Union Minister of Commerce and Industry, Piyush Goyal, on Saturday, praised Central government's decision to reduce base corporate tax rate to 22% from 30% as part of stimulus measures to revive slowing ecomic growth.  corporate tax was reduced by 10% points and effective tax rate has become 25.17% after considering surcharges and cess, this compares to a 34.94% effective corporate tax rate currently.  Commerce Minister is on a two-day visit to United Arab Emirates (UAE) to attend meeting of 7th India-UAE High-Level Task Force on Investment. He is also going to unveil 'India Pavilion' at World Expo 2020 in Dubai.

Piyush Goyal’s statements at World Expo 2020 

Union Minister congratulated PM and FM on anuncing change in tax rates. He said, "I congratulate Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for taking se bold decisions which will take India forward and make it go ahe on path of progress. India w offers bigger opportunities and a tax regime which makes it very competitive in world. What India w offers is almost unparalleled in world. Firstly, we offer corporates a big domestic market which countries like UAE do t have and n such liberal tax structures which are almost unparalleled in world.”  Union Minister also said that  negative minded people have always pulled India back. Some negative minded people will oppose it but it is same thought process which denied people of electricity, toilets, and even banking facilities," he said.  

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Tax Slash – a fillip to growth 

On Friday, Piyush Goyal supported Nirmala Sitharaman’s introduction of tax cut and said that this measure will give a necessary fillip to ecomy. He said at an event that, “Finance Minister's anuncement on slashing corporate tax will give necessary fillip to ecomy which we've been hoping for. We have h a series of measures and today's measures are largest." He also ded that foregone revenue of ₹1.45L crores will benefit corporates. Piyush Goyal was hopeful that, businesses will be able to take benefit of se measures to spur growth. “se measures will help in making India a better investment destination.  anuncement on tax will help companies like Coal India, Infosys, and Wipro,” he said. 

With inputs from ANI

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