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Corporate tax will be cut gradually: FM
Why is it in the news ?
- The Finance Minister said corporate tax rate for companies with over Rs 400 crore turnover will be gradually cut to 25%.
More in the news
- In the budget this year, Finance Minister had cut corporate tax for companies with annual turnover of up to Rs 400 crore to 25% from 30%earlier.
- In 2018, the then Finance Minister had cut the corporate income tax rate to 25% for companies with a turnover of up to Rs 250 crore.
- As per the Minister, the corporate tax reduction for the rest of corporates would be gradual.
- However, the minister did not give a timeframe for the reduction.
- Also, the Indian wealth creator entrepreneurs will be given all kind of support.
Source
The Hindu.