Congress terms corporate tax reduction panic reaction

New Delhi: The Congress said on Friday that government’s decision to reduce corporate tax was a “panic reaction to tide over choppy sensex” instead of laying sound economic vision for the country.


Addressing a press conference here, Congress Communications Incharge Randeep Singh Surjewala said while the corporate tax has been slashed not a single penny of relief not been given to the honest taxpayers, “who bear the actual burnt of the economic mess created by the BJP government”.


“The latest announcement by BJP government slashing corporate tax worth Rs 1,45,000 crore a year is another panic reaction to tide over choppy sensex index instead of laying down the sound economic vision and fiscal policy for the country,” he said


Surjewala asked where will the resources to compensate the revenue loss come from.


“Will they come by taxing the common man and the farmer in shape of taxes on petrol, diesel, electricity and other household products? Alternatively, will they use their own tested model of bleeding the profit-making PSUs like LIC,” he asked.


Surjewala alleged that Finance Minister Nirmala Sitharaman lacked ideas to revive the country’s ailing economy.


“Modi government 2.0 has turned out to be an economic and political disaster for India. The looming economic crisis is fast turning into ‘BJP-made economic anarchy’. The economic mismanagement, herculean blunders and daily bloopers have caused a shadow upon the economic stability,” he said.


The Congress leader accused the BJP of “mocking the budget exercise” and said the entire budget proposals have either been rejected or amended or rolled back over last one month.


“Why have the common man, middle class and salaried people been left out of the tax relief? The worst sufferers of the economic recession are the salaried people, the middle class, the youth, the small shopkeepers and small and medium businesses. Why has a single penny of relief not been given to the honest taxpayers,” he said


In a bid to promote growth and investments, the central government on Friday ay slashed domestic corporate tax to an effective 25.17 per cent inclusive of all surcharges and cess.

ANI