Union Home Minister Amit Shah, on Saturday, held a meeting with chief ministers of various BJP-ruled states. meeting that was held at BJP hequarters in New Delhi, came in with regards to ecomic slowdown. BJP Working President J P Nda, Union Finance Minister Nirmala Sitharaman and Minister of State for Finance and Corporate Affairs, Anurag Thakur were present at party hequarters during meeting while various Chief Ministers participated in meeting through video conference. 

Party leers attend meeting heed by Amit Shah

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FM introduced tax reforms

meeting came just a day after Finance Minister Nirmala Sitharaman introduced cuts in Corporate taxes as part of stimulus to help ecomy recover from ongoing slowdown. In a move that presented government’s efforts towards introducing reforms for nation and pleasantly surprised everyone, Sitharaman surpassed this and introduced an across--board rate of 22% for all domestic corporate taxpayers subject to corporates t claiming any exemptions or incentives.

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Finance Minister said a domestic company which does t opt for concessional tax regime due to existing exemptions or incentives will pay tax at rate of 34.94% or 29.12%. In what seems like a good thing, in this case, se companies can opt for concessional tax regime after expiry of ir incentives.

ditionally, an option to pay corporate tax at rate of 15% is w provided to any new domestic company established post-October 1, 2019, and making fresh investment in manufacturing. It has been done with a focused view to boost manufacturing and to provide thrust to ‘Make-in-India’ initiative of government.

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As per government data, ecomic growth of India presented a slowdown to a seven-year low to 5 per cent in April to June quarter from 8 per cent a year ago. slowdown has largely been attributed to a sharp dip in manufacturing sector and agriculture output, Ministry of Statistics and Programme Implementation h said in a statement. 

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(With ANI Inputs)