Earlier in the day, Sitharaman announced cuts in tax rates for domestic companies and new domestic manufacturing companies to 22 per cent and 15 per cent, respectively. The move is aimed at providing a better boost to the slowing economy.
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Explained: How the latest corporate tax rate cut impacts the economy
A cut in personal income tax or GST slabs would have spurred the economy more in the short term but the corporate tax cut is beneficial for the economy in the long term.
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