Hats off to FM: India Inc reacts to tax cuts

September 20, 2019 13:20

Industry, stock market and experts cheered slashing of corporate tax rate and other announcements by Finance Minister Nirmala Sitharaman saying the big bang reforms will push economic growth and investments. Read: Sitharaman slashes corporate tax by 10 pc

"Reducing corporate tax rate to 25 per cent is big bang reform. Allows Indian companies to compete with lower tax jurisdictions like the US. It signals that our government is committed to economic growth and supports legitimate tax abiding companies. A bold, progressive step forward, Kotak Mahindra Bank CEO Uday Kotak said in a tweet.

Biocon CMD Kiran Mazumdar Shaw also applauded Finance Minister Nirmala Sitharaman. "Corporate tax rate cut from 30 per cent to 25.2 per cent to spur growth- this is a great move which will firmly revive growth and investment. My hats off to FM @nsitharaman for this bold but most needed move," she tweeted.

Ashok Maheshwary & Associates LLP Partner Amit Maheshwari said "lately we have been loosing a lot of investments to other Asian countries who had been consistently reducing their corporate tax rate. This will help attract significant FDI and manufacturing to India. Abolition of DDT and going back to classical way of taxing dividends would be an icing on the cake".

According to Frank D'Souza Partner and Leader Corporate and International Tax, PwC India, "the reduction in the corporate tax rate is a welcome move and makes India attractive for new investments. Also, the changes to CSR contributions and the relief on buy-back tax, will address past concerns and also help in channelling funds towards R&D initiatives".

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