Corporate Tax Rate Cuts Will Set Off A Positive Chain Reaction
By
/ October 14, 2019 
(The article “Corporate Tax Rate Cuts Will Set Off A Positive Chain Reaction” published in magazine Uday India in October 12, 2019 English edition)
By
/ October 14, 2019
It is right that in India tax rates were higher but one needs to know that taxes are used to fund social schemes of government. Sitharaman may now not have enough room for extra spending.
Finance Ministry has yet not clarified how they will cover the revenue loss due to decreased corporate tax rates. PSUs giving more dividend is not certain and RBI cannot be expected to give surplus all the time.
Time has come that the BJP leaders focus more on the state of Indian economy than on nationalism and foreign policy. Yes, Pakistan is an issue but priority should be given to economic wellbeing of Indians.
By changing how companies spend their CSR fund, government has opened new doors for IITs and other prominent institutions. This can be easily implemented and transparently measured.
Why cant the government make large corporates pay more taxes than SMEs? SMEs lack credit prospects and have to borrow at higher rates and hence, they should be allowed to retain more profit.
It was the budget of 2019 presented by Nirmala Sitharaman that further harmed the sentiments. India is already going through a downturn and any increase in tax or surcharge will be suicidal.
There is no doubt that the government is responsive to the situation and all the mentioned measures are in the right direction. Rather than rejecting slowdown, it should be acknowledged and dealt with.
Only corporate tax cuts will not do. Government should further rationalise GST rates and also make complying with GST easier especially for small and medium enterprises.
Every economist has talked about low private investment in past few years which has resulted in slowing of GDP growth. Lower taxation will trigger private investment and serve as a boost to growth.
If the economy has to grow further businesses must invest money in expansion. By cutting tax rates, government has given a breather to businesses so that they can take up new expansion plans.
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