MUMBAI: Amid the economic slowdown in the country, the central government announced a big announcement of corporate tax cuts. This decision of the government has brought great relief to companies facing recession. It has been welcomed by many organizations of the world along with the industry. A new report by IHS Market states that the reduction in corporate tax will help Indian companies give tough competition to companies across the world. The report states that this step will be helpful in increasing investment in the medium term.
IHS Market has said that in recent quarters, there were signs of sluggishness on the economic front in the country and this is reflected by the measures related to the reduction in the corporate rate. It said that this decision will also help in developing India as a manufacturing hub as it will enable the companies of the country to compete with the big companies of other countries.
The report said, the Indian government on 20 September announced major reforms regarding the corporate tax rate. It was expected that such a step would be taken to make the corporate tax rate in India more competitive than other industrial economies in Asia. GST has also been praised in the report.
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