Corporate Tax Rates Slashed To 22%
Corporate Tax Rates Slashed To 22% https://www.fundstiger.com/corporate-tax-rates-slashed/ Finance Minister Nirmala Sitharaman today announced a big reduction in income tax rate for corporates. The government has slashed basic corporate tax rate to 22% from 30% while for new manufacturing companies it has been cut down to 15% from 25%. Over the past few weeks, the government has been announcing a series of measures to boost growth that had fallen to six-year low of 5% in June quarter. Revenue foregone for the reduction in corporate tax rate and other relief measures announced today will cost the government ₹1.45 lakh crore per year, the finance minister said. While that will raise the deficit, already under stress since the tax targets were too ambitious to begin with, it doesn’t really matter; the sensex rose 1500 points within a short while of the announcement. Diwali came early for India Inc after the Centre slashed effective corporate tax to 25.17 per cent inclusive of all ...