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Travel & tourism industry welcomes govt's decision to slash corporate tax rate

Press Trust of India  |  New Delhi 

The government's decision to slash corporate tax will have a positive impact on the travel and tourism sector, industry players said on Friday.

In a major fiscal booster, the government on Friday slashed effective corporate tax to 25.17 per cent inclusive of all cess and surcharges for domestic companies.

"This move will certainly see infusion of positive sentiment in the industry at large, more so in the current environment," Thomas Cook India Chairman & MD Madhavan Menon said.

"We anticipate positive impact for the travel and tourism sector, and with it a boost to our corporate and MICE (meetings, incentives, conferences and exhibitions) travel segments as well," he added.

In similar vein, Travel Food Services Executive Director Varun Kapur said the announcement of relaxing corporate tax rate is a bold move by the government which will accelerate industrial activity and bolster investment across all sectors.

"This is a bold step to provide fillip to the Indian economy," OYO India and South Asia CEO Aditya Ghosh said.

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

First Published: Fri, September 20 2019. 19:20 IST