Tax Rate Cut Will Benefit Rich, Poor Left to Fend for Themselves, Says Kapil Sibal
The Congress on Friday had termed the corporate tax cut a 'panic reaction' by the government and linked it to the Howdy Modi event in Houston.
File photo of Congress leader Kapil Sibal.
New Delhi: Senior Congress leader Kapil Sibal on Saturday attacked the government over its move to cut corporate tax, alleging that the rich will benefit while the poor left to fend for themselves.
The government on Friday slashed corporate tax rates for companies by almost 10 percentage points to 25.17 per cent and offered a lower rate to 17.01 per cent for new manufacturing firms to boost economic growth rate from a six-year low by incentivising investments to help create jobs.
"Howdy Modi. Corporate Diwali. India foregoes 1.45 lakh cr. revenue. Need Diwali for needy folk!" Sibal said in a tweet.
"Extra money in corporate hands will not boost demand. Need extra money in hands of rural India to spur consumption. The rich will benefit. The poor left to fend for themselves," he said.
The Congress on Friday had termed the corporate tax cut a "panic reaction" by the government and linked it to the ''Howdy Modi'' event in Houston, with Rahul Gandhi saying he is amazed at what Narendra Modi can do for a "stock market bump" before the diaspora programme.
Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.
Recommended For You
- Hrithik Roshan, Sussanne Khan Step Out Together for Sunday Brunch with Kids, See Pics
- Bigg Boss 13 Day 14 Written Update: Salman Khan Eliminates Koena Mitra on Weekend Ka Vaar
- This is The End: What is up With Fortnite And Why Are You Staring at a Blank Screen
- 15-year-old Coco Gauff Beat Jelena Ostapenko to Win First WTA Title at Linz
- Video of Pune Electric Bus Getting Charged Through a Diesel Generator Surfaces, Twitter Has a Field Day