INDIA
NEW CORPORATE TAX CUT WILL BOOST INDIA’S PROSPECTS
GLOBAL SUPPLY CHAIN IN MANUFACTURING NOW WITHIN REACH
2019-09-27 11:28
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The surprising festive bonanza doled out by Finance Minister Nirmala Sitharaman to India Inc has already created widespread enthusiasm in Indian industry. The grappling business sectors are terming it as much-needed oxygen amidst slowdown, with a hope that they will sail through the low tide of Indian market seeing declining domestic demands. But one of the most positive impacts of the tax cut is that it boosts India’s prospects to become a major player in the global supply chain, provided other issues of Ease of Doing Business can be managed effectively. A tax reduction from for any new manufacturing entity which will commence production by 2023 has slashed more than 12 per cent with effective tax rate 17.01 per cent with no Minimum Alternative Tax (MAT).