Govt Reduces Tax For Corporate Companies
Finance Minister Nirmala Sitharaman announced that basic Corporate Tax Rates will be slashed to boost national economy.
Recently Nirmala Sitharaman the Finance Minister has been announcing many changes to boost the economy. In the April-June quarter, the GST growth was the lowest in seven years. The automobile sector is also going through many problems. The government has decided to reduce income tax for corporate companies. They have done this to give a boost to growth and help the economy.
Finance Minister Nirmala Sitharaman on Friday 20th September 2019, announced that basic Corporate Tax Rate for domestic companies is 25.7% and the tax for new manufacturing organizations is 17.01%. As soon as she made the announcement, the business community happily welcomes this decision. For the time the BSE rose 1,300 points due to this announcement.
