Congress, on Monday night, called out two of major happenings in India in a single tweet. y targeted Prime Minister Narendra Modi’s extravagant reception and people’s massive show of strength at NRG Stium in Houston, Texas. y me a mockery of event by giving it a political spin and targeted ecomic slowdown in country by tweeting hashtag, #HowdyMandi from ir official Twitter handle. y also called out recent decision of government of reducing corporate tax as 'meaningless'.  

Congress points out after-effect of corporate slash 

Congress in ir tweet said that new reduced corporate tax will increase our fiscal deficit and revenue gap. y posted a series of eight tweets with hashtag of #HowdyMandi to find loopholes in new ecomic policies. government has anunced a slew of measures in past few days to tackle ecomic slowdown and boost ecomy. In a bid to do so, y are receiving surplus funds from central and y have recently slashed corporate tax by 10% points. Congress to this, however, said that with land, labour, port and GST reform tax reduction remains meaningless.  

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plans to revise fiscal deficit 

Amid Congress calling out increase in fiscal deficit and revenue gap because of reduction in corporate tax, Finance Minister, Nirmala Sitharaman has said that re are plans to revise fiscal deficit target at moment. She also said that se are 'decisions taken near Budget'. According to global rating ncy Moody's,  corporate tax slash and money transfer to central government from RBI is only equivalent to around 0.3% of GDP in current fiscal year. This furr narrows  fiscal room for maeuvre. However, Moody’s described rate reduction as credit positive for companies because it will enable m to generate higher post-tax incomes. 

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Corporate tax cuts  

Finance Minister, Nirmala Sitharaman, in an anuncement at Goa, slashed corporate tax and informed that  subsequent foregone revenue will amount to Rs 1.45 lakh crore annually. Nirmala Sitharaman reduced corporate tax by almost 10% points to 25.17%. She ded that  reduction in tax rates has been done by promulgating an ordinance to an amendment to Income Tax Act. effective tax rate has come up to be 25.17% after considering surcharges and cess, this compares to a 30% corporate tax rate currently and an effective tax rate of 34.94%.  

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