You are here: Home » News-ANI » National
Business Standard

Rahul takes dig at Modi after corporate tax cut, says Houston event most expensive

Business Finance

ANI  |  Politics 

Congress leader Rahul Gandhi on Friday took a dig at Prime Minister Narendra Modi over the government slashing corporate tax ahead of his visit to the US and said that the "Howdy Modi" event at Houston is "the world's most expensive event ever at over Rs 1.4 lakh crore".

In a tweet, Gandhi also said it was amazing "what the PM is ready to do for a bump in the stock market".

Gandhi said that no event can hide the "reality of economic mess "HowdyModi" has driven India into".

"Amazing what PM is ready to do for a stock market bump during his HowdyIndianEconomy jamboree. At + 1.4 lakh crore Rs. the Houston event is the world's most expensive event, ever! But, no event can hide the reality of the economic mess "HowdyModi" has driven India into," he said.

Gandhi's comments came hours after Finance Minister Nirmala Sitharaman announced tax cuts and fiscal reliefs saying that domestic corporate tax has been slashed to an effective 25.17 per cent, inclusive of all surcharges and cess.

The move would cost the exchequer Rs 1.45 lakh crore.

The changes in the Income Tax Act have been brought through an ordinance.

Sitharaman said manufacturing companies set up after October 1 will have the option to pay 15 per cent tax and effective tax rate for new manufacturing firms will be 17.01 per cent inclusive of surcharge and tax.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, September 20 2019. 16:17 IST