AGARTALA, Oct 1 (TIWN): Tripura Chief Minister Biplab Deb finds massive business-mode in Modi Govt’s decision of tax slashing for the corporates, saying, “It would definitely generate investments and boost economy”.

Deb said that right now India tops in giving highest relaxations for the corporate taxes, which he believes will help Northeast states also and earn rvenue. While addressing in an investors meet, Biplab Deb said this on Monday.

However, for the readers knowledge it’s important to mention that investment rates have not at all increased with the cut in corporate taxes, rather India’s first quarterly debt is now Rs. 88.18 lakhs cores.

The national Congress has slammed the Modi Govt for relaxing corporate taxes at 15% and 22% whereas middle class people to give 30 %.

Recently in a press conference, Randeep Singh Surjewala asked the Modi Govt, “Can PM and FM tell the Nation as to where will the resources to compensate the revenue loss of Rs.1,45,000 crore come from? Will they come by taxing the common man and the farmer in shape of taxes on petrol, diesel, electricity and other household products?”

The statement from the national Congress came after in a major bonanza for corporates as part of measures to promote growth and investment, Finance Minister Nirmala Sitharaman on Friday announced to slash corporate tax rate to 22 per cent for domestic companies and 15 per cent for new domestic manufacturing companies, besides other fiscal reliefs.

 Sitharaman said the revenue foregone on reduction in corporate tax and other relief measures will be Rs 1.45 lakh crore annually.  The move puts India’s tax rate on par with Asian peers and will boost efforts to attract investments as companies look for alternative destinations to sidestep supply chain disruptions from the U.S.-China trade war.  RBI Governor Shaktikanta Das welcomed the government announcement, calling it a “bold move.'’ Domestic investor wealth soared by Rs 2.11 lakh crore in morning trade on Friday.