India offers whopping tax breaks, markets spiral up |
India`s domestic markets zoomed in the day`s trade on Friday after Finance Minister Nirmala Sitharaman announced a tax bonanza to FPIs and corporate sector in her media briefing ahead of GST Council meet. The finance minister slashed corporate tax for domestic companies to 22 percent without exemptions. Sitharaman said the total revenue forgone on account of today`s measures would be Rs 1.45 trillion per year. Sensex jumped over 1,921 points to 38,014 points while the Nifty50 index was ruling at 11,274, up by 569 points, their highest intraday gains in last 10 years.
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