New Delhi: Union Finance Minister Nirmala Sitharaman on Friday announced that corporate tax rates for domestic companies will be slashed from the present 30 per cent to 22 per cent. Besides, the tax for domestic manufacturing companies incorporated after October 1, 2019, has been fixed at 15 per cent.
Following the announcement, the markets soared with Sensex going up by more than 1,000 points.
The cuts in corporate tax announced by the government will cost the state exchequer Rs 1.45 lakh crore.
On Thursday, the Finance Minister had asked banks not to declare any stressed loan account of micro, small and medium enterprises (MSMEs) as non-performing assets (NPA) till March 2020 and work on recasting their debt.