Markets happy: After FM Nirmala Sitharaman cuts corporate tax Sensex soars above 1600 points
Markets happy: After FM Nirmala Sitharaman cuts corporate tax Sensex soars above 1600 pointsnews24online.com
New Delhi, Sep 20: The markets immediately rose after the announcement, with the Sensex surging over 1,300 points and Nifty climbing above the 10,900 mark after days of choppy trading.
Sensex rises 1276.26 points, currently at 37,369.73; Rupee rallies 66 paise to 70.68 against US dollar on FM announcements to boost growth.
In a major fiscal booster, the government on Friday slashed effective corporate tax to 25.17 per cent inclusive of all cess and surcharges for domestic companies.
Making the announcement, Finance Minister Nirmala Sitharaman said the new tax rate will be applicable from the current fiscal which began on April 1.
Sitharaman said the revenue foregone on reduction in corporate tax and other relief measures will be Rs 1.45 lakh crore annually.
She said the government was conscious of the effect the tax rebate would have on fiscal deficit and numbers would be reconciled.
With Agencies, Pic Google]]>