Arun Jaitley Reduces Corporate Tax Rate To 25 Per Cent For Rs 250 Crore Turnover

Budget 2018: "This will benefit entire MSME sector which accounts for 99 per cent of companies filing taxes," Arun Jaitley said while announcing the 2018-19 Budget.

 Share
EMAIL
PRINT
COMMENTS
Arun Jaitley Reduces Corporate Tax Rate To 25 Per Cent For Rs 250 Crore Turnover

Arun Jaitley has proposed the lowering of corporate tax rate to 25 per cent


New Delhi:  Finance Minister Arun Jaitley today proposed to lower corporate tax rate to 25 per cent for businesses with turnover up to Rs 250 crore.

"This will benefit entire MSME sector which accounts for 99 per cent of companies filing taxes," Mr Jaitley said while announcing the 2018-19 Budget.

The estimates of revenue foregone due to this measure is Rs 7,000 crore in 2018-19.

However, for businesses with over Rs 250 crore turnover 30 per cent tax remains.

"The lower corporate tax will leave businesses with investable surplus and create more jobs," Mr Jaitley said.

Lowering of corporate tax is in tune with Mr Jaitley's promise in 2015-16 Budget.

In the 2015-16 Budget, Mr Jaitley had announced that the corporate tax rate would be gradually lowered to 25 per cent from existing 30 per cent over the next four years.


Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on ndtv.com/elections. Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general elections.

NDTV Beeps - your daily newsletter

................................ Advertisement ................................

................................ Advertisement ................................

................................ Advertisement ................................