(MENAFN- KNN India) Decision taken by Fin Min to cut corporate tax was historic, says Yogi
Lucknow, Sep 23 (KNN) Slashing of corporate tax rate would result in more investment by corporates, higher growth, more jobs, higher productivity and higher income, said Yogi Adityanath, Chief Minister of Uttar Pradesh.
Complimenting Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman for the move, he said "It is a historic step taken by the Central government to strengthen Indian economy that will help the country compete at global level."
He said that at a time when the entire country is facing economic slowdown, the decision taken by the Union Finance Ministry to cut corporate tax was historic.
Due to this decision, better results will be witnessed in the state's revenue and gross domestic product (GDP), he added.
He said that companies now had the option to pay tax at the rate of 22 per cent instead of 30 per cent, and by including the surcharge and cess, the effective rate would be 25.17 per cent.
'For new manufacturing companies, the effective rate, including all surpluses and cess, would be 17.01 per cent, he added.
The Chief Minister said the current cut in corporate tax would have a positive impact on the destitute and the unemployed.
'This money will either be distributed as dividends or invested further. A large part will flow into our economy in the form of investments, said Adityanath.
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