Modi govt gives big relief to India inc, slashes rate to 22pc from 30pc.
Finance Minister Nirmala Sitharaman Friday proposed to slash corporate tax rate for domestic firms and new domestic manufacturing companies. The finance minister said this at a press conference in Panjim, Goa.
The current corporate tax rate is 30percent, which has been brought down to 22percent. For new manufacturing companies the existing tax rate is 25percent which has been brought down to 15percent.
"In order to promote growth and investment, a new provision has been included in the Income Tax act, that allows any domestic companies an option to pay income tax at the rate of 22percent without exemptions. Amendments will be made through an ordinance...
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