SME Times News Bureau | 19 Aug, 2019
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.
