In a major move, FM has announced reduction of Corporate tax from 30% to 22%. Companies without exemptions will pay effective tax rate of 25.17%.
MAT has been reduced to 15%. Effective rate is 18.5%.
New companies being set up after Oct 2019 will pay tax of 15%.
Govt will lose Rs 1.45 lac Cr/ Year.
Fiscal deficit is expected to hit 4%.
Nifty has rallied 3.6%. Bank Nifty has rallied over 4%. USDINR is now at 70.86.