The government will 'take action at an appropriate time' said Finance Minister Nirmala Sitharaman in response to a query on personal income tax rate cuts.
Sitharaman this when asked about reducing personal income tax to boost demand, according to a report in The Times of India. The tax benefits to individuals are reviewed periodically, she said.
Sitharaman said that she took suggestions from lawmakers to reduce personal income tax rates and it would be considered for its merit, the report said. She said she would not cut income tax rates to bring parity with the Centre’s decision to reduce corporate tax.
"People are approaching the government for fresh investment which will help to generate more jobs as well as make India a manufacturing hub in the future," she said on corporate tax reduction.
On Tuesday, the finance minister said the government is open to further reforms for making India a more attractive investment destination.
The government has taken various steps, including reduction of corporate tax, she said at India-Sweden Business Summit in Delhi.
"I only can invite and assure that the Government of India is committed for further reforms in various sectors whether it is banking, mining or insurance and so on," she said.
She invited Swedish firms to invest in infrastructure development projects.
India plans to invest about Rs 100 lakh crore in infrastructure sector in the next five years.
On Monday, Sitharaman said in the Lok Sabha that the government's decision to reduce corporate tax rate was aimed at attracting investment and creating jobs.
The government's decision was also necessary to attract investment from multi-national companies, which are wanting to shift operations from China in view of ongoing Sino-US trade war, she said while moving the Taxation Laws (Amendment) Bill, 2019 for consideration and passage, according to a PTI report.
The Bill seeks to replace the Ordinance which was promulgated by the President in September.
--With PTI inputs
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Updated Date: Dec 03, 2019 15:36:21 IST