Bringing in tax cuts and fiscal reliefs through an ordinance, the govt on Friday slashed domestic corporate tax to an effective 25.17 pc.
New Delhi: A day after the government slashed the domestic corporate tax to 25.17 per cent, Congress spokesperson Randeep Singh Surjewala on Saturday alleged that BJP is only worried about serving the interest of "elite class".
"Taxes on employed and middle class- 33 per cent. Taxes on big companies - 22 per cent. It's clear, BJP doesn't care about 'Anndaata' but only about the interest of 'Dhandaata'," Surjewala said in a tweet.
Bringing in tax cuts and fiscal reliefs through an ordinance, the government on Friday slashed domestic corporate tax to an effective 25.17 per cent, inclusive of all surcharges and cess, in a bid to promote growth and investments amid an economic slowdown that would cost the exchequer Rs 1.45 lakh crore.
"A new provision has been inserted in the Income Tax Act from financial year 2019-20 (beginning April 1) which allows any domestic company an option to pay income tax at the rate of 22 per cent subject to the condition that they will not avail any exemption or incentive," Finance Minister Nirmala Sitharaman told the media ahead of a GST Council meeting on Friday.