'Only rich will benefit': Kapil Sibal attacks government over corporate tax cut, says poor left to fend for themselves

  • Kapil Sibal on Saturday attacked the government over its move to cut corporate tax, alleging that the rich will benefit while the poor left to fend for themselves

  • The government on Friday slashed corporate tax rates for companies by almost 10 percentage points to boost economic growth

  • "Howdy Modi. Corporate Diwali. India foregoes 1.45 lakh cr. revenue. Need Diwali for needy folk!" Sibal said in a tweet

New Delhi: Senior Congress leader Kapil Sibal on Saturday attacked the government over its move to cut corporate tax, alleging that the rich will benefit while the poor left to fend for themselves.

The government on Friday slashed corporate tax rates for companies by almost 10 percentage points to 25.17 per cent and offered a lower rate to 17.01 per cent for new manufacturing firms to boost economic growth rate from a six-year low by incentivising investments to help create jobs.

"Howdy Modi. Corporate Diwali. India foregoes 1.45 lakh cr. revenue. Need Diwali for needy folk!" Sibal said in a tweet.

"Extra money in corporate hands will not boost demand. Need extra money in the hands of rural India to spur consumption. The rich will benefit. The poor left to fend for themselves," he said.

The Congress on Friday had termed the corporate tax cut a "panic reaction" by the government and linked it to the ''Howdy, Modi!'' event in Houston, with Rahul Gandhi saying he is amazed at what Narendra Modi can do for a "stock market bump" before the diaspora programme.

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Updated Date: Sep 21, 2019 18:32:29 IST