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Economy

Sensex zooms over 1,600 points as FM announces tax cuts

Agency News

Mumbai, Sep 20: Equity benchmark BSE Sensex zoomed over 1,600 points on Friday after Finance Minister Nirmala Sitharaman announced tax cuts to revive the economy.

The Sensex was at 37,800 points while Nifty 11,200. Top gainers in the Sensex pack included Maruti, M&M, HDFC Bank, Tata Motors, Yes Bank, Tata Steel, L&T, ICICI Bank, Bajaj Auto and RIL, rallying up to 9 per cent. Ms Sitharaman announced to not levy the enhanced surcharge introduced in the Budget on capital gain arising on sale of equity shares in companies liable for securities transaction tax.

Also, the super-rich tax will not to apply on capital gains from sale of any security including derivatives in hands of foreign portfolio investors. In another relief, the Finance Minister said listed companies which have announced buyback of shares prior to July 5 will not be charged with super rich tax.

She also slashed corporate tax to 25.17 per cent inclusive of all cess and surcharges for domestic companies. Sitharaman said the revenue foregone on reduction in corporate tax and other relief measures will be Rs 1.45 lakh crore annually. UNI