Cut in corporate tax rate is important for investments: Chief Economic Adviser Subramanian
India's economy grew at 5 per cent in the first quarter of 2019-20 - the slowest pace in over six years.
India's economy grew at 5 per cent in the first quarter of 2019-20 - the slowest pace in over six years.
The Central government’s move was welcomed by Shimla Hotel and Restaurant Association (SHRA) and said the tax cuts were a historic and major boost to the economy that will benefit Indian consumers, especially tourism in the state.
Congress leader Rahul Gandhi had earlier on Friday termed the corporate tax cut a 'panic reaction' by the government and linked it to the 'Howdy, Modi' event in Houston.
The PM said the 'move will give a great stimulus to Make in India, attract private investment from across the globe, improve competitiveness of private sector, and create more jobs'.
The government slashed the effective corporate tax to 25.17 per cent inclusive of all cess and surcharges for domestic companies.
Making the announcement, Nirmala Sitharaman said the new tax rate will be applicable from the current fiscal which began on April 1.
The department issued an advertisement as part of its name and shame defaulters policy in leading national dailies titled 'List of defaulters of Income Tax and Corporate Tax'.
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