In government’s growth push, some fiscal pain

The sharp cut in corporate tax rates unveiled by finance minister Nirmala Sitharaman on Friday poses a risk for the fiscal deficit target, budgeted at 3.3% of gross domestic product. The cuts in corporate tax rates have come at a time when collections of both direct and indirect taxes have been sluggish and the government estimates Friday’s cuts will mean a revenue loss of Rs 1.45 lakh crore.

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