Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 28.50 points at the opening bell, tracking positive leads from Asian markets and overnight gains on the Wall Street.

Overseas, Asian stocks were trading higher on Friday, amid improved investor sentiment following overnight gains on Wall Street.

US stock markets logged a fifth straight advance on Thursday, representing the longest such win streaks for the Dow and S&P 500 of the past few months. Investors responded to comments by Federal Reserve Chairman Jerome Powell. At the Economic Club of Washington, Powell reiterated the views of other policymakers that the Fed would be patient about interest rate hikes. He added that the Fed's balance sheet would be substantially smaller.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 344.58 crore on 10 January 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 10.98 crore on 10 January 2019, as per provisional data.

Domestic stocks reversed a four-day rising trend on Thursday, 10 January 2019, due to profit booking. Sentiment was hit by negative global cues and an overnight rise in oil prices. The barometer index, the S&P BSE Sensex, fell 106.41 points or 0.29% to settle at 36,106.50. The Nifty 50 index fell 33.55 points or 0.31% to settle at 10,821.60.

On the macro front, the GST council in its 32nd meeting held yesterday, 10 January 2019, under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Arun Jaitley in New Delhi took major decisions to give relief to Micro, Small and Medium Enterprises (MSME) (including small traders) among others. The council increased turnover limit for the existing composition scheme. The limit of annual turnover in the preceding financial year for availing composition scheme for goods shall be increased to Rs 1.5 crore. Special category states would decide, within one week, about the composition limit in their respective states.

The compliance under composition scheme shall be simplified as now they would need to file one annual return but payment of taxes would remain quarterly (along with a simple declaration).

The council also announced that there would be two threshold limits for exemption from registration and payment of GST for the suppliers of goods i.e. Rs 40 lakh and Rs 20 lakh. States would have an option to decide about one of the limits within a weeks' time. The threshold for registration for service providers would continue to be Rs 20 lakhs and in case of special category States at Rs 10 lakh.

A composition scheme shall be made available for suppliers of services (or mixed suppliers) with a tax rate of 6% (3% CGST +3% SGST) having an annual turnover in the preceding financial year up to Rs 50 lakh. The said scheme shall be applicable to both service providers as well as suppliers of goods and services, who are not eligible for the presently available composition scheme for goods. They would be liable to file one annual return with quarterly payment of taxes (along with a simple declaration).