(PTI)
RBI Governor Shaktikanta Das on Tuesday described the government’s move to slash corporate tax rate as a bold measure. He said it has made India a very attractive destination for foreign investment. In the biggest reduction in 28 years, the government on Friday cut corporate tax rate by almost 10 percentage points as it looked to pull the economy out of a six-year low growth and a 45-year high unemployment rate by reviving private investments with a Rs.1.45-lakh crore tax break.
Base corporate tax for existing companies has been reduced to 22% from the current 30%; and for new manufacturing firms, incorporated after October 1, 2019 and starting operations before March 31, 2023, it was slashed to 15% from the current 25%.
