Diwali, Sensex rise 1600 points in stock market with announcement of Modi government

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Mumbai, Ta. September 20, 2019, Friday

Following the announcement by Nirmala Sitharaman, the stock market saw a boom. The Sensex rose 1671 points during the press conference, while the Nifty rose 331 points. Union Finance Minister Nirmala Sitharaman has announced the importance of reducing the impact of the recession in the country. Modi government has turned the scissors on corporate tax. So now the new corporate tax rate will be applicable at 17.1%.

Finance Minister Nirmala Sitharaman made the announcement at a press conference on Friday morning. He said the government had made a revolutionary decision to reduce corporate tax. Local companies and new companies will benefit from this relief.

He said companies now have to pay 22 percent tax. The tax rate will be 25.17%, including surcharge. The finance minister said the minimum alternative tax rates were reduced for companies that would not take any concessions.

New companies were also relieved of debt. Companies that set up after October 2019 will have to pay only 15% tax. The tax rate on them will be 17.01%.

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