Tax Rate Cut Will Benefit Rich, Poor Left to Fend for Themselves, Says Kapil Sibal© timesofindia.indiatimes.com

Tax Rate Cut Will Benefit Rich, Poor Left to Fend for Themselves, Says Kapil Sibal

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Senior Congress leader Kapil Sibal today 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!" Mr Sibal said in a tweet.