Companies with a turnover of Rs 400 crore to pay a corporate tax of less than 25%: Nirmala Sitharaman

NEW DELHI: Minister of Finance Nirmala Sitharaman On Friday, it was proposed to increase the annual turnover limit from Rs 250 crore to Rs 400 crore to obtain a lower corporate tax rate of 25 percent.

The proposal would cover 99.3 percent of the companies operating in the country, he said when presenting the 2019-20 Union Budget in the Lok Sabha.

In addition, he said that only 0.7 percent of companies will now remain outside the corporate tax level of 25 percent, he said.

The corporate tax rate is 30 percent at this time.