Corporate tax rates slashed: Pawan Goenka#39;s tweet reveals impact of move
With Finance Minister Nirmala Sitharaman slashing corporate tax rates, India Inc representatives feel the move has come at the right time and will boost the sluggish business environemnt.
Pawan Goenka, MD, Mahindra and Mahindra, tweeted: “Looks like Diwali has come early.”
Mr Rajan Wadhera, President, SIAM welcomed the bold announcements made by the FM, including the reduction of corporate tax rate to 22 percent and No Minimum Alternate Tax (MAT) for companies not availing incentives. Additionally, the reduction of corporate tax to 15 percent for new companies making fresh investments will support investment and also FDI in the auto sector. This is expected to give a big boost to Make in India for automobile industry.
“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,” Piyush Goyal, Commerce and Industry Minister, said.
Also read: Nirmala Sitharaman brings early Diwali for India Inc: Effective corporate tax slashed to 25.17% for domestic cos
All of this comes in addition to some of the previous announcements made by Sitharaman including lower auto loans, the use of BSVI vehicles till registration period ends and a new scrappage policy for cars older than 15 years.
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