Welcoming the various measures and proposals announced by Finance Minister Nirmala Sitharaman on Friday in regards with Corporate Tax, Prime Minister Narendra Modi said that “the reduction in corporate tax will give a great stimulus to Make In India.”
“The announcements in the last few weeks clearly demonstrate that our government is leaving no stone unturned to make India a better place to do business, improve opportunities for all sections of society and increase prosperity to make India a $5 Trillion economy,” said PM Modi.
“The step to cut corporate tax is historic. It will give a great stimulus to Make In India, attract private investment from across the globe, improve competitiveness of our private sector, create more jobs and result in a win-win for 130 crore Indians,” Modi added.
Sitharaman on Friday morning held a Goods and Services Tax Council Meet in Panaji, (Goa) to discuss about enhancing domestic manufacturing and Make in India scheme.
During the press conference, Sitharaman proposed to slash corporate tax rate for domestic companies and new domestic manufacturing companies. She said that ordinance for cutting tax rate has been passed.
“We are adding a new provision to the income tax law to allow any domestic firm to pay income tax at 22 per cent subject to the condition that they won’t avail any incentives or exemptions,” said Sitharaman.
Welcoming the measures announced by Sitharaman, RBI Governor Shaktikanta Das reportedly said, “This is definitely a bold and welcome measure. Highly positive for the economy.