India’s Finance minister Nirmala Sitharaman cuts corporate tax rates of domestic Companies

Himachal Pradesh: Union finance Minister Nirmala Sitharaman on Friday announced the proposal to reduce the corporate tax rate on domestic firms that are owned by India's and local manufacturing companies, Sitharaman says this initiative is taken by the government to promote investment and growth of the economy of India.

Also, read this The Steps to cut Corporate tax is historic and it will give a great stimulus to Make in India: Narendra Modi.

The new corporate tax rate is 25.17 percent which includes all the cess and surcharges collected by the government and without charges and cess, it is 22 percent for domestic firms which are older and well established, for new ones it will be 17.01 percent including cess and surcharges and without including this it is 15 percent of corporate tax to newly established Domestic firms & companies.

Finance minister also announced that there will be around 1.45 lakh Crore revenue loss to the government but it will help the Indian economy by promoting investment and providing an opportunity to Global investors to invest in Domestic Companies.