MUMBAI, Sept 20: Commerce and industry minister
Piyush Goyal on Friday said the announcement of the corporate
tax rate cut for companies by almost 10 percentage points to
25.17 per cent will give necessary fillip to the economy.
“Finance Minister’s announcement on slashing corporate
tax will give necessary fillip to the economy which we’ve been
hoping for. We have had a series of measures and today’s
measures are the largest,” Goyal said at an event here.
In a major fiscal booster, the government on Friday
slashed effective corporate tax to 25.17 per cent inclusive of
all cess and surcharges for domestic companies.
Making the announcement, Finance Minister Nirmala
Sitharaman the revenue foregone on reduction in corporate tax
and other relief measures will be Rs 1.45 lakh crore annually.
The forgoing in revenue through the measures will
benefit corporates, Goyal said.
The minister is hopeful that businesses will be able
to take benefit of these measures to spur growth.
These measures will help in making India a better
investment destination, he added.
The announcement on tax will help companies like Coal
India, Infosys and Wipro, he said. (PTI)