Spread word about corporate tax cut: Shah to partymen

NEW DELHI: Bharatiya Janata Party president and Union home minister Amit Shah on Saturday asked chief ministers of Bjpruled states and other senior leaders, including members of parliament, to spread the word about the decision of the Narendra Modi government to lower corporate tax, a senior BJP leader said.

In an interaction with CMS, deputy CMS and state presidents of 17 states here, Shah said the Modi government decision on corporate tax was significant and will help address certain issues plaguing the economy. “Shah asked each CM, deputy CM, MP and state president to spread a word about the decision and hold separate press conferences in their respective states,” a BJP leader present at the event said.

Before Shah, finance minister Nirmala Sitharaman explained the decision and its implication to the CMS and other leaders, claiming that it give a big boost to economy and will help attract investment, create demand and generate jobs, the BJP leader quoted Sitharaman as telling leaders.

Sitharaman on Friday slashed corporate tax rates for domestic firms from 30% to 22% and for new manufacturing companies from 25% to 15% to “boost economic growth”.

“The step to cut corporate tax is historic. It will give a great stimulus to #Makeinindia, attract private investment from across the globe, improve competitiveness of our private sector, create more jobs...,” the PM Narendra Modi had tweeted soon after the announcement.

The Opposition had on Friday slammed finance minister’s announcement saying that the tax cuts will lead to a sacrifice of ₹1.4 lakh crore in Centre’s revenue, with the Congress claiming that “constant roll-backs” were unlikely to revive investment and will only cause the economic situation to worsen.