As Finance Minister Nirmala Sitharaman made mega announcements on corporate tax and fiscal measures, SIAM president, Rajan Wadhera hailed the move on Friday.
Wadhera welcomed the bold announcements, including the reduction of the corporate tax rate to 22 per cent and no minimum Alternate Tax for companies not availing incentives under the Income Tax Act.
In a press release, the SIAM president also emphasised that the reduction of corporate tax to 15 per cent for new companies, which are making fresh investments from 1st October, will enhance and support investment. This will also positively influence FDI and auto sector, giving a boost to 'Make in India' for the automobile industry.
Supporting the expansion of the scope of CSR expenditure, Wadhera said this move will also help with R&D expenditure in the automobile sector.
Meanwhile, all these fiscal measures are likely to uplift the market and improve the demands for automobiles.
Rajan Wadhera appreciated Nirmala Sitharaman for such pathbreaking announcements and ensured that this move will revive the Indian economy.
These set of major tax reforms are a clear indicator of the Government of India’s commitment to improving the business environment to give a definite boost to economic growth.
Finance Minister Nirmala Sitharaman had addressed a press conference in Panaji, Goa.
Sitharaman and several State Finance Ministers have gathered in Panaji to take part in the Goods and Services Tax Council Meet.
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