Howdy, Modi: Sitaram Yechury echoes Cong, links tax cuts to PM's event

CPI Secretary-General Sitaram Yechury on Friday chose to politicise Finance Minister Nirmala Sitharaman's announcements on tax cuts by linking the move to PM Modi's upcoming event Howdy, Modi. Taking to Twitter shortly after Nirmala Sitharaman's press briefing, Sitaram Yechury questioned the timing of the announcements with PM Modi's events, and said, "Massive concessions to foreign speculators". The CPI leader further said "India is going through its worst phase after independence", hitting out at the government.

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Congress politics over 'Howdy, Modi' 

CPI leader Sitaram Yechury's statement linking FM's tax cut announcement with 'Howdy, Modi!' event have echoed the remarks made by Congress leader Jairam Ramesh on Friday. Taking to Twitter, Jairam Ramesh also questioned the timing of the Finance Minister's announcement with PM Modi's 'Howdy, Modi!' event which is going to take place on September 22 in Houston, Texas. Asking if it's PM's "Trump Card", the Congress leader said: PM can now say, "I have come to Texas promising lower taxes".

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FM announces tax cuts

The Government on Friday announced slashing of effective corporate tax to 25.17 per cent inclusive of all cess and surcharges for domestic companies. Making the announcement, Finance Minister Nirmala Sitharaman said the new tax rate will be applicable from the current fiscal which began on April 1. Adding that the move has been taken to promote investment and growth, she added that the revenue foregone on reduction in corporate tax and other relief measures will be Rs 1.45 lakh crore annually. In effect, the corporate tax rate will be 22 per cent for domestic companies, if they do not avail any incentive or concession.  The changes in the Income Tax Act and Finance Act will be made effective through an ordinance. The Minister also said companies opting for a 22 per cent income tax slab would not have to pay Minimum Alternate Tax (MAT). 

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(With PTI inputs)