Published: Fri, September 20, 2019
Markets | By Otis Pena

Kiran Mazumdar Shaw questions Nirmala Sitharaman's priority on e-cigarettes ban

Kiran Mazumdar Shaw questions Nirmala Sitharaman's priority on e-cigarettes ban

In the first of a series of tweets, Sitharaman justified her presence at the event that had given rise to speculation about more steps to support growth.

The rupee too appreciated 66 paise to 70.68 against USA dollar following the finance minister's announcements.

Domestic equity benchmark BSE sensex on Friday surged over 1800 points after finance minister Nirmala Sitharaman announced that corporate tax rates will be slashed for domestic companies and new domestic manufacturing companies.

Firms that do receive incentives or exemptions will see their tax rate cut to 25% from 35%.

All new and domestic companies incorporated on or after October 1, 2019, and making fresh investments in manufacturing will pay income tax at 15%.

Reacting to the news of the ban on e-cigarettes, Kiran Mazumdar Shaw had written, "E-cigarettes banned, says Finance Minister Nirmala Sitharaman - Shd this not come from Min of Health?" Also, such companies shall not be required to pay Minimum Alternate Tax (MAT).

Valencia president meets players over media silence
Willian had the best chance of the first half, though, bringing a good save out of Jasper Cillessen . "He looked sharp. It is an ankle injury and hopefully not too bad".

In another relief, the minister said listed companies which have announced a buyback of shares prior to July 5 will not be charged with super-rich tax.

The government has also chose to not levy enhanced surcharge introduced in Budget on capital gain arising from sale of equity shares in a company liable for securities transaction tax (STT).

"In order to stabilise the flow of funds in capital markets, increased surcharge in this year's budget shall not apply on capital gains made through the sale of equity shares in companies liable for Securities Transaction Tax (STT)", Sitharaman said. "We are conscious of the impact it will have on fiscal deficit", Sitharaman told reporters while announcing the tax measures.

The enhanced surcharge will not be applied to capital gains arising on sale of any security, including derivatives in the hands of foreign portfolio investors, the FM said.

The companies have now also been permitted to use their 2 per cent CSR spend on incubation, IITs, NITs, and national laboratories.

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