Equity benchmarks BSE Sensex and NSE Nifty rallied over 3 per cent after Finance Minister Nirmala Sitharaman on Friday, September 20 proposed to slash corporate tax for domestic and new local manufacturing companies.
BSE Sensex reads 11,053.30 (+348.50) registering a surge of 3.26%, while the NSE index is up by over 3.4%, reads 37,325.40, an increase of 1,231.93 points.
Finance Minister Nirmala Sitharaman while briefing the media ahead of the GST Council meeting later on Friday, 20 September 2019, said that the government is proposing to slash the corporate tax rate for domestic manufacturing companies.
“To promote growth, a new provision has been inserted in the income tax act with effect from fiscal year 2019-20, which allows any domestic company to pay income tax at the rate of 22% subject to condition they will not avail any incentive or exemptions,” India’s Finance Minister said.
