Prime Minister Narendra Modi today his government corporate tax cut announcement and called the move historic. Taking to micro-blogging site Twitter, PM Modi said that the ‘announcements in the last few weeks by the Centre clearly showed that they (government) is leaving no stone unturned to make India a better place to do business, improve opportunities for all sections of society & increase prosperity to make India a $5 Trillion economy.’
“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”, PM Modi tweeted, hours after Finance Minister Nirmala Sitharam announced tax bonanza for corporates.
The total revenue foregone for the reduction in corporate tax rate and other relief is estimated at Rs 1,45,000 crore. This is the biggest announcement so far by the Modi 2.0 government to fight the slowdown, which dragged down the GDP growth to a six-year low of 5 per cent in the April-June quarter of the current fiscal.