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Business Economy


EAC-PM welcomes Govt measures to revive economic sentiment

New Delhi, Sep 20 (UNI) Union Finance Minister Nirmala Sitharaman made path-breaking announcements on Friday by revising the corporate tax rate downward and altering the percentage and application of Minimum Alternate Tax in certain cases.
She has also taken measures to stabilise and enhance the flow of funds into the capital market and broadened the scope of CSR funding.
Economic Advisory Council to the Prime Minister (EAC-PM) has welcomed these comprehensive measures.
These are important steps which will boost investment and enhance India’s economic growth. The Finance Minister has given an option to corporations to choose between reduced tax rates and prevailing exemptions.
The Council felt that an even lower tax rate of 15 per cent for companies making fresh investments in the coming months is bound to trigger new investments which will further augment India’s GDP. This augmentation will counterbalance the revenue that will be foregone.
The announcements that are part of the series of measures taken by the Government to revive economic sentiment will go a long way in helping India realise its full economic potential.
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).
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.
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