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Corporate tax to be cut gradually: Sitharaman

  •   Mon, Aug 19 2019 09:30:07 PM

New Delhi, Aug 19 (IANS): Finance Minister Nirmala Sitharaman on Monday said corporate tax rate for companies with over Rs 400 crore turnover will be gradually cut to 25 per cent and the government will support wealth creators.

In her maiden Budget in July, she had cut corporate tax for companies with annual turnover of up to Rs 400 crore to 25 per cent from 30 per cent. Last year, the then Finance Minister Arun Jaitley had cut the corporate income tax rate to 25 per cent for companies with a turnover of up to Rs 250 crore.

Speaking at an industry event here, Sitharaman said the corporate tax reduction for the rest of corporates would be gradual. However, she did not give any time frame for the reduction.

Echoing Prime Minister Narendra Modi's Independence Day speech, she said Indian wealth creator and entrepreneurs will be given all kinds of support.

PM Modi in his Independence Day speech had said that wealth creators in the country should be given due respect. "Only when wealth is created, wealth will be distributed." he had said.
  

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Comment on this article

  • Azeez Vittal, Dubai

    Tue, Aug 20 2019

    It's a defensive meausre against recession.The reforms in fiscal policy (Tax cut)is need of the hour.The govt has already began economic stimulus to worst hit indutries.Hope ou economy will recover.

    DisAgree Agree Reply Report Abuse

  • Desh Bhakth, Mangalore

    Mon, Aug 19 2019

    If there is will there is a way then the brain will lead into the right path. You don't seem serious in your commitment to redress the prevailing dire situation.

    DisAgree Agree [2] Reply Report Abuse


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