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Created: 28 September 2019

JAMMU: Designating reduction in Corporate Taxes as a masterstroke by Modi government, Jugal Kishore Sharma, Member of Parliament from Jammu-Poonch Parliamentary Constituency said that it will also stimulate growth and development in all the three regions of Jammu, Kashmir and Ladakh particularly giving a major boost to tourism sector.

Jugal Kishore Sharma, flanked by BJP State Incharge Membership Drive Jugal Dogra and BJP District President & Chairman JMC Baldev Singh Billawaria expressed gratitude towards Prime Minister Narendra Modi and the Union Finance Minister Nirmala Sitharaman, while addressing media persons at party headquarter, Trikuta Nagar, Jammu.

Jugal Kishore Sharma, while addressing the media persons, designated the present reduction in Corporate Taxes as a masterstroke by Modi government and said that it is perfectly timed to boost the economy of the Nation by providing benefit to the corporate sector which will ultimately be transferred to the common masses. This step will also help the tourism and the allied industry in the regions of regions of Jammu, Kashmir and Ladakh, he claimed.

Jugal termed this reduction as the historic step by Central government, which is being admired by all the sections. He said that this step will boost the economy. He said that the Tax rebate will benefit the industries and Corporate sectors especially newly originating set ups. He said that this move will attract the companies from all over the world, as they will prefer India for their investment plans in comparison to other Nations. He said that this move has particularly benefitted the hotel industry with tax % reduction across all the slabs for renting out room. He mentioned the reduction of GST in the catering sector. He talked of tax reduction in diamond job works, witnessing 1.5% from previous 5% and numerous such steps. New jobs will be created by this move and also the consumers will be getting the goods at the cheaper rates leading to the improvement in the social living scenarios of common masses, he added.

Jugal added that tax on the procurement of Electrical vehicles is reduced to 5% from 12% to promote green energy and reduce pollution. He said that tax has been reduced in passenger vehicles segment. Interest rates for start-up loan are being reduced along with the interest rates on loans for constructing houses. He mentioned that huge amount to the tune of 70,000 Crore rupees has been provided to the banks for providing easy loans to corporate, small traders, small scale industries and retailers. He disclosed that many steps are taken to improve banking sector like mergers, decrease in NPAs, working on Repo and reverse Repo rates etc.