In order to provide a level playing field between the co-operative societies and companies, the government proposes to reduce the Alternate Minimum Tax rate for co-operative societies to 15 per cent from the current 18.5 per cent, Finance Minister Nirmala Sitharaman announced.
The UAE — home to Abu Dhabi, Dubai and five other emirates — has been steadily introducing new taxes as it seeks to diversify revenue from its mainstay of oil. It is unclear how the new 9% corporate tax on earnings will impact consumers as some businesses could raise their prices as a result.
Talking about the economic slowdown in India, Nobel laureates Abhijit Banerjee said that it was important that there were no more cuts in corporate taxes.
Prime Minister always like to go on foreign trip accompanied by major policy announcements and I think what happened on September 20, 2019, was the curtain-raiser for the event to follow the event in Houston," Congress Member Jairam Ramesh said.
Asserting that corporate tax reduction is aimed at attracting fresh investment and generating jobs, Finance Minister Nirmala Sitharaman on Monday said "green shoots" are already visible with several foreign as well as domestic firms showing interest to invest.
Tax bonanza for individuals could be on cards as the Modi government is planning to slash existing tax rates for individual taxpayers in an effort to boost demand. The news comes after task force on direct taxes recommended revising income tax slabs.
India has become a highly competitive investment destination post corporate tax reduction as the rates are now lower than that in China and most Southeast Asian countries, Finance Minister Nirmala Sitharaman said on Sunday.
The corporate tax cuts will have limited impact on growth and inflation, though the move will expose the economy to fiscal slippage risks, according to experts.
On Friday, the Centre announced a reduction in the base corporation tax rate to 22 per cent from 30 per cent as part of stimulus measures to revive slowing economic growth.
Investor wealth on Friday zoomed a whopping Rs 6.82 lakh crore in single day as equity markets rallied, with the Sensex skyrocketing 2,284 points in intra-day trade, following a slew of economy-boosting measures announced by Finance Minister Nirmala Sitharaman.
Domestic equity benchmark BSE Sensex vaulted 1,921 points on Friday, fuelled by a slew of economy-boosting measures announced by Finance Minister Nirmala Sitharaman. Logging its biggest intra-day spike in over a decade, the 30-share index soared 2,284.55 points to a peak of 38,378.02, before settling 1,921.15 points or 5.32 per cent higher at 38,014.62.
The Finance Minister Nirmala Sitharaman had addressed a press conference in Panaji, Goa. The Finance Minister and several State Finance Ministers have gathered in Panaji to take part in the Goods and Services Tax Council Meet.
Making the announcement, Finance Minister Nirmala Sitharaman said the new tax rate will be applicable from the current fiscal which began on April 1.
Giving a brief idea for the first time about the new Direct Tax Code (DTC), the Central Board of Direct Taxes (CBDT) member and also Convenor of the Task Force Akhilesh Ranjan on Thursday said the draft law focuses on improving litigation system and easing compliance among others.
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.
India Inc Tuesday made a case for reduction in corporate tax rate, abolition of minimum alternate tax, halving dividend distribution tax to 10 per cent and increase in outlay for infrastructure sector in the upcoming Budget with a view to arrest economic slowdown.
As much as Rs 3.18 lakh crore has been received as advance tax up to December, 2017-18, reflecting a growth of 12.7 per cent over the year ago period.
The Narendra Modi-led government wants an overhaul of archaic tax rules to ensure that tax compliance is easy and dispute redressal, quicker.
Two years after announcing plans to reduce corporate tax rate to 25 per cent, the government today said any such reduction can come after the spread of personal income tax is increased and more people
CII has demanded from government to lower the corporate tax rate to 18 per cent as more economic activities are entering the tax net post-demonetisation.
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