New Delhi [India], Feb 1 (ANI): Finance Minister Arun Jaitley on Thursday proposed to cut the corporate income tax rate to 25 percent for companies with a turnover of up to Rs. 250 crore.
While presenting the Budget speech, the minister said that the tweak will result in 7,000 companies coming under the 25 percent tax slab.
He added that the government will receive Rs. 7,000 crore less in the form of revenues due to this decision.
"This will see the extension of a trend as the share of corporate tax to total revenues has come down from 34.45 per cent in 2014-15 to 28.18 per cent in 2017-18, under the Modi government," added Jaitley.
Earlier in 2015, the minister had pledged to bring down corporate taxes to 25 percent from 30 percent over four years.