Tax sops to boost stock market for Modi's US trip: Rahul | Seedha Sawal

20 Sep 2019 06:34 PM

Tax sops to boost stock market for Modi's US trip: Rahul | Seedha Sawal

Updated 20 Sep 2019 06:34 PM

Congress leader Rahul Gandhi on Friday took a swipe at the tax incentives announced by the Centre, saying it was aimed to push up the stock market ahead of Prime Minister Narendra Modi's US tour when he is expected to meet many foreign investors.

Taking a pot shot at the Rs 1,45,000 crore revenue that the government will have to forego due to the reduction in corporate tax rate and other relief, Rahul Gandhi said that the Prime Minister's trip is proving to be the world's most expensive event ever.

"Amazing what PM is ready to do for a stock market bump during his #HowdyIndianEconomy jamboree. At + 1.4 Lakh crore Rs the Houston event is the world's most expensive event, ever! But, no event can hide the reality of the economic mess 'HowdyModi' has driven India into," he tweeted.

Earlier, Finance Minister Nirmala Sitharaman on Friday announced slashing of the corporate tax rate to 22 per cent for domestic companies and 15 per cent for new domestic manufacturing companies, besides other fiscal relief.

The effective tax rate for these companies would now be 25.17 per cent, inclusive of surcharge and cess. Also, such companies shall not be required to pay Minimum Alternate Tax (MAT).

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