Amid growing concerns over the economic slowdown, Union Finance Minister Nirmala Sitharaman announced a slew of tax exemptions at the GST Council Meet on Friday. Nirmala Sitharaman proposed to slash corporate tax for domestic companies and new local manufacturing companies through an ordinance. In a major fiscal booster, the government on Friday slashed effective corporate tax to 25.17 per cent inclusive of all cess and surcharges for domestic companies.
Making the announcement, Finance Minister Nirmala Sitharaman said the new tax rate will be applicable from the current fiscal which began on April 1. "We today propose to slash the corporate tax rates for domestic companies and for new domestic manufacturing companies," the finance minister said at the meeting.
Nirmala Sitharaman said the revenue foregone on reduction in corporate tax and other relief measures will be Rs 1.45 lakh crore annually. This, she said is being done to promote investment and growth.
"Tax concessions will bring investments in Make in India, boost employment and economic activity, leading to more revenue," the finance minister said in Goa. In effect, the corporate tax rate will be 22 per cent for domestic companies, if they do not avail any incentive or concession. Read More...
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