Finance minister sees gradual reduction in tax rates for bigger corporates
20 August 2019
Finance minister Nirmala Sitharaman has said corporate tax rate for companies with over Rs400 crore turnover will be gradually cut to 25 per cent and the government will support wealth creators.
The annual Budget presented last month had proposed to cut corporate tax for companies with annual turnover of up to Rs400 crore to 25 per cent from 30 per cent.
Also in the previous Budget presented by the then finance minister Arun Jaitley, tax rates for corporates with turnover of up to Rs250 crore had been cut to 25 per cent.
Speaking at an industry event in new Delhi, Sitharaman said the corporate tax reduction for the rest of corporates would be gradual.
She did not give a timeframe for the reduction, but said wealth creator entrepreneurs will be given all kinds of support.