Excelsior Correspondent
JAMMU, Sept 28: Terming reduction in Corporate Taxes as a masterstroke by Narendra Modi Government, Jugal Kishore Sharma, Member of Parliament from Jammu-Poonch Lok Sabha constituency said that it will also boost growth and development in all the three regions of Jammu, Kashmir and Ladakh besides giving a major boost to tourism sector.
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Talking to reporters here, today Jugal Kishore Sharma, expressed gratitude to Prime Minister and the Union Finance Minister, Nirmala Sitharaman. He was flanked by BJP State in charge Membership Drive, Jugal Dogra and BJP district president & Chairman JMC Baldev Singh Billawaria. He termed the present reduction in Corporate Taxes as a masterstroke by Modi Government and said that it is perfectly timed to boost the economy of the nation by providing benefit to the Corporate Sector which will ultimately be transferred to the common masses. This step will also help the tourism and the allied industry in the regions of Jammu, Kashmir and Ladakh, he claimed.
Jugal called this reduction as the historic step by Central Government, which is being admired by all the sections. This step will boost the economy and the Tax rebate will benefit the industries and Corporate Sector especially newly originating set ups, he added.
He said that this move will attract the companies from all over the world, as they will prefer India for their investment plans in comparison to other nations. This move has particularly benefitted the hotel industry with tax reduction across all the slabs for renting out rooms. He mentioned about the reduction of GST in the catering sector.
Talking about the tax reduction in diamond job works, and numerous such steps, he said. New jobs will be created by this move and also the consumers will be getting the goods at the cheaper rates leading to the improvement in the social living scenarios of common masses.
Jugal added that tax on the procurement of electrical vehicles is reduced to 5% from 12% to promote green energy and reduce pollution. He said that tax has been reduced in passenger vehicles segment. Interest rates for start-up loan are being reduced along with the interest rates on loans for constructing houses. He mentioned that huge amount to the tune of Rs 70,000 crore has been provided to the banks for providing easy loans to corporate, small traders, small scale industries and retailers. He disclosed that many steps are taken to improve banking sector like mergers, decrease in NPAs, working on Repo and reverse Repo rates etc.
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