Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Govt to Forego Rs 1.45 Lakh Crore Per Year With Nirmala Sitharaman's Fresh Boost to Economy

The government has slashed basic corporate tax rate to 22% from 30%, while for new manufacturing companies it has been brought down to 15% from 25%.

News18.com

Updated:September 20, 2019, 12:12 PM IST
facebookTwitterskypewhatsapp
Govt to Forego Rs 1.45 Lakh Crore Per Year With Nirmala Sitharaman's Fresh Boost to Economy
File photo of Finance Minister Nirmala Sitharaman.

New Delhi: Total revenue foregone for reduction in corporate tax rate is estimated at Rs 1.45 lakh crore per year, said Finance Minister Nirmala Sitharaman on Friday while announcing a proposal to slash corporate tax for domestic companies and new local manufacturing companies.

The government has slashed basic corporate tax rate to 22% from 30%, while for new manufacturing companies it has been brought down to 15% from 25%.

On the move's fiscal deficit impact, Sitharaman said, the effect is being closely monitored. The measures will provide a fillip to growth that had fallen to six-year low of five per cent in June quarter.

As Sitharaman made some big announcements, Sensex zoomed over 900 points to 37,042.59, while Nifty rallies 254 points to 10,959.10. Rupee also rallied 66 paise to 70.68 against US dollar.

The announcement comes amid demand for rate cut, keeping in mind the revenue position and the need to boost sagging economic growth. The GST (Goods and Services Tax) Council, headed by Sitharaman, held a crucial meeting to decide on tax moderation.

There have been demands pouring in from various sectors — from biscuits to automobiles and FMCG to hotels — to reduce tax rates in the wake of economic slowdown. The argument propagated has been to boost the consumption and domestic demand by reducing GST rates further.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 51.40 8.44
Reliance 1,416.35 1.42
Indiabulls Hsg 231.20 16.80
Zee Entertain 250.20 -5.39
Maruti Suzuki 7,302.30 2.50
Company Price Change %Gain
HDFC AMC 2,882.20 6.11
Yes Bank 51.40 8.44
Indiabulls Hsg 231.50 17.42
Reliance 1,415.30 1.37
IRCTC 779.20 7.57
Top Gainers
Company Price Change %Gain
Yes Bank 51.40 8.44
Coal India 205.95 3.28
Adani Ports 421.70 3.07
Grasim 746.50 3.03
Maruti Suzuki 7,302.30 2.50
Company Price Change %Gain
Yes Bank 51.40 8.44
Coal India 205.95 3.31
Maruti Suzuki 7,318.15 2.74
Power Grid Corp 202.55 2.45
NTPC 121.00 2.02
Top Losers
Company Price Change %Gain
Zee Entertain 250.20 -5.39
Tata Motors 136.85 -1.90
Eicher Motors 20,275.90 -1.05
Bajaj Auto 3,087.05 -0.79
Hindalco 187.40 -0.74
Company Price Change %Gain
Tata Motors 136.70 -1.05
Bajaj Auto 3,087.75 -0.73
Bharti Airtel 383.25 -0.65
ICICI Bank 437.75 -0.64
Axis Bank 709.20 -0.19

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results