From 30% to 22%: Govt slashes corporate tax for domestic firms

In a major fiscal booster, the government on Friday slashed effective corporate tax to 25.17% inclusive of all cess and surcharges for domestic companies. Finance minister Nirmala Sitharaman said the new tax rate will be applicable from the current fiscal which began on April 1 and the revenue foregone on reductions will be Rs 1.45 lakh crore annually.

from Times of India https://ift.tt/2NwOD43