After Union Finance Minister Nirmala Sitharaman announced cuts in the corporate tax rate, Chief Minister Devendra Fadnavis on Monday said that Maharashtra will be the biggest beneficiary of the decision taken by the finance ministry.
CM Fadnavis said that Maharashtra is the centre of manufacturing in the country and with the move to provide corporate tax relief, the state will invite job creation as well as increased investment.
The state entices huge number of foreign direct investments and is also the manufacturing hub of the country. With the move to reduce corporate tax, Maharashtra will witness an increase in investment and job creation,” Chief Minister Devendra Fadnavis said.
Nirmala Sitharaman announced cuts in the corporate tax rate to 22 per cent from 30 per cent as a part of measures to reverse slowing economic growth. The effective corporate rate after surcharge will be 25.17 per cent.
Defending the decision taken by the central government, CM Fadnavis said that this move will ‘save India’ from being affected by the slowdown of the global economy. Moreover, the reduction in the corporate tax rate will also help India benefit from the ongoing US-China trade war.
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CM Fadnavis further said that this move will attract companies which are moving out of China to set up and invest in India.
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