Maharashtra would be the biggest beneficiary of the cut in corporate tax: CM

Chief minister Devendra Fadnavis on Monday said Maharashtra would be the biggest beneficiary of the cut in corporate tax.

Chief minister Devendra Fadnavis on Monday said Maharashtra would be the biggest beneficiary of the cut in corporate tax.

HT Image

Thanking the Prime Minister and the Union finance minister, Fadnavis termed the move “very bold”. “The tax cut will increase our companies’ global competitiveness as we were falling behind the threshold of 22% tax. In the ongoing trade war going between US and China, several companies and industries are moving to South Asian countries and now many of them will come to India. Several economists had also demanded that we slash the tax to achieve our target of $5-trillion economy,” he said. “In the past two years, several global companies have invested in Maharashtra. The decision of 15% tax on new investments will also lead to big gains. Overall, we expect an unprecedented investment in our manufacturing sector due to this.”

The BJP government has been staving off criticism over its handling of the slowdown. The Opposition plans to campaign on the issue of recession and job cuts. Fadnavis, however, said that the over the last few months, the new government had taken several steps for fiscal consolidation and to increase investments in the country.