential/Commercial/SEZ Project Domestic Equities

Power Equipment

Steel Domestic Equities

LPG/CNG/PNG/LNG Supplier Domestic Equities

Industrial Electronics Domestic Equities

Telecom - Services Domestic Equities

Cables - Electricals Domestic Equities

Castings/Forgings Domestic Equities

%

1

0.9

Whats In

Hindustan Zinc Ltd.

Lakshmi Machine Works Ltd.

34




You can view performance of other schemes being managed by the fund manager of this scheme on the following link:

f i l e : / / / C : / U s e r s / 7 2 9 9 8 0 / D o w n l o a d s / LT % 2 0 Fa c t s h e e t -August%202017.pdf

Our View:The fund is on the aggressive side with higher allocation to midcaps than large caps. However, the portfolio is well

constructed in terms of diversif ication. Investors looking for a true-blue infra fund can cons ider L&T Infrastructure Fund.

35



Reliance Diversified Power Sector Fund

Fund Objective:The primary investment objective of the scheme is to generate long term capital appreciation by investing predominantly in equity and equity related securities of companies in the power sector.

Key Information:

Product Label:

This product is suitable for investors who are seeking*:

• Long term capital growth

* Investment in equity and equity related securities of companies in power sector

Performance:The fund has a long history of out performance compared to its benchmark BSE Power Index. Over the last year, three years and five years time period the fund has delivered 25%, ~11% CAGR and ~12% CAGR out performance, r e s p e c t i v e l y, o v e r t h e benchmark. When compared to its category peers the performance has picked up over the last year but over three and five years time frame it has underperformed.


NAV as on August 31, 2017 ( ) 106.3

Inception Date May 8, 2004

Fund Manager Sanjay Doshi


Lumpsum 5000

SIP 100


Exit Load 1% on or Before 1Y, Nil After 1Y

Benchmark S&P BSE Power Index

Last declared QuarterlyAAUM(` cr) 1875

`


Fund Benchmark

32.8

14.3

15.8

19.4

7.8

3.5 3.9

0

0

10

20

30

40


36



Portfolio:The scheme is primarily a heavy bet on industrials and utilities with these two sectors consistently making up ~75-80% of the portfolio over the years . In recent t imes, exposure to materials has also increased and it is now the

third largest holding in terms of sectors. The fund likes to take large positions in its holdings, with just 35 stocks in the portfolio currently and the top five stocks all individually constituting ~5% or more of the portfolio.

%

7.3

7.0

5.6

5.3

4.8

4.5

4.4

4.3

4.1

3.7NTPC Ltd. Domestic Equities

GE Power India Ltd. Domestic Equities

Kirloskar Pneumatic Company Ltd. Domestic Equities

Apar Industries Ltd. Domestic Equities

Larsen & Toubro Ltd. Domestic Equities

KSB Pumps Ltd. Domestic Equities

PTC India Ltd. Domestic Equities

Jindal Stainless (Hisar) Ltd. Domestic Equities

Cummins India Ltd. Domestic Equities


KEC International Ltd. Domestic Equities

%13.1

12.6

9.5

9.5

9.4

7.0

5.8

5.3

4.7

4.1

Domestic Equities


Power Trading Domestic Equities

Others Domestic Equities

Power Domestic Equities

Power Equipment Domestic Equities


Compressors / Pumps Domestic Equities

Transmission Towers

Lubricants Domestic Equities

Diesel Engines Domestic Equities

Cables - Electricals Domestic Equities

Our View:Significant midcap bias of ~ 8 0 % a n d h e a v i l y concentrated calls in terms of stocks as well as sectors makes this fund worthy of

consideration for the more experienced and aggressive investors.Performance of other schemes managed by these fund managers:

37



Performance of other schemes managed by these fund managers:

29.57 15.73 21.4213.67 7.50 13.6427.80 20.97 30.2116.07 10.05 15.4723.11 19.49 --19.14 18.41 21.15

17.73 13.40 20.3613.67 7.50 13.6416.02 13.44 20.2016.07 10.05 15.4715.35 14.82 19.0012.36 8.97 12.48

Fund Name 1 Year 3 Years 5 Years

Top 3 Performing Schemes Aditya Birla SL Infrastructure Fund(G)NIFTY 50

Aditya Birla SL Frontline Equity Fund(G)

CRISIL Balanced Fund - Aggressive Index

Bottom 3 Performing Schemes

Aditya Birla SL Pure Value Fund(G)S&P BSE 200

S&P BSE 200Aditya Birla SL Balanced '95 Fund(G)

Aditya Birla SL Emerging Leaders Fund-4-Reg(G)

Aditya Birla SL Top 100 Fund(G)NIFTY 50

S&P BSE Mid-Cap

Performance of other schemes managed by the fund manager - Mahesh Patil

Note : The schemes may or may not have been managed by the same Fund Manager since its inception

Note :The concerned Fund Manager manages 7 other schemes of the concerned Mutual Fund

29.57 15.73 21.4213.67 7.50 13.6419.73 11.33 16.4217.14 10.78 16.2015.40 11.27 14.34

-- -- --

6.50 -- --10.19 10.66 10.355.72 7.08 --

10.19 10.66 10.355.08 -- --

10.19 10.66 10.35

Performance of other schemes managed by the fund manager - Vineet Maloo


S&P Global 1200Bottom 3 Performing Schemes

Aditya Birla SL CPO Fund-Sr 29

Top 3 Performing Schemes Aditya Birla SL Infrastructure Fund(G)NIFTY 50Aditya Birla SL Dividend Yield Plus(G)NIFTY 500Aditya Birla SL Intl. Equity Fund-B(G)

Aditya Birla SL CPO Fund-Sr 23Crisil MIP Blended Fund Index

Crisil MIP Blended Fund IndexAditya Birla SL CPO Fund-Sr 22Crisil MIP Blended Fund Index


Note : The concerned Fund Manager manages 11 other schemes of the concerned Mutual Fund

1. Aditya Birla Sun Life Infrastructure Fund

38



2. L&T Infrastructure Fund

39.79 26.32 --28.03 15.75 20.3034.92 24.86 29.3820.97 17.73 21.2133.66 19.59 22.8115.32 1.37 8.29

18.50 15.50 20.078.24 9.13 9.0615.68 12.40 17.7616.07 10.05 15.477.45 7.93 15.348.24 9.13 9.06


Top 3 Performing Schemes L&T Emerging Businesses Fund-Reg(G)S&P BSE Small-Cap

S&P BSE 200L&T Dynamic Equity Fund-Reg(G)

Bottom 3 Performing SchemesL&T India Prudence Fund-Reg(G)

Performance of other schemes managed by the fund manager - Soumendra Nath Lahiri

L&T Midcap Fund-Reg(G)Nifty Free Float Midcap 100L&T Infrastructure Fund-Reg(G)NIFTY INFRA

Crisil Short Term Bond Fund Index

Crisil Short Term Bond Fund IndexL&T Equity Fund-Reg(G)

3. Reliance Diversified Power Sector Fund

34.69 13.82 15.918.92 2.63 3.89

Performance of other schemes managed by the fund manager - Sanjay Doshi


Top 3 Performing Schemes Reliance Diver Power Sector Fund(G)S&P BSE Power Index







What is iCommunity?iCommunity is ICICIdirect's interactive platform where one can answer and get answered as well. With extensive range of forums, events & discussions iCommunity serves as an opportunity to learn more about financial world.

Buzz in the market

Insurance IPO – Will it be game changer for the industry?

With public listing of insurance companies gaining pace, rules of the game seems to get changed ahead.Do you think that IPOs in Insurance sector would be the game changer for the industry? Come and be a part of this discussion with fellow traders and investors on iCommunity. Join the discussion h e r e : h t t p : / / c o m m u n i t y . icicidirect.com/service_forum

Blog sectionCome and read an exclusive blog post by Mr. ManmeetKhurana, Head Products – ICICIdirect on iCommunity's blog. He talks about '4 compelling reasons to diversify your investments through Mutual Fund'. It's an opportunity to brush up your investment knowledge. Make the most of it.

Q&A SessionA special session with Mutual Funds Research Analyst - Mr. Sachin Jain. Some questions asked by customers were: a) Are there any ETF proxy for

existing MFs ? I see market ETF and Gold ETFs available today, are there any ETFs tied to MFs i.e. like Balanced MFs, etc. Are there any ETFs linked to Debts funds?

b) DSP Black Rock micro capfund : I am interested in purchasing this fund, what is future of this fund????

This month on iCommunity

40

EQUITY MODEL PORTFOLIO


Our indicative large-cap equity model portfolio has continued to deliver an impressive return (inclusive of dividends) of 105.85% till date (as on September 25, 2017) since its inception (June 21, 2011) vis-à-vis the benchmark index (S&P BSE Sensex) return of 88.62% during the same period, an outperformance of 17.23%. This validates our thesis of selecting companies with sound business fundamentals that forms the core theme of our portfolio. Our midcap portfolio of 16 stocks continues to outperform well, delivering 262.49% (inclusive of dividends) till date (as on September 25, 2017) vis-à-vis the benchmark index (CNX Midcap) return of 137.42%, outperformance of 125.07%. Our consistent outperformance demonstrates our superior stock picking ability as markets aligned to our view of favourable risk reward, good franchisee vs. reward-at-any-risk businesses.

We have always suggested the SIP mode of investment and still find a lot of merit in it as the preferred mode of deployment given the market conditions and volatility associated since the inception of the portfolio. We highlight that the SIP return of our portfolio has consistently outperformed the indices.

Following the same pace and opportunities in the market, our portfolio (large caps) remain overweight on BFSI sector – HDFC Bank (10%), HDFC (9%), Bajaj Finance (6%) and SBI (6%). Affirming our view on consumption demand, Dabur (5%) and Asian Paints (5%) continue to be part of our large cap portfolio. However, there's an addition of metal sector- Hindustan Zinc (6%) in the revised portfolio.

We remain positive on auto, IT and pharma. We remain overweight to neutral on pure play defensives (IT, FMCG) as secular earnings coupled with sector rotation could lead to consolidation in near term valuations and offer stock specific opportunities.

Among individual names, we continue to recommend TCS in the IT space. A revival in the capex cycle coupled with lower interest rate scenario would benefit the BFSI and construction space (UltraTech, L&T, SBI, Asian Paints).

41



Name of the company

Largecap Stocks

Model Portfolio

Largecap(%)

Midcap(%)

Diversified(%)

Auto 16.0 11.2

Tata Motor DVR 4.0 2.8

Maruti 5.0 3.5

EICHER Motors 3.0 2.1

Mahindra & Mahindra (M&M) 4.0 2.8

BFSI 37.0 25.9

HDFC Bank 10.0 7.0

Axis Bank 6.0 4.2

HDFC 9.0 6.3

Bajaj Finance 6.0 4.2

SBI 6.0 4.2

Capital Goods 4.0 2.8

L & T 4.0 2.8

Cement 4.0 2.8

UltraTech Cement 4.0 2.8

FMCG/Consumer 18.0 12.6

Dabur 5.0 3.5

Marico 4.0 2.8

Asian Paints 5.0 3.5

Nestle 4.0 2.8

IT 6.0 4.2

TCS 6.0 4.2

Media 4.0 2.8

Zee Entertainment 4.0 2.8

Metals 6.0 4.2

Hindustan Zinc 6.0 4.2

Oil and Gas 5.0 3.5

GAIL Ltd. 5.0 3.5

Largecap share in diversified 100.0 70.0

42



Please note that ICICI Securities Limited has been appointed as one of the Book Running Lead Managers to the initial public offer of SBI Life Insurance Company Limited. This report is prepared on the basis of publicly available information

Auto 6.0 1.8

Bharat Forge 6.0 1.8

BFSI 20.0 6.0

Bajaj Finserve 8.0 2.4

J&K Bank 6.0 1.8

Indian Bank 6.0 1.8

Capital Goods 6.0 1.8

Bharat Electronics 6.0 1.8

Cement 6.0 1.8

Ramco Cement 6.0 1.8

Consumer 36.0 10.8

Symphony 6.0 1.8

Supreme Ind 6.0 1.8

Kansai Nerolac 6.0 1.8

Pidilite 6.0 1.8

Tata Chemicals 6.0 1.8

Bata 6.0 1.8

Metals 6.0 1.8

Graphite India 6.0 1.8

Infrastructure 8.0 2.4

NBCC 8.0 2.4

Logistics 6.0 1.8

Container Corporation of India 6.0 1.8

Textile 6.0 1.8

Arvind 6.0 1.8

Total 100.0 30.0

Midcap share in diversified 30

TOTAL 100 0 100.0

43

Performance* so far since inception

*Returns (in %) as on

Large-cap Portfolio Benchmark: BSE Sensex; Mid-cap Portfolio

Benchmark: CNX Midcap; Diversified Portfolio Benchmark: Combination

of BSE Sensex and CNX Midcap

Sept 25, 2017

Value of 1,00,000 invested via SIP at the end of every month `

Portfolio Benchmark

Investment Value of Investment in Portfolio Value if invested in Benchmark

Start date of SIP: , 2011; *Value as on June 30 Sept 25, 2017, 2017



Largecap Midcap Divesified

105.85

262.49

143.21

88.62

137.42

100.63

0

25

50

75

100

125

150

175

200

225

250

275

300

%

7600000

7600000

7600000

10740957.8

5

17644946.5

5

11850512.5

2

9838540.5

36

11569617.8

8

10804409.4

9

0

2000000

4000000

6000000

8000000

10000000

12000000

14000000

16000000

18000000

20000000

|

QUIZ TIME

1. Loan processing fees, insurance premiums and bank transaction

charges will _______ narrowly in GST regime.

2. The advantage of reduced tax outgo directly affects inflation in

the economy. True/False

3. National Anti-Profiteering Authority comprises ______ member.

4. Jaggery is categorized under ____ % tax slab under GST.

5. IGST is levied on all goods and services that come under

___________ trade category.

Note: All the answers are in the stories that have appeared in this

edition of ICICIdirect Money Manager. You may send in your

answers at: [email protected]. The answers will

be published in our next edition. The names of the earliest all correct

entries will be published too. So jog your grey cells and be quick to

send in your entries.

Correct answers for the August 2017 quiz are:

1. Saving in a piggy bank over time can teach children an important

lesson on __________of savings.

A: rigor

2. Lessons about income and bank accounts should be taught in

__________ school.

A. Primary

3. Parents of a teenage girl child should invest 80% in equity to

accomplish both short- term and long-term goals of their

daughter. True/ False

A. False

4. As the year of child's higher education comes closer, parents

should stop SIP and shift to debt funds of short period. True/

False

A. True

5. The lesson of teaching importance of delaying consumption- in

return for a better reward letter is known as __________________.

A. Delayed gratification


45

PRIME NUMBERS

Equity Markets


Domestic Equity Indices

Global Equity Indices

Sectoral Indices

31-Aug-17 31-Jul-17 Change (%)

CNX Nifty 9918.0 10077.0 -1.6%

CNX Midcap 18277.5 18514.6 -1.3%

S&P BSE Sensex 31730.5 32514.9 -2.4%

S&P BSE 100 10315.2 10432.8 -1.1%

S&P BSE 200 4334.6 4381.5 -1.1%

S&P BSE 500 13762.1 13897.2 -1.0%


Dow Jones 21,948.1 21,891.1 0.3%

S&P 500 2,471.7 2,470.3 0.1%

Nasdaq 6,428.7 6,348.1 1.3%

FTSE 7,430.6 7,372.0 0.8%

DAX 12,055.8 12,118.3 -0.5%

CAC 40 5,085.6 5,093.8 -0.2%

Nikkei 19,646.2 19,925.2 -1.4%

Hang Seng 27,970.3 27,324.0 2.4%

Shanghai Composite 3,360.8 3,273.0 2.7%

Taiwan Weighted 10,585.8 10,427.3 1.5%

Straits Times 3,277.3 3,329.5 -1.6%


S&P BSE Auto 23,688.7 24,463.2 -3.2%

S&P BSE Bankex 27,440.8 28,386.5 -3.3%

S&P BSE FMCG 10,174.1 10,093.9 0.8%

S&P BSE Healthcare 13,149.3 14,195.4 -7.4%

S&P BSE Metals 13,284.1 12,426.0 6.9%

S&P BSE Oil & Gas 15,177.3 14,190.0 7.0%

S&P BSE Power 2,261.5 2,323.6 -2.7%

S&P BSE Realty 2,137.7 2,186.3 -2.2%

S&P BSE Teck 5,709.0 5,897.0 -3.2%

46

PRIME NUMBERS


Debt Markets

Government Securities (G-Sec) Yields (in %) Jul-17 Change (bps)Jul-17

Corporate Bond Yields (in %) Change (bps)Jul-17 Jul-17

Commercial Paper (CP) Rates (in %) Change (bps)Jul-17 Jul-17

Treasury Bill (T-Bills) Yields (in %) Change (bps)Jul-17 Jul-17

Volatility Index (VIX)

31-Aug-17

VIX 11.95 11.90 0%

31-Jul-17 Change (%)

10 year 6.53 6.47 6

5 year 6.50 6.56 -6

3 year 6.35 6.45 -10

1 year 6.14 6.30 -15

AAA 10 year 7.63 7.60 3

AAA 5 year 7.31 7.35 -4

AAA 3 year 7.17 7.23 -6

AAA 1 year 6.73 6.90 -17

AA 10 year 7.99 7.96 3

AA 5 year 7.75 7.79 -3

AA 3 year 7.61 7.61 0

AA 1 year 7.14 7.28 -14

12 Months 6.94 6.94 0

6 Months 6.76 6.75 1

3 Months 6.57 6.60 -3

1 Month 6.39 6.45 -6

91D TB 6.09 6.13 -4

182D TB 6.18 6.21 -4

364D TB 6.25 6.24 0

47

PRIME NUMBERS

10-year benchmark yields (%) across countries


Macro-economic Indicators

Consumer price index (CPI)

Wholesale price index (WPI)Month

*WPI numbers are based on new series with 2011-12 as the base year'

Countries 30-Aug-17 31-Jul-17 Change in bps

US 2.12 2.29 (18)

UK 1.03 1.23 (20)

Japan 0.01 0.08 (7)

Spain 1.55 1.48 7

Germany 0.36 0.54 (18)

France 0.66 0.80 (14)

Italy 2.05 2.09 (5)

Brazil 9.98 9.99 (2)

China 3.66 3.63 3

India 6.53 6.47 6

MF Investment Aug-17 Jul-17 YTD

Equity 17941 11800 68887

Debt 36467 40388 264398

FII Investment Aug-17 Jul-17 YTD

Equity -11108 2488 47289

Debt 15204 18635 128523

Items Weights(%) Jun-17 Jul-17 Aug-17

Food&bev. 45.86 -1.17 0.43 1.96

Pan,tob& intox. 2.38 5.62 6.39 6.85

Cloth & Foot 6.53 4.17 4.22 4.58

Housing 10.07 4.70 4.98 5.58

Fuel & light 6.84 4.54 4.86 4.94

Misc. 28.31 3.29 3.28 3.85

CPI 100 1.54 2.36 3.36

Weights Jun-17 Jul-17 Aug-17WPI 100.0 0.90 1.88 3.24Primary Articles 22.6 -3.86 0.46 2.66Fuel & Power 13.2 5.28 4.37 9.99Manufactured Goods 64.2 2.27 2.18 2.45

48

PRIME NUMBERS

Commodities

Sources for above data: Bloomberg, Reuters, CRISIL, MOSPI, ICICIdirect.com Research


Mutual Funds: Category Average Returns

Equity Funds Returns (in %)Tenure Diversified Funds Mid-cap &

Small-cap Funds

Large-capFunds

ELSS (Tax-

savingfunds)

Returns as on August 31, 2017

Debt Funds Returns (in %)

Returns as on August 31, 2017

Tenure Liquid Funds

Index of industrial production (IIP) Sector-wise growth rate (%)

Currencies and CommoditiesCurrencies

*IIP numbers are based on new series with 2011-12 as the base year'

Debt ST Ultra ST Debt LT

Categories 30-Jun-17 30-May-17 28-Apr-17 Weight(%)Mining -2.8 2.6 -22.5 14.4Manufacturing -4.1 6.8 -11.4 77.6Electricity -6.8 5.0 1.8 8.0Overall -4.2 6.0 -11.7 100.0

30-Aug-17 30-Jul-17 Change (%) StatusUSDINR 63.91 64.15 -0.4% AppreciatedEURINR 76.24 75.16 1.4% DepreciatedGBPINR 82.54 83.98 -1.7% AppreciatedAUDINR 50.78 50.98 -0.4% AppreciatedCHFINR 66.97 65.96 1.5% DepreciatedJPYINR 0.585 0.5772 1.4% DepreciatedCNYINR 9.663 9.523 1.5% Depreciated

30-Aug-17 30-Jul-17 Change (%)Crude ($/barrel) 52.4 52.2 0.5%Gold ($/ounce) 1,321.4 1,269.4 4.1%

6 months 12.69 14.47 12.89 13.291 year 15.78 18.96 14.31 16.283 year 14.05 19.67 11.28 13.755 year 19.31 26.14 16.66 18.92

6 months 6.32 8.42 7.44 9.75

1 year 6.32 8.05 7.35 8.15

3 year 7.43 8.83 8.16 9.90

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Documents

ICICI September 17 Issue - content.icicidirect.comcontent.icicidirect.com/MoneyManagerMagazine/September_2017.pdf · 2 It's been three months since the implementation of the GST (Goods