New Delhi, Sept. 21 -- The announcement by honourable Finance Minister, Nirmala Sitharaman proposing to slash corporate tax for domestic companies from 30% to 22% comes at an opportune time when the economy needs a boost in investments.
To give strength to India's ambitious 'Make in India' initiative, the government has proposed a tax rate of 15% for new domestic companies incorporated on or after 1st October 2019 and commences manufacturing by 31st March 2023. The measure is expected to bolster the growth of industrial real estate development in the country.
According to the announcement, the total revenue foregone for the reduction in corporate tax rate and other relief estimated is at Rs 1,45,000 cr. This quantum of money will act as a...