Sensex gains on GAAR delay, plan to reduce corporate tax rate

MUMBAI (Reuters) – The BSE Sensex and Nifty rose nearly 1 percent on Saturday, 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.

Shares had earlier turned slightly negative after Jaitley pushed back the government’s medium-term goal of cutting the fiscal deficit to 3 percent of gross domestic product to 2017/18, one year later than previously expected.

The broader Nifty was up 0.9 percent at 12:21 pm after earlier momentarily dipping 0.1 percent.

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(Reporting by Abhishek Vishnoi; Editing by Rafael Nam)

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