Govt cut corporate tax rates in a surprise move designed to woo manufacturers, revive private investment and lift growth from a 6-year low.
The drop in tax rate would now bring India at par with most Asian economies, the report added.
The immediate benefit is increased cash flows to corporate India.
On Friday, the Centre announced a reduction in the base corporation tax rate to 22 per cent from 30 per cent.
Government slashed the income tax rate for companies by almost 10 percentage points to 25.17 per cent.
Corporate tax rate cut for companies by almost 10 percentage points to 25.17 per cent.
Corporate tax rate cut from 30 pc to 25.2 pc to spur growth- this is a great move which will firmly revive growth and investment.
Governor also welcomed the government announcement in the morning to slash corporate tax across the board.
More details are awaited.
The ministry has decided to hold meetings of tax administrators across various Tier II cities in the country.