Corporates accounted for about 1.6 per cent of total taxpayers, as per the tax returns for assessment year 2017/18 but they contributed over 55 per cent to income taxes during the same year

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\"The massive amount of savings in corporate tax due to the measures declared today aggregating to Rs 1.45 lakh crore is a timely stimulus for the revival of our economy,\" said JSW CMD Sajjan Jindal

The government has slashed basic corporate tax rate to 22 per cent from 30 per cent while for new manufacturing companies it has been cut down to 15 per cent from 25 per cent

Moody's said that the eventual impact of the corporate tax cut on credit profiles of Indian corporates will hinge on \"whether they utilise the surplus earnings for reinvestment in business, debt reduction or high shareholder returns.\"

Corporate tax cut: Rahul Gandhi further said that no event can hide the economic mess that India has landed in.

Gold fell by Rs 170 to Rs 38,390 per 10 gram on Friday in the national capital on strong rupee which rallied after Finance Minister Nirmala Sitharaman announced corporate tax cut, according to HDFC Securities.

Corporate tax cut: Hailing the move as a \"historic\" step, PM Modi took to twitter to praise the tax cut and said that the announcements made in last few weeks manifest the government's resolve to create more jobs, make India a better place to do business as well as give the much needed impetus to its Make in India programme.

Sensex and Nifty have gained over 5% in today's trade. All 30 scrips under Sensex were trading higher and only 2 Nifty stocks Zee Entertainment and Tata Consultancy Services were trading in the red.

PM can now say he has come to Texas promising lower Taxes, says Jairam Ramesh. \"Is this his 'Trump card'?\" he asks

All these moves would cost the government exchequer Rs 1.45 lakh crore. The question though is if a significant part of this money would flow as investments in the short to medium term

FM's announcements cheered the investors taking market capitalisation of BSE to 144.72 lakh crore from 138.54 lakh crore on Thursday, a gain of 5.28% or Rs 7.31 lakh crore within minutes

Corporate tax cut: Kiran Mazumdar Shaw said that the move will revive growth and investment, while Uday Kotak called it a bold and progressive step forward.

The benchmark Sensex spiked over 5 per cent, 2,256 points to 38,349, after the FM Sitharaman slashed basic corporate tax rate to 22 per cent from 30 per cent while for new manufacturing companies it has been cut down to 15 per cent from 25 per cent.

Corporate tax cut: The tax rate has been cut to 22 per cent from the existing 30 per cent. For new manufacturing companies, the existing tax rate of 25 per cent has been brought down to 15 per cent.