Corporate Tax cut 2019
20th September of 2019 can be marked as a historic day of 2019. This was the day when the finance minister- Mrs.Nirmala Sitharaman announced a corporate tax rate cut by huge numbers for both domestic and multinational firms. The biggest repercussion of this was seen on the stock exchange where the both the indices-nifty and Sensex had witnessed the highest rise in a decade. The highlights of the 20th September announcement include the government slashing down the corporate income tax from 25% to 15% for domestic firms incorporated on or post 1stOctober and those which are likely to commence their production on or before 31st March, 2023. The minimum alternate tax (MAT) was also axed from 18.5% to 15%. The finance minister also went ahead to announce that the enhanced surcharge will not be applicable on securities and derivatives. The tax cut poured in both appreciation and criticisms for the Modi Government. At the press conference, the finance minister had informed that this m...