Finance Minister Nirmala Sitharaman presented the Union Budget for the second term of Narendra Modi government. During the budget, she spoke about the corporate tax. “So far corporate tax is concerned, we continued with a faced reduction in rates. Currently, a lower rate of 25% is only applicable to companies having annual turnovers of upto 250 crores. I propose to widen this to include all companies having an annual turnover of up to 400 crores. This will cover 99.3% of all the companies. Only 0.7% of companies will remain outside of this rate,” she said.
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