TNI Bureau: With an aim to boost economic growth, Finance Minister Nirmala Sitharaman on Friday slashed corporate tax rates for domestic firms from 30% to 22% and for new manufacturing companies from 25% to 15%.
While, Sensex gained up to 1,955 points to 38,048, Nifty gained 530 points to 11,269 level, highest single-day gain in 10 years after Government’s big announcements.
Key Highlights
• Corporate tax down to 22% (30% earlier), subject to companies not availing any other exemption or incentives
• Firms incorporated on or after 1 October 2019, making fresh investment in manufacturing, have an option to pay income-tax at 15%
• Minimum Alternate Tax (MAT) reduced from 18.5% to 15%
• Buyback Tax exempted for buy backs announced pre 5th July
• Govt to forego Rs 1.45 lakh cror per year