Chennai, Sep 20 (UNIL) The Vummidi Bangaru Jewellers (VBJ), a leading

jewellery chain, on Friday welcomed the announcements made by Union

Finance Minister Nirmala Sitharaman at th GST Council meet and said it

was a right step for the revival of the economy.

In a statement here VBJ Managing Partner Amarendran Vummidi said the

measures announced by her today is a right step towards the revival of the

economy and tackling the economic slowdown in the long term.

'The new provisions under the Income Tax Act, which includes reduced

corporate tax rates to 25.17 per cent from the existing 30 per cent, will boost

the earnings of the domestic manufacturing companies', he said.

The additional MAT relief on the new corporate tax rate was the right step

undertaken by the government to drive consumption and spur growth, he said.

'We are hopeful that during the upcoming festival season, domestic manufacturers

will witness a positive impact post these announcements and ride on the new wave

of development and renewed flow of investments in the manufacturing sector,

Mr Amarendran said.

UNI GV 1449