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Sensex opens in green after huge jump on Friday

UNI

Sensex opens in green after huge jump on Friday

India Blooms News Service | @indiablooms | 23 Sep 2019, 10:36 am

Mumbai: After a huge jump on Friday following Union Finance Minister Nirmala Sitharaman's boost to economy, the Indian stock market showed positive response even on Monday.

As per last update, Sensex is ahead by over 700 points and to stand at 38772.91 points.

Nifty is ahead by over 200 points to stand at 11495.95 points.

"A mega bull market is starting now on the back of the reforms of the century for India... I don't think we will be looking back anytime soon," AK Prabhakar, head of research at IDBI Capital, told NDTV.

In a major boost to the economy, Sitharaman on Friday announced corporate tax rate cuts to 22 per cent for domestic companies and 15 per cent for newly-formed domestic manufacturing companies among other fiscal measures.

With the implementation of the cuts, the government will have to forego Rs 1.45 lakh crore per year, Sitharaman said at a press conference in Panaji.

The tax relief for domestic companies, effective from Apr 1, implies that the government has reduced the effective corporate tax from 30 per cent to 25.17%, which is inclusive of all cess and government charges for the domestic companies and is applicable only if they do not avail any other exemptions or incentives.

Therefore, the effective tax for the companies not availing any concessions or incentives will be 22%.

It means that companies opting for this tax slab will have to pay only Minimum Alternate Tax (MAT).

The MAT has also been slashed to 15 per cent from 18.5% for those who will opt to continue paying the surcharge and cess.

For the domestic companies formed after Oct 1 will have to pay tax at the 15 per cent rate, if they do not avail any incentives or concessions.
 

Sensex opens in green after huge jump on Friday

India Blooms News Service
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