Rich will benefit, poor left to fend for themselves, says Kapil Sibal

Senior Congress leader Kapil Sibal on Saturday 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 September 20 slashed corporate tax rates for companies by almost 10% points to 25.17% and offered a lower rate to 17.01% 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!" Sibal said in a tweet.

The Congress on September 20 had termed the corporate tax cut a "panic reaction" by the government and linked it to the "Howdy Modi" event in Houston, with Rahul Gandhi saying he is amazed at what Narendra Modi can do for a "stock market bump" before the diaspora programme.

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