Planning Board VC hails cut in Corporate Tax
State Planning Board Vice Chairman B Vinod Kumar on Friday welcomed Union Finance Minister Nirmala Sitaraman’s announcement of relief measures in Corporate Tax area stating that this was a major macro-economic significant step to reverse the slow down.
Hyderabad: State Planning Board Vice Chairman B Vinod Kumar on Friday welcomed Union Finance Minister Nirmala Sitaraman's announcement of relief measures in Corporate Tax area stating that this was a major macro-economic significant step to reverse the slow down.
In a press release issued here, Vinod Kumar said the measures by the Finance Minister were timely and very appropriate. The stock market Indices had also seen highest increases since economic reforms of 1991.
With these measures the Corporate Sector from India and abroad would get a big boost to spur the investment in the country. New domestic manufacturing companies incorporated after October 2019 are going to get taxed at 15 per cent.
This would encourage all top Corporate Sector to start new manufacturing companies to avail this lowest tax regime. It is going to be a great opportunity for Telangana State to attract the new manufacturing investments with our TS i-PASS Industrial policy.
Vinod Kumar said that Telangana allocated vast lands for Pharma City, Industrial Zones and government would take steps to attract the new manufacturing industries. Telangana State would definitely make use of the above interventions announced by Centre for Corporate Sector and ensure that Telangana State gets a boost in new manufacturing facilities and consequent increase in employment. Government would encourage wider spread of these new manufacturing sectors across Telangana.