Budget 2019: Big business unlikely to get corporate tax relief
5 years, 6 months ago

Budget 2019: Big business unlikely to get corporate tax relief

India Today  

Expectations may be running high but the government is unlikely to go for a cut in corporate tax for large businesses in the Union Budget 2019-20, official sources said on Monday. Industry has pitched for a gradual reduction in corporate tax to 25 per cent from the current 30 per cent, claiming it will bring the tax incidence at par with similar economies and make India competitive. In a letter to industry and other stakeholders, Revenue Secretary Ajay Bhushan Pandey had advised them to send Budget proposals keeping in mind the announcement made in 2015-16 to reduce the rate of corporate tax from 30 per cent to 25 per cent. "Going by the trend so far, rich people would definitely be made to contribute in many ways for development," said a tax consultant wishing not to be named.

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History of this topic

Jefferies' Chris Wood on Budget 2024: India should have no capital gains tax
5 months, 3 weeks ago

Jefferies' Chris Wood on Budget 2024: India should have no capital gains tax

Hindustan Times  

Global Equity Strategist at Jefferies Christopher Wood said that there should be no capital gains tax in the current scenario in India ahead of the Union Budget presentation by finance minister Nirmala Sitharaman. Giving example of Hong Kong, Christopher Wood told CNBC TV18 that the absence of these taxes could stimulate greater investment and market expansion. Experts said that a …

’Middle class bearing more weight than corporates’: Congress slams Centre over taxation policy ahead of Budget 2024
5 months, 3 weeks ago

’Middle class bearing more weight than corporates’: Congress slams Centre over taxation policy ahead of Budget 2024

Live Mint  

Congress leader Jairam Ramesh attacked the government on Sunday over the taxation in the country, saying that "the middle class continues to bear the weight of heavy taxation." In a post on X, Ramesh said, ".data has just been released that gross personal income tax collections amounted to ₹3.61 lakh crore during April 1-July 1 2024, while gross corporate tax …

Budget may make some announcements to enable Global Minimum Tax
5 months, 3 weeks ago

Budget may make some announcements to enable Global Minimum Tax

Deccan Chronicle  

The global minimum tax set to take effect in 2025 will have legal and economic ramifications for multinational corporations with an annual global turnover exceeding €750 million. “India being a signatory of the Global Minimum Tax Agreement and the regime set to take effect in 2025, the government will have to bring some enabling provisions and mechanisms in the Budget. …

India’s tax-to-GDP ratio to hit a record high of 11.7% of GDP in 2024-25: Revenue Secretary
11 months ago

India’s tax-to-GDP ratio to hit a record high of 11.7% of GDP in 2024-25: Revenue Secretary

The Hindu  

February 06, 2024 08:19 pm | Updated 09:05 pm IST - NEW DELHI India’s tax-to-GDP ratio is expected to hit a record high of 11.7% of GDP in 2024-25, led by an uptick in the more ‘equitable’ direct taxes, and the government will continue to simplify and rationalise the tax regime to reduce disputes, litigation and intrusive means of enforcement, …

Don’t increase corporation tax, three ex-chancellors tell Rishi Sunak
1 year, 10 months ago

Don’t increase corporation tax, three ex-chancellors tell Rishi Sunak

The Telegraph  

Mr Kwarteng, sacked as chancellor by Ms Truss shortly before she resigned as prime minister, said the increase in corporation tax “doesn’t help our competitiveness”, adding: “We have got to look at ways to improve our attractiveness to foreign investors.” Meanwhile the Federation of Small Businesses said the policy would be disastrous for the UK’s one million limited company directors. …

India’s tax burden shifted from boardrooms to petrol pumps during Covid-19
3 years, 7 months ago

India’s tax burden shifted from boardrooms to petrol pumps during Covid-19

Hindustan Times  

The provisional Gross Tax Revenue collection of the Union government was ₹20.24 lakh crore in 2020-21. On a year-on-year basis, corporation tax collections saw the biggest decline, whereas Union excise duties had the biggest jump. Taxes on profits had the smallest share in overall tax basket since 2009-10 The share of corporation tax collections – taxes on profits of companies …

Labour to oppose any Budget hike in corporation tax in extraordinary political reversal
3 years, 10 months ago

Labour to oppose any Budget hike in corporation tax in extraordinary political reversal

The Independent  

Sign up to our free Brexit and beyond email for the latest headlines on what Brexit is meaning for the UK Sign up to our Brexit email for the latest insight Sign up to our Brexit email for the latest insight SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy …

Unchanged Corporate Tax, Benefits on CSR: What Corporate India Can Expect from Union Budget 2021
3 years, 11 months ago

Unchanged Corporate Tax, Benefits on CSR: What Corporate India Can Expect from Union Budget 2021

News 18  

Finance Minister Nirmala Sitharaman has already set the expectations high by promising a budget like “never before” to address the biggest concern being likely contraction in GDP of 7.7 percent as uncertainties around a sustainable rebound of demand continue to weigh on economic activity. With the fortune of many multinational corporations being affected by the pandemic, the expectation of India …

Modi administration cut corporate taxes, it’s industry’s turn to invest: Anurag Thakur
4 years, 5 months ago

Modi administration cut corporate taxes, it’s industry’s turn to invest: Anurag Thakur

Live Mint  

Minister of state for finance Anurag Thakur on Friday urged business leaders to start investing in the economy taking advantage of the lower corporate tax rate and other measures taken to make life easier for businesses. Thakur said that Indian industry used to talk about lower corporate tax rates prevalent in certain countries. Last September, finance minister Nirmala Sitharaman announced …

Corporate tax cut to mostly benefit less than 1% of companies: Economic Survey
4 years, 11 months ago

Corporate tax cut to mostly benefit less than 1% of companies: Economic Survey

Live Mint  

The steep cut in corporate tax rate will benefit large companies the most as smaller ones were already paying lower rates, the Economic Survey 2019-20 said on Friday. The pre-Budget Survey, tabled in Parliament, said most of the companies have a gross turnover of below ₹400 crore and are already taxed at the base corporate tax rate of 25 per …

Budget 2020: Finance Minister Nirmala Sitharaman must consider announcement of implementation of proposed Direct Tax Code
4 years, 11 months ago

Budget 2020: Finance Minister Nirmala Sitharaman must consider announcement of implementation of proposed Direct Tax Code

Firstpost  

One of the major demands of corporates is that the government should replace the dividend distribution tax on dividends with the withholding tax on dividends The year 2019 posed several challenges to the Indian economy. All eyes are now on the upcoming India Union Budget 2020 with expectations that the finance minister will announce a series of measures to pump …

Budget 2020: Income tax rate cuts high on the wish list
4 years, 11 months ago

Budget 2020: Income tax rate cuts high on the wish list

Live Mint  

With Budget 2020 announcements around the corner, the euphoria on Budget expectations are very high. This has put India on the trajectory of significantly high personal income tax rates globally and has come at a time when countries such as the US have reduced personal tax rates. The cuts in individual tax rates will enhance the disposable income and in …

Ahead of Budget 2020, Narendra Modi, Amit Shah meet economists, experts at NITI Aayog; discuss steps to revive growth
5 years ago

Ahead of Budget 2020, Narendra Modi, Amit Shah meet economists, experts at NITI Aayog; discuss steps to revive growth

Firstpost  

The meeting assumes importance as the government is in the process of formulating Budget proposals for 2020-21 New Delhi: Prime Minister Narendra Modi is meeting economists and experts at the NITI Aayog to discuss the state of economy and steps to be taken to revive growth which is estimated to drop to 5 percent during the current fiscal. pic.twitter.com/ES5BLAZkl7 — …

Budget 2020 Expectations: Govt Likely To Reduce Personal Income Tax Rates To Spur Economic Growth
5 years ago

Budget 2020 Expectations: Govt Likely To Reduce Personal Income Tax Rates To Spur Economic Growth

ABP News  

Union Minister of Finance and Corporate Affairs Smt. For more details:https://t.co/v9N2RY7EBW pic.twitter.com/FXymoEhbrg — Ministry of Finance December 17, 2019 As the Modi government 2.0 is months away to present its Budget for 2020-21 fiscal likely on February 1, it is been expected that the Finance Ministry might trim personal income tax rates and reduce the tax levied on long term …

If India has to grow faster, States have to grow faster: Bibek Debroy
5 years ago

If India has to grow faster, States have to grow faster: Bibek Debroy

The Hindu  

To present the economic slowdown as a binary of structural versus cyclical or demand side-driven versus supply-side driven factors is completely unwarranted, says Bibek Debroy, Chairman of the Economic Advisory Council to Prime Minister Narendra Modi. The Finance Minister has said there is going to be a relook at the direct tax rates because the corporate tax rate has come …

Rajya Sabha members uncertain over investments flow after corporate tax reduction
5 years, 1 month ago

Rajya Sabha members uncertain over investments flow after corporate tax reduction

India TV News  

Opposition members in the Rajya Sabha on Thursday expressed doubt over the increase in investment by companies after a reduction in corporate taxes during a debate on The Taxation Laws Bill. Initiating the debate on the bill, which was tabled to replace an ordinance that was used to slash corporate tax rates, Congress member Jairam Ramesh alleged that corporate tax …

When the statistical system gives bad news, govt tries to discredit it: Pronab Sen
5 years, 1 month ago

When the statistical system gives bad news, govt tries to discredit it: Pronab Sen

Live Mint  

Pronab Sen, country director of the International Growth Centre, had a long and distinguished career in the government as the principal adviser in the Planning Commission, the first chief statistician of India as well as the chairman of the National Statistical Commission. In an interview, Sen spoke about the state of the economy, the challenge before the 15th Finance Commission …

Budget 2020: Finance Ministry seeks suggestions for rationalising income tax, other duties
5 years, 1 month ago

Budget 2020: Finance Ministry seeks suggestions for rationalising income tax, other duties

India TV News  

In perhaps the first instance, the finance ministry has kicked off the exercise to formulate the next budget by seeking suggestions on changes in direct and indirect taxes from industry and trade associations. While the ministry holds pre-budget consultations with representatives of different sectors and stakeholders, the Department of Revenue in the finance ministry perhaps for the first time put …

Finance ministry looks to widen tax base in FY21 budget
5 years, 2 months ago

Finance ministry looks to widen tax base in FY21 budget

Live Mint  

New Delhi: The finance ministry is examining ways to widen the tax base in the FY21 Union Budget by plugging loopholes in the law, especially in areas of tax exemptions and concessional tax schemes. A government official, who spoke on condition of anonymity, said policy makers will leverage the immense amount of data that the direct and indirect tax authorities …

Govt unlikely to go for personal income tax cut amid fiscal stress, lower tax realisation
5 years, 2 months ago

Govt unlikely to go for personal income tax cut amid fiscal stress, lower tax realisation

Firstpost  

New Delhi: The government is unlikely to moderate personal income tax rates for the rich due to fiscal stress on account of lower tax realisation amid a slowdown in the economy, sources said. The pressure is mounting on the government to cut personal income tax rates to boost demand, especially after the finance ministry reduced the corporate tax rate by …

Number of income tax payers jumps 13.8% to 84.5 million
5 years, 2 months ago

Number of income tax payers jumps 13.8% to 84.5 million

Live Mint  

The number of income tax payers rose to 84.5 million in the 2018-19 assessment year, a jump of 13.8% from the previous year in line with double-digit growth in tax receipts and the number of returns filed, official data showed on Friday. Successive rounds of GST rate cuts as well as the improvement in income tax compliance have led to …

‘Corporate tax cut is the single biggest reform in the last two decades’
5 years, 2 months ago

‘Corporate tax cut is the single biggest reform in the last two decades’

Live Mint  

B.K Goenka occupies a hot seat. Edited excerpts from an interview: The recent cut in corporate tax rate and other economic sops have brought cheer to the industry. The corporate tax cut is the single biggest reform in the last two decades and is no small achievement. One should understand that when the effective rate of corporate tax is slashed …

Corporate tax cut may widen fiscal deficit by 40 bps: Fitch Ratings
5 years, 3 months ago

Corporate tax cut may widen fiscal deficit by 40 bps: Fitch Ratings

Live Mint  

New Delhi: Rating agency Fitch on Thursday said the Indian government’s decision to sharply cut corporate tax rates may increase fiscal deficit by 40 basis points over the budget estimate of 3.3% of gross domestic product for 2019-20. “Expenditure postponements are more difficult for the government given weak growth, and we expect the central government to miss its 3.3% of …

Six ways to slice the corporate tax cut
5 years, 3 months ago

Six ways to slice the corporate tax cut

Live Mint  

On 20 September, finance minister Nirmala Sitharaman announced that the government had decided to cut the corporate income tax rate to 22% for existing firms, and to 15% for new domestic firms in the manufacturing sector. Further, those who believe that the cut in corporate income tax is going to lead to price cuts haven’t really tried to answer whether …

Corp tax cut may be the beginning of more reforms
5 years, 3 months ago

Corp tax cut may be the beginning of more reforms

Live Mint  

The government last week cut tax rates on corporate incomes. The recent corporate tax rate cuts don’t seem to be an application of supply-side economics, rather an attempt to reform the corporate tax structure. Expert panels had found the corporate income tax system to be in need of reform and advised rate cuts, simplification and removal of provisions that introduced …

Corporate tax cut credit positive, raises fiscal risks: Moody’s
5 years, 3 months ago

Corporate tax cut credit positive, raises fiscal risks: Moody’s

Live Mint  

Mumbai: Corporate tax reduction is credit positive for companies but increases the government's fiscal risks, global rating agency Moody's said on Saturday. However, it is credit negative for the sovereign, as it aggravates mounting risks for the government in meeting its fiscal deficit target, it said As such, the reduction in corporate income tax revenue —even when balanced against the …

Industry, stock market experts term Sitharaman's corporate tax cut 'revolutionary', say will make Indian firms globally competitive
5 years, 3 months ago

Industry, stock market experts term Sitharaman's corporate tax cut 'revolutionary', say will make Indian firms globally competitive

Firstpost  

India has finally become tax competitive. Welcoming the move, Frank D’Souza Partner and Leader Corporate and International Tax, PwC India said, “the reduction in the corporate tax rate is a welcome move and makes India attractive for new investments. G Radhakrishna, Chairman and Managing Director of RKEC Projects The announcement of reduction in corporate tax rate is really a big …

Corp tax cut credit positive,but raises fiscal risks: Moody's
5 years, 3 months ago

Corp tax cut credit positive,but raises fiscal risks: Moody's

The Quint  

Mumbai, Sep 21 Corporate tax reduction is credit positive for companies but increases the government's fiscal risks, global rating agency Moody's said on Saturday. However, it is credit negative for the sovereign, as it aggravates mounting risks for the government in meeting its fiscal deficit target, it said As such, the reduction in corporate income tax revenue - even when …

Corporate tax cut can translate into maximum of 5 per cent product price reduction, say industry veterans
5 years, 3 months ago

Corporate tax cut can translate into maximum of 5 per cent product price reduction, say industry veterans

India Today  

Industry stalwarts welcomed the corporate tax cut but felt that it could have done much before. He added that the corporate tax cut will not help to reduce the prices of the flats beyond 5 per cent. # Amitabh Kant, CEO, NITI Aayog responded that the country has grown at an average 7.5 per cent in the last 5 years …

A deep cut: On corporate tax cuts
5 years, 3 months ago

A deep cut: On corporate tax cuts

The Hindu  

Finance Minister Nirmala Sitharaman ushered in Deepavali early for Corporate India and the markets on Friday with her announcement of deep cuts in corporate taxes and roll-back of some market-unfriendly proposals in the Budget she presented in July. The idea behind this move is obviously to generate private investment which is now at a low ebb, but an unstated intention …

The Hindu Explains | What corporate tax cut means for the Indian economy
5 years, 3 months ago

The Hindu Explains | What corporate tax cut means for the Indian economy

The Hindu  

In its boldest gambit yet to stir up the economy, the government on Friday issued an ordinance to reduce the corporate tax rate for domestic firms and new manufacturing units by 10 to 12 percentage points, effectively bringing India’s tax rates on par with its competing Asian peers. The story so far: Finance Minister Nirmala Sitharaman on Friday, among other …

Corporate tax cut historic; govt leaving no stone unturned to make India a better place to do business: Narendra Modi
5 years, 3 months ago

Corporate tax cut historic; govt leaving no stone unturned to make India a better place to do business: Narendra Modi

Firstpost  

Prime Minister Narendra Modi on Friday termed as “historic” the cut in corporate tax rates and asserted that economic announcements made in the last few weeks show that his government is leaving no stone unturned to make India a better place to do business New Delhi: Prime Minister Narendra Modi on Friday termed as “historic” the cut in corporate tax …

Reduction in corporation tax rate welcome, doubtful whether investment will revive: Jairam Ramesh
5 years, 3 months ago

Reduction in corporation tax rate welcome, doubtful whether investment will revive: Jairam Ramesh

India TV News  

Congress leader Jairam Ramesh on Friday welcomed the reduction in corporate tax rate but expressed doubts on whether the step will revive investment. The government's move, he said, does nothing to dispel the fear that pervades India Inc. "A headline-itis afflicted, panic-stricken Modi Sarkar has cut corporate tax rates less than 3 months after a Budget and 4 months before …

Govt cuts corporate tax rate to 22%, relief on buyback tax
5 years, 3 months ago

Govt cuts corporate tax rate to 22%, relief on buyback tax

Live Mint  

Goa: The government on Friday cut corporate tax rate for companies that do not avail of any tax incentive to 22%. New manufacturing companies will have to pay an even lower corporate tax rate of 15%. To promote growth, a new provision is inserted in the Income Tax Act from fiscal year 19-20 to give any domestic company a 22% …

Corporate tax for companies over Rs 400 cr to be cut gradually to 25%, says Nirmala Sitharaman
5 years, 4 months ago

Corporate tax for companies over Rs 400 cr to be cut gradually to 25%, says Nirmala Sitharaman

Firstpost  

In her maiden Budget last month, Nirmala Sitharaman had cut corporate tax for companies with annual turnover of up to Rs 400 crore to 25% New Delhi: Finance minister Nirmala Sitharaman on Monday said corporate tax rate for companies with over Rs 400 crore turnover will be gradually cut to 25 percent, and the government will support wealth creators. In …

Budget 2019 has delivered quick fixes; govt seems to have made attempt to address several policy gaps
5 years, 6 months ago

Budget 2019 has delivered quick fixes; govt seems to have made attempt to address several policy gaps

Firstpost  

On the back of a massive mandate, the first Budget of Narendra Modi government’s second term has several reasons to cheer about. What’s more encouraging is, these policy announcements were woven around certain themes central to the government’s policy agenda, e.g., mega spending programme for physical and social infrastructures; last mile foreign direct investment reforms, e.g., for aviation, insurance and …

The budget gets almost everything right, but sends a few wrong signals
5 years, 6 months ago

The budget gets almost everything right, but sends a few wrong signals

Op India  

The budget presented on Friday gets almost everything right and was perhaps extremely bold on its vision for a “New India”. With India having one of the highest corporate tax rates in the world, followed by a dividend distribution tax and surcharges, firms are left with little retained earnings to invest. We’ve seen some correction come in with the reduction …

Opinion | Budget’s lack of urgency to fix growth problems is a worry for markets
5 years, 6 months ago

Opinion | Budget’s lack of urgency to fix growth problems is a worry for markets

Live Mint  

Indian stocks trade at a premium of about 45% compared to emerging market peers, which means investors are banking on big reforms to drive the high earnings growth expectations they have from Indian companies. These high net worth individuals are large investors, and the high increase in taxation in their case will naturally result in lower investments, which is a …

Markets gains for fourth session ahead of key budget
5 years, 6 months ago

Markets gains for fourth session ahead of key budget

Live Mint  

Mumbai: Indian markets gained for the fourth consecutive sessions as investors awaits key key budget which will be presented by finance minister Nirmala Sitharaman due later on Friday. Consumer demand which has so far been the only engine driving the economy now looks vulnerable Earlier on Thursday, chief economic adviser said the government will keep its fiscal deficit under control …

Tax no more
5 years, 6 months ago

Tax no more

India Today  

Winston Churchill had prophetically remarked: "For a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle." Those earning less than Rs 5 lakh a year pay no taxes while those in the income range of Rs 5-10 lakh pay 20 per cent tax, plus …

Lower corporate tax and cost of capital to river interlinking: My wishlist for Budget 2019
5 years, 6 months ago

Lower corporate tax and cost of capital to river interlinking: My wishlist for Budget 2019

Op India  

The There are several policy tools that the government has to kickstart growth, and not all of them can be accommodated in the budget. Another area where the government could intervene is the corporate tax rates; the High-Level Advisory Group mentions how India has the highest corporate tax rates in the world. While we’re in the middle of a trade …

Budget 2019: Tax on capital gains may continue this year, rise from 10% unlikely
5 years, 6 months ago

Budget 2019: Tax on capital gains may continue this year, rise from 10% unlikely

India Today  

The 10 per cent long-term capital gains tax imposed on profit above Rs 1 lakh in the last Budget will, in all probability, continue in this year's Budget, sources said. Market participants are now worried over the possibility of a hike in the long term capital gains tax to increase the revenue of the government. After the announcement in the …

Budget 2019: Job creation, lowering income tax top priorities among Indians
5 years, 6 months ago

Budget 2019: Job creation, lowering income tax top priorities among Indians

India Today  

Most Indians have asked the government to focus on creating more jobs and further reduce income tax rates in the Union Budget 2019, which will be announced by new finance minister Nirmala Sitharaman. Meanwhile, salaried taxpayers have demanded rationalisation of income tax rates to boost demand, which is another key measure to boost economic growth. However, the government could tweak …

Budget 2019: Direct Tax collection exceeds expectations by Rs 50,000 crore
5 years, 11 months ago

Budget 2019: Direct Tax collection exceeds expectations by Rs 50,000 crore

Op India  

While the naysayers are busy attacking the interim budget 2019 presented by the Union Minister Piyush Goyal, in the hope to discover minor shortcomings and use it to target Modi government’s inefficiencies, a mere cursory glance at the budget reveals an astonishing increase in the Direct Tax collections in the financial year 2018-19. Estimated at Rs 11.50 lakh crores, the …

Budget 2019 today needs forward-looking ideas
5 years, 11 months ago

Budget 2019 today needs forward-looking ideas

Deccan Chronicle  

Governments are “lame ducks” in the last quarter preceding a general election. The target of 3.3 per cent will be achieved after some creative accounting — the CAG report 32 of December 2017, compliance audit under the Fiscal Responsibility and Budget Management Act 2003 for the 2015-16 financial accounts highlighted the need to plug accounting norms and gaps which encourage …

Budget 2019: Cut in corporate tax, higher income tax threshold, PHD Chamber asks
5 years, 11 months ago

Budget 2019: Cut in corporate tax, higher income tax threshold, PHD Chamber asks

Live Mint  

New Delhi: PHD Chamber Wednesday pitched for cutting corporate tax to 25 per cent, and raising income tax exemption limit for individuals to ₹3.5 lakh per annum in the forthcoming Budget. In a statement, PHD Chamber of Commerce and Industry President Rajeev Talwar said it looks forward to a "dynamic, inclusive and pragmatic budget" on February 1. Budget 2019: Read …

Corporate Tax to be Cut Only When Exemptions End: Arun Jaitley
6 years, 11 months ago

Corporate Tax to be Cut Only When Exemptions End: Arun Jaitley

India TV News  

Finance Minister Arun Jaitley has hinted at the possibility of further tax cuts for corporate and indirect taxes in the future, but only after all existing exemptions are phased out. Jaitley made this announcement during a post-budget interaction with industry chamber FICCI, stating that the corporate tax rate can only be brought down to 25 per cent after all exemptions …

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