Govt decided to slash Corporate Tax rates for domestic companies: Nirmala Sitharaman
FM Nirmala Sitharaman announced that Govt proposes to slash the corporate tax rate for domestic companies and new domestic manufacturing companies. Ordinance for cutting tax rate has also been passed. Corporate tax rate to be 22% without exemptions, and Effective corporate tax rate after surcharge to be 25.17%, she added. She also mentioned that manufacturing, local companies incorporated after Oct 2019 will pay tax at 15%.