Slash in corporate tax to attract investments, boost growth — Sonowal

Guwahati, Sep. 20 (PTI): Assam Chief Minister Sarbananda Sonowal on Friday welcomed the central government’s decision to slash corporate tax by almost 10 percentage points, saying this “historic” move will help attract investments, boost growth and turn India into the world’s manufacturing hub.

Sonowal also said that Prime Minister Narendra Modi deserves to be complimented for the biggest tax relief to the corporates since 1991.

“The historic decision to cut corporate tax first time after 1991. This will help attracting investments, boost growth and turn India world’s manufacturing hub,” he said in a statement.

The chief minister said the decision will also help the north-eastern states as many investors may come to set up industries in the region, thus helping generate employment.

In the biggest reduction in 28 years, the government on Friday slashed corporate tax by almost 10 percentage points as it looked to pull the economy out of a six-year low growth and a 45-year high unemployment rate by reviving private investments with a INR 1.45-lakh crore tax break.