New Delhi: Finance Minister Nirmala Sitharaman Monday said corporate tax rate for companies with over Rs 400 crore turnover will be gradually cut to 25 per cent and the government will support wealth creators.
In her maiden Budget in July, she had cut corporate tax for companies with annual turnover of up to Rs 400 crore to 25 per cent from 30 per cent. Last year, the then Finance Minister Arun Jaitley had cut the corporate income tax rate to 25 per cent for companies with a turnover of up to Rs 250 crore.
Speaking at an industry event here, Sitharaman said the corporate tax reduction for the rest of corporates would be gradual. However, she did not give any time frame for the reduction.
Echoing Prime Minister Narendra Modi’s Independence Day speech, she said Indian wealth creator and entrepreneurs will be given all kinds of support.
PM Modi in his Independence Day speech had said that wealth creators in the country should be given due respect. “Only when wealth is created, wealth will be distributed.” he had said.