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Business EconomyPosted at: Sep 20 2019 4:23PM


Slashing corporate tax by Modi government a positive move: BCIC

Bengaluru, Sep 20 (UNI) Trade association Bangalore Chamber of Industry and Commerce (BCIC) today said the Union Government bringing down the corporate taxes was a good move to ooze strength to investors, and said it was a major a measure to boost economic growth in the country.
In a major reform measure, the Government today announced slashing of Corporate tax rates to 22 percent from 30 percent for domestic companies and 15 percent from 25 percent for new domestic manufacturing companies which is effective from April 1, 2019.
Devesh Agarwal, President, BCIC said, ‘’This will promote investments from India and abroad to promote manufacturing industry. The Government has also announced a new provision in the Income-tax Act with effect from this FY 2019-20 which will help all new domestic company incorporated on or after October. The tax rates that is applicable will help the local investments, a BCIC statement on Friday said.
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