Finance minister Nirmala Sitharaman on Monday said corporate tax rate for companies with over ₹400 crore turnover will be gradually cut to 25%, and the government will support wealth creators.
She cut Corporate Tax for companies with an annual turnover of up to rs.400 crore to 25 percent from 30 percent earlier on her first budget last month.
Last year, the then finance minister Arun Jaitley had cut the corporate income tax rate to 25% for companies with a turnover of up to ₹250 crore.
Sitharaman said the reduction in corporate tax would be gradual.
She did not give a timeframe for the reduction.
Echoing Prime Minister Narendra Modi’s Independence Day speech, she said Indian wealth creator entrepreneurs will be given all kinds of support.