AIMIM president Asaduddin Owaisi hit out at the Centre's move to slash corporate tax on Friday, wondering whether it was the working people or industrialists who were in need of relief in times of economic crisis. "In an economic crisis with mass unemployment, who should get relief from burdensome taxes & service fees?" Owaisi asked. "Should it be big business or YOU? Who's more in need of "relief": industrialists or working people?"
In the biggest reduction in 28 years, the Centre has slashed corporate tax by almost 10 percentage points as it looked to pull the economy out of a six-year-low growth and a 45-year-high unemployment by reviving private investments with a Rs 1.45-lakh-crore tax break.
"Why's Nirmala Sitharaman in such a giving mood," Owaisi tweeted. "Corporations get loans written off & their tax liability is slashed," the All India Majlis-e-Ittehad-ul-Muslimeen leader said. "Debt-ridded farmers & unemployed young men with education loans are asked to fend for themselves. Rob the poor, reward the rich".
The Opposition Congress termed the Modi government “‘One Step Forward,3 Steps Backward” and said that the “Greenhorn” FM must understand that stimuli does not help beyond a certain level. Slamming the government, Congress spokesperson Randeep Surjewala asked the government that why common people were left out of the tax relief.
"Reduction of corporate tax rate from 30% to 22% & 25% to 15% will lead to revenue loss of â‚¹1,45,000Cr Can PM & FM tell where will resources to compensate the revenue loss of â‚¹1,45,000Cr come from," Surjewala said.