New Delhi: Finance Minister Nirmala Sitharaman announced a cut in corporate tax, giving a big relief to the industry amid criticisms about sluggishness in the country which was welcomed by many institutions including industry. The RBI governor also welcomed the government's decision to say that India has become a very attractive place for foreign investors with a reduction in corporate tax. Shaktikanta Das described the Finance Minister's decision to cut corporate tax as a bold step.
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In fact, on Friday, Finance Minister Nirmala Sitharaman announced the biggest cut in corporate tax in 28 years. The Finance Minister has announced to reduce the effective rate of corporate tax to around 10 per cent. After the talks with the Finance Minister, the RBI Governor said that the cut in corporate tax is a very bold and positive step.
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Das said, "This is a very bold and positive step. As far as international investors are concerned, corporate tax rates in India have become very competitive compared to emerging markets in ASEAN and other regions of Asia. I believe that today India is in a very strong position amidst this competition. It will attract more foreign investment". Das said that the tax reduction Companies considerable savings. So it will be a new investment.
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