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States » North


CII welcomes Corporate tax cuts, will stimulate sentiments

Chandigarh, Sep 20 (UNI) The Confederation of Indian Industry (CII) on Friday welcomed the Centre's move to slash the Corporate Tax and taking other measures, which would provide a major booster to the Industrial sector and kicking pace to the sagging economy.
In a statement issued here, President of CII Vikram Kirloskar said, "Finance Minister Sitaraman's mega Corporate Tax stimulus is a major move to boost investors sentiments, encourage manufacturing and awaken animal spirits in the economy. Cut in corporate tax from 30 per cent to 22 per cent without exemptions, has been a long standing demand of industry and is an unprecedented and bold move by the government.
"CII is thankful to the Union Government for being so receptive and open to suggestions from the industry. This consultative approach has further bolstered positive spirits in industry that the government is on a fearless track, to ensure that India becomes competitive on tax rates, in tandem with the rest of the world.
''This also indicates that the government is adopting a tax stimulus route, rather than using increasing government spending route, to help the recovery process of the economy. Coming just ahead of the festive season, there could not have been a better news, as the entire country gets ready to celebrate,'' said Mr Kirloskar.
Director General of CII Chandrajit Banerjee said "We are truly heartened by the Finance Minister's announcements from Goa. The reduction in the corporate tax rate has been a long-standing demand from industry, as the high rate of taxation was making Indian industry uncompetitive, vis-à-vis its peers.
''The decisions to bring the corporate tax rate down to 22 per cent without exemptions, reduce MAT to 15 per cent and tax new manufacturing companies at 15 per cent, will have a very positive impact on the cost of doing business in India."
He said CII would like to congratulate the Minister for taking this decision without fearing for the fiscal deficit, as a lower tax rate will itself lead to higher revenue buoyancy and collections.
Together with earlier announcements, CII expects this to truly revive the 'animal spirits' of the industry and create the spark for igniting economic activity, sooner rather than later, he added.
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