New Delhi: Union Finance Minister Nirmala Sitharaman has promised to reduce corporate tax gradually. The Finance Minister said, the government will help the businessmen who will make a positive contribution to the growth of the economy. For this, companies with annual turnover of over Rs 400 crore will also be brought down the corporate tax rate gradually to 25 per cent. In the General Budget presented last month for the current financial year, Sitharaman had announced to reduce the rate of corporate tax on companies with an annual turnover of up to Rs 400 crore from 30 per cent to 25 per cent.
Earlier in the year, the then Finance Minister Arun Jaitley had reduced the corporate income tax rate on companies with an annual turnover of up to Rs 250 crore to 25 per cent. Addressing an event organised by the Rashtriya Sevika Samiti, Nirmala Sitharaman said that the rate of corporate tax should be reduced progressively. However, she did not give any time frame. The Finance Minister reiterated in her speech on the occasion of Prime Minister Modi's Independence Day that the government will extend all support to those who create wealth in India.
Finance Minister Sitharaman almost rejected the demand for removal of 10 per cent customs duty on newsprint. She said the duty has been imposed with the intention of encouraging domestic producers and those who want to import newsprint will have to pay more tax. In fact, so far, there were no charges on the import of newsprint. The duty was imposed by the Finance Minister in the General Budget this year. The domestic print industry is not able to meet the demand for paper.
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