As the Government announced corporate tax Cuts, the Sensexzoomed past 1900 points today after continuous negative trend for past oneweek.
The Corporate tax cut has been welcomed by all as the unionfinance Minister Nirmala Sitaraman announced the tax cut to 25.17%.
This morning, the Sensex was at 37,608.55 but immediately after the government announced a slew of measures to boost economic growth it skyrocketed.
In a very bold move, the finance minister slashed effectivecorporate tax to 25.17 per cent inclusive of all cess and surcharges fordomestic companies. The new tax rate will be applicable from the current fiscalwhich began on April 1.
Speaking on the decision, RBI chief Shaktikanta Das said thenew tax rates will bring India closer to "tax rates in this part of theworld". "This is definitely a bold measure… will augur very wellfor our economy," Das said at a media conclave.