Corporate tax cut to cost govt Rs 1.45 lakh crore.

Finance Minister Nirmala Sitharaman announced a corporate tax cut for domestic firms and new domestic manufacturing companies at a press conference on Friday ahead of the GST council meet. A press note released by the government stated that the revenue estimated to be foregone after the corporate tax cut would be Rs 1.45 crore.

The tax rate has been cut to 22 percent from the existing 30 percent. The effective tax rate for these companies would be 25.17 percent, inclusive of all surcharge and cess. For new manufacturing companies, the existing tax rate of 25 percent has been brought down to 15 percent.

"In order to promote growth and investment, a new provision...

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