India Inc is going gaga over Nirmala Sitharaman’s corporate tax cuts

• Finance Minister Nirmala Sitharaman announced a big boost for businesses by slashing corporate tax.
• Business leaders across the country took to Twitter to rejoice the move.
• Sensex posted its sharpest single-day gain in over a decade.

Indian Finance Minister Nirmala Sitharaman announced a slew of initiatives that has the markets rejoicing – corporate tax rate has been slashed.

A domestic company can pay income tax at 22% if they don’t seek any exemption or incentives and inclusive of surcharge, the effective tax on Indian firms will be 25.17%.

Read: The top tax changes announced by Finance Minister Nirmala Sitharaman here

With the current economic slowdown which had gripped the Indian business community, the recent announcement brought in the festive season early. Sudhir Kapadia, partner at EY, put these changes in India at par with the sweeping cuts announced by Donald Trump in 2017 after he took over the President of the United States.

Here’s how Indian business leaders cheered the Finance Minister’s latest Friday announcement.

Kiran Mazumdar Shaw, Chairperson and managing director, Biocon said that this move will revive growth and investment in India.


Harsh Goenka, chairman of RPG Enterprises called it a ‘Virat’ cut from the government.


Uday Kotak, chairman of Kotak Mahindra, called it a bold and progressive move.


Hedge fund manager Samir Arora also seemed to be ecstatic about the move.


Hitesh D Gajaria, head of tax at consulting firm KPMG too praised the government’s decision


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