Wednesday, Oct 23 2019 | Time 00:54 Hrs(IST)
image
  • Washington has less than 2 hours to fulfill commitments on Syria: Shoigu
  • British lawmakers pass Brexit bill in second reading
  • EPFO bribery case: ED attaches assets worth Rs 2 89 cr
Business Economy


Cut in Corporate Tax would increase investment flow in exports: FIEO

New Delhi, Sep 20 (UNI) Hailing the reduction in Corporate Tax Rate to 22 per cent for domestic companies and 15 per cent for new companies, Federation of Indian Export Organisations (FIEO) on Friday said such reduction would attract much needed investment both through FDI route and domestic investment.
FIEO president Sharad Kumar Saraf said the timely move would also help in attracting investment from companies in China who are looking for new destinations for expansion or starting a new venture with an eye on US market.
It will encourage investment in the existing domestic companies also giving them the scale to cater to the huge market of the US and China. The technology companies in small segment may migrate to medium size companies with equity participation from overseas.
The effective rate of 17.01 per cent is very attractive as the similar rate in US is about 21 per cent and in China about 25 per cent. The reduced rate has given further stimulus to investors attracted to India as a market.

Mr Saraf said that the allocation of 2 per cent CSR fund on incubators, IITs, national laboratories and specified agencies engaged in conducting research would not only establish industry academia relationship but would give a push to R and D and product innovation which is need of the hour in exports particularly as India is focusing now on sunrise sectors of exports.
Prime Minister Narendra Modi hailed his government's decision to slash corporate tax rates. "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," he tweeted.
Finance Minister Nirmala Sitharaman announced cuts in tax rates for domestic companies to 22 per cent and for new domestic manufacturing companies to 15 per cent and other tax relief measures.
The move will cost the exchequer Rs 1.45 lakh crore annually. The government also announced rollback of higher surcharge on capital gains on sale of equity announced in Budget for individuals, HUFs and Association of Persons (trusts).
UNI RSA ADG 1846
More News

Carrying, selling or purchasing with Chinese firecrackers punishable: Govt

22 Oct 2019 | 6:40 PM

New Delhi, Oct 22 (UNI) Carrying, keeping, concealing, selling or purchasing with Chinese firecrackers will be punishable under Customs Act 1962, government said on Tuesday.

see more..

Dharmendra Pradhan reviews oil and gas projects in Russian far-east

22 Oct 2019 | 6:19 PM

New Delhi, Oct 22 (UNI) Petroleum and Natural Gas Minister Dharmendra Pradhan on Tuesday reviewed oil and gas projects being undertaken in the Russian far-east, including India Russia joint collaborations.

see more..

CAIT condemns Walmart CEO letter to PM

22 Oct 2019 | 6:17 PM

New Delhi, Oct 2 (UNI) A day after Walmart CEO wrote a letter to Prime Minister Narendra Modi asking for stable business environment in India, the Confederation of All India Traders (CAIT) on Tuesday termed his letter as a pressure tactic and strongly condemned the attempt by him to intervene in India’s internal affairs and policy making.

see more..

Uttar Pradesh has SDG Index value of 42: Finance Commission

22 Oct 2019 | 5:39 PM

New Delhi, Oct 22 (UNI) Uttar Pradesh has a Sustainable Development Goal (SDG) Index value of 42, lower than the national average value of 57, said the 15th Finance Commission on Tuesday.

see more..

Rupee up 21 paise against USD

22 Oct 2019 | 5:12 PM

Mumbai, Oct 22 (UNI) The Rupee on Tuesday jumped by 21 paise to 70.

see more..
image