First set of corporate tax reductions to be announced in next Budget
During a session on Wednesday, Finance Minister Arun Jaitley announced a series of measures to boost business in India.
Finance Minister Arun Jaitley on Wednesday said the government would soon list the exemptions that will be phased out as part of its plans to bring down corporate tax in the country. The first set of corporate tax reductions will be announced in the Budget in February, the Press Trust of India reported. Earlier this year, Jaitley had said the government would slowly reduce corporate tax from 34% to 25% over the next four years to make India more competitive in the global market.
During a session organised by the World Economic Forum and the Confederation of Indian Industry, Jaitley also said it was only a matter of time before the Goods and Service Tax Bill was passed in the parliament. The Bill looks to amalgamate several Central and state taxes into a single tax, which would be a significant step in indirect tax reformation in India. The tax could boost the economy by as much as 2%, economists say, but has been facing opposition from other parties. On Tuesday, Jaitley had said he was willing to reach out to Congress Vice-President Rahul Gandhi to discuss the Bill.