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Corporates welcome reduction in tax rate; positive about impacts

Nirmala Sitharaman slashed the corporate tax from 30 per cent to 22 per cent

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MUMBAI: Finance Minister Nirmala Sitharaman, on Friday, announced the slashing of corporate tax from 30 per cent to 22 per cent, sending tremors of joy and positivity across the industry. The revised tax rates will be applicable to companies that do not avail of any tax incentive. Effective corporate tax rate after surcharge will be 25.17 per cent. She also announced that new manufacturing companies will have to pay only 15 per cent corporate tax.

Welcoming the move Diageo India managing director and CEO Anand Kripalu said, “We welcome the bold changes introduced by the government, which will strengthen India Inc’s role as the nation’s job and wealth creators. The increased tax savings will boost cash flows, spur domestic and foreign investment, provide competitive tax rates and act as an economic driver towards ‘Make in India’.”

Stating that the new move will have a good impact on the travel and tourism sector, SOTC Travel vice president and chief financial officer Farroukh Kolah said, “Travel and Tourism industry is a vital contributor to the country’s growth. The announcement on lowering the corporate tax from 30 per cent to 22 per cent, which is now at par with the South Asian countries, will have a significant and positive impact on the economy. The reforms undertaken by the government will help businesses with higher post-tax profits hence incentivising investments into the country and will boost the current economic growth rate.”

Kalyan Jewellers chairman and managing director T S Kalyanaraman also praised the move as he said, “It is very positive to see the government move pragmatically and provide the much-needed liquidity boost to the economy. Lower tax rate will increase transparency in the gems and jewellery industry which will ultimately lead to a shift from unorganised to organised sector. We welcome this dynamic decision implemented by the government.”

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