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Industry Welcomes Govts Decision Over Corporate Tax Says, This Will Help Spur Growth And Employment Opportunities In Key Sector

Mumbai: A day after government slashed effective corporate tax to 25.17 per cent inclusive of all cess and surcharges for domestic companies.

Finance Minister Nirmala Sitharaman announced while announcing that the new tax rate will be applicable from the current fiscal year which started from April 1.

CP Gurnani, MD & CEO, Tech Mahindra,

Reacting to the major boost Tech Mahindra MD & CEO CP Gurnani, stated “The well-timed tax relief measures are a concrete step towards stabilizing the economy and bolstering investment. This will help spur growth and employment opportunities in key sectors.”

The government has also decided not to impose the enhanced surcharge introduced in the budget on capital gains arising from the sale of equity shares in a company responsible for securities transaction tax (STT).

 

 

 

Pradeep Jain, Managing Director, Jaina Group

Meanwhile, Jaina Group Managing Director Pradeep Jain said, “We at Jaina welcome the government’s bold decision to reduce corporate tax for Indian companies. It is a boost to companies like us who are especially focused on the “Make in India” initiative and committed to the country’s economic betterment. It will help us to divert more funds into such initiatives and that will surely benefit the economy as a whole.”

The minister also said companies opting for 22 per cent income tax slab would not have to pay minimum alternate tax (MAT).

Sitharaman further said, new domestic manufacturing companies incorporated after October 1, can pay income tax at a rate of 15 per cent without any incentives.

Sitharaman expressed confidence that the tax concessions will bring investments in Make in India, boost employment and economic activity, leading to more revenue.

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