New Delhi: Finance Minister Nirmala Sitharaman on Friday announced a cut in corporate tax rate from 30 per cent to 22 per cent in a bid to attract manufacturers and revive private investment.
“At this stage, my intention is to make sure that the government does not sit on payments which are due, the government does not sit on CAPEX (capital expenditure) which it had planned,” noted Sitharaman, as quoted by news agency ANI.
Notably, the Finance Minister is scheduled to hold a meeting with various agencies of public sector undertaking and other agencies that come under different ministries on Saturday, i.e., September 28. “Tomorrow, we’ll have a separate meeting with different agencies of public sector undertaking and other agencies which come under different ministries,” Sitharaman told the reporters after her meeting with Secretaries and Financial Advisors of key selected Ministries on Friday.
In response to a question on the fiscal deficit target, Nirmala Sitharaman was quoted by a report as saying, “I’m looking to get expenditure going. At this moment I want to ensure the government doesn’t sit on funds which is due.”
Speaking on the GST refund, Sitharaman said that 90 per cent of the amount outstanding as on August 23 have been cleared. “Hopefully 30-day limit is not crossed and I’m sure Revenue Secy will inform me but even in that we’ve kept the promise that refunds shall not be delayed,” said Sitharaman while addressing the media on Friday.