Finance minister Arun Jaitley on
Saturday abolished the wealth tax
on super-rich with an income of Rs 1
crore or more per year and replaced
it with a surcharge of 2%. He also
proposed to cut corporate tax from
30 % to 25% over next the next four
years.
The BSE Sensex and Nifty rose nearly
1%, recovering from earlier falls after
Finance Minister Arun Jaitley
proposed to cut the corporate tax
rate over the next four years and
delayed the implementation of
planned General Anti-Avoidance
Rules (GAAR) by two years.
Jaitley presented a Union Budget
aimed at high growth, saying the
pace of cutting the fiscal deficit
would slow as he seeks to boost
investment and ensure that ordinary
people benefit.
