New Delhi: As a Deepavali gift, Finance Minister Nirmala Sitharaman this morning slashed Corporate Tax rates for domestic firms from 30% to 22% and for new manufacturing companies from 25% to 15% to boost economic growth. The move brings India’s Corporate Tax rate on par with East Asian countries, the Minister said about the Government’s initiative that pushed Sensex up by 4.35%, or nearly 1,570 points.
The slew of tax concessions will be applicable from April 1 and any advance tax paid by the companies will be adjusted accordingly. The measures will have a revenue implication of Rs. 1.45 lakh crore annually, Sitharaman said.
