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Letter to BS: FM Sitharaman deserves accolades for two recent tax reforms

The recent reforms will give boost to new entrepreneurs and attract foreign investors to invest in India

Business Standard 

Nirmala Sitharaman, Finance Minister
FM Nirmala Sitharaman

Finance Minister deserves to be congratulated for the two significant tax reforms recently. The first one being slashing of corporate tax from 30 per cent to 22 per cent that will enthuse the industrial community to bring in capital investment. The second being the most unique tax reform, never heard of in any economy in the world — that is, any new company desirous of starting a new business after October 1, 2019, and commencing production before March 2023, will pay only 15 per cent corporate tax. This will certainly give a boost to any new entrepreneur to set up a new unit and avail of the tax benefits. This major tax incentive is likely to attract foreign investors to invest in new ventures in India. In fact, Petronet LNG has already evinced interest with a strategic investment of $2.15 billion in Tellurian US LNG. There has been a significant rise in the share market as well.

The finance minister definitely deserves to be complimented for her bold and innovative tax reforms in the country that will certainly revive the economy and spur growth in the remaining quarters of this fiscal year.

Satish Murdeshwar, Pune

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First Published: Wed, September 25 2019. 20:21 IST