As the Government announced corporate tax Cuts, the Sensex zoomed past 1900 points today after continuous negative trend for past one week.
The Corporate tax cut has been welcomed by all as the union finance 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 effective corporate tax to 25.17 per cent inclusive of all cess and surcharges for domestic companies. The new tax rate will be applicable from the current fiscal which began on April 1.
Speaking on the decision, RBI chief Shaktikanta Das said the new tax rates will bring India closer to “tax rates in this part of the world”. “This is definitely a bold measure… will augur very well for our economy,” Das said at a media conclave.