SIAM, the Auto Industry body, has welcomed the reduction of corporate tax and other relevant announcements made by the Union Finance minister. The government has reduced corporate tax to 25.17% for domestic firms which will be applicable for the ongoing financial year.
“The reduction of corporate tax to 15 percent for new companies making fresh investments from October 1, 2019 will support investment and also FDI in the auto sector. This is expected to give a big boost to Make in India for automobile industry,” Society of Indian Automobile Manufacturers (SIAM) President Rajan Wadhera said.
The industry body also welcomed the government’s decision to expand the scope of CSR expenditure to include incubation centers and R&D facilities.