The tax cut came as Indian Prime Minister Narendra Modi's government attempts to spur the country's slowing economy.
Roadside barber Ranjit shaves a customer's beard under the flyover in Amritsar on September 22, 2019.raises questions about how the government will make up for the lost revenue, one economist told CNBC on Monday.
The figures released by the Indian finance ministry are "very fair" in "conceding" that a gap exists, Vishnu Varathan, head of economics and strategy at Mizuho Bank, told CNBC on Monday. "While the reduction brings India's corporate tax rate closer to peers throughout Asia and will support the business environment and competitiveness, a host of cyclical factors, including rural financial stress, weak corporate sentiment, and a slow flow of credit in the financial sector, remain headwinds to near-term growth," the analysts said.
"If they get growth stronger, then in theory they can say 'well, therefore tax receipts should do better' and if they can broaden the tax base and actually improve the amount of the economy that they actually do receive tax from, this could be a positive thing," Mann, global chief economist at Standard Chartered Bank, told CNBC's "Squawk Box" on Monday.
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