Howdy, Modi: Sitaram Yechury echoes Cong, links tax cuts to PM's event

CPI Secretary-General Sitaram Yechury on Friday chose to politicise Finance Minister Nirmala Sitharaman's anuncements on tax cuts by linking move to PM Modi's upcoming event Howdy, Modi. Taking to Twitter shortly after Nirmala Sitharaman's press briefing, Sitaram Yechury questioned timing of anuncements with PM Modi's events, and said, "Massive concessions to foreign speculators". CPI leader furr said "India is going through its worst phase after independence", hitting out at government.

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Congress politics over 'Howdy, Modi' 

CPI leader Sitaram Yechury's statement linking FM's tax cut anuncement with 'Howdy, Modi!' event have echoed remarks made by Congress leader Jairam Ramesh on Friday. Taking to Twitter, Jairam Ramesh also questioned timing of Finance Minister's anuncement with PM Modi's 'Howdy, Modi!' event which is going to take place on September 22 in Houston, Texas. Asking if it's PM's "Trump Card", Congress leader said: PM can w say, "I have come to Texas promising lower taxes".

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FM anunces tax cuts

Government on Friday anunced slashing of effective corporate tax to 25.17 per cent inclusive of all cess and surcharges for domestic companies. Making anuncement, Finance Minister Nirmala Sitharaman said new tax rate will be applicable from current fiscal which began on April 1. Adding that move has been taken to promote investment and growth, she added that  revenue foregone on reduction in corporate tax and or relief measures will be Rs 1.45 lakh crore annually. In effect, corporate tax rate will be 22 per cent for domestic companies, if y do t avail any incentive or concession.   changes in Income Tax Act and Finance Act will be made effective through an ordinance. Minister also said companies opting for a 22 per cent income tax slab would t have to pay Minimum Alternate Tax (MAT). 

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(With PTI inputs)