India Inc Members Appreciate Sitharaman's Move To Slash Corporate Tax

Economy

The move to slash corporate tax by Nirmala Sitharaman has been widely appreciated by the members of India Inc & people around the Indian business sector.

Written By Rishabh Mishra | Mumbai | Updated On:
India Inc

Finance Minister of India, Nirmala Sitharaman, as a recent measure to boost the economy, announced rate cuts in the corporate taxes and let forgo about 1.45L crore to government’s exchequer. This move has been widely accepted and appreciated by the people around the Indian business sector and academia. The who's who of India Inc have called the introduction of the cuts as a 'bold move', 'progressive step', 'much-needed booster-does'. The corporate tax was reduced by 10% points to 22% thus making the effective corporate tax around 25.17%. Along with this, Nirmala Sitharaman has also provided relief to companies that continue to avail exemptions and incentives by reducing the rate of Minimum Alternate Tax (MAT) from 18.5% to 15%.   

The string of appreciations 

Kiran Mazumdar Shaw, the Chairperson and Managing Director of Biocon, a Biopharmaceuticals enterprise, took to Twitter to call the measure as a 'great move'.  

The CEO, Kotak Mahindra Bank, Uday Kotak, on the other hand, called this move by Sitharaman as a 'progressive one'.

The Federation of Indian Chambers of Commerce & Industry’s president, Sandeep Somany also said that the measure will be a 'much-needed booster-does' for the economy. 

The Partner and Head of Tax of Tax at KPMG said that Corporate tax cut is a 'hugely positive step'. His company also appreciated the move. 

Read: Government: Corporate tax cut to cost exchequer Rs. 1.45 lakh crore

Read: Mini-Budget after Budget: Government slashes corporate tax rates

Piyush Goyal on corporate tax reduction  

The Commerce and Industry Minister, Piyush Goyal, on Friday, supported Nirmala Sitharaman’s introduction of the tax cut and said that this measure will give a necessary fillip to the economy. He said at an event that, “Finance Minister's announcement on slashing corporate tax will give necessary fillip to the economy which we've been hoping for. We have had a series of measures and today's measures are the largest." He also added that the foregone revenue of ₹1.45L crores will benefit corporates. Piyush Goyal was hopeful that, businesses will be able to take benefit of these measures to spur growth. “These measures will help in making India a better investment destination. The announcement on tax will help companies like Coal India, Infosys, and Wipro,” he said. 

Read: RBI expects growth to pick up from Q2 on government spending

Read: Corporate tax slashed down to 25.17 pc for domestic companies

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