Hindustan Unilever pitches for reducing corporate tax rate; urges govt to relax local sourcing norms
6 years, 1 month ago

Hindustan Unilever pitches for reducing corporate tax rate; urges govt to relax local sourcing norms

Firstpost  

In February this year, Finance Minister Arun Jaitley lowered corporate tax rate to 25 percent for businesses with turnover up to Rs 250 crore. New Delhi: Ahead of the Union Budget, FMCG major Hindustan Unilever CMD Sanjiv Mehta on Thursday pitched for reducing corporate tax rate and redressal of technical glitches and procedural matters of the goods and services tax. He said that the taxation burden for multi-national corporations can be reduced by “bringing down their corporate tax rate at par with the rate applicable in neighbouring countries”. “Certain restrictive clauses like sourcing norms have undermined the realisation of full benefits of the measure,” Mehta said, adding that there was a need for harmonisation of Indian standards in line with the global standards when it comes to the regulatory and policy environment in the context of MNCs.

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History of this topic

Budget may make some announcements to enable Global Minimum Tax
6 months 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 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 …

Income Tax Department notifies forms for firms to avail lower corporate tax rates announced in September last year
4 years, 11 months ago

Income Tax Department notifies forms for firms to avail lower corporate tax rates announced in September last year

Firstpost  

The income tax department has notified forms for companies to avail the reduced corporate tax rates that were announced in September last year New Delhi: The income tax department has notified forms for companies to avail the reduced corporate tax rates that were announced in September last year. The Central Board of Direct Taxes has notified Forms 10-IC and 10-ID …

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 …

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 …

Software, mining, books printing industry not qualify for 15% corporate tax cut: Nirmala Sitharman
5 years, 1 month ago

Software, mining, books printing industry not qualify for 15% corporate tax cut: Nirmala Sitharman

Live Mint  

Finance Minister Nirmala Sitharaman on Thursday said the lower 15% tax rate for new manufacturing companies will not apply to computer software development, mining and printing of books. She was replying to a debate in the Rajya Sabha on the Taxation Laws Bill, 2019 that replaces the Taxation Laws Ordinance, 2019, promulgated on September 20, 2019, to cut the base …

Lok Sabha Passes Bill To Slash Corporate Tax Rates [Read Bill]
5 years, 1 month ago

Lok Sabha Passes Bill To Slash Corporate Tax Rates [Read Bill]

Live Law  

The Lok Sabha today passed the Taxation Laws Bill, 2019, to slash corporate tax rate to 22% without incentives and tax rate for new manufacturing entities to 15%. Salient Features of the Bill Optional Tax Rates For Domestic Companies Currently, the income tax rate for domestic companies with annual turnover of up to Rs 400 crore is 25%. The Bill …

Under Modi, India is ‘red carpet society’: Sitharaman
5 years, 3 months ago

Under Modi, India is ‘red carpet society’: Sitharaman

The Hindu  

Claiming that the recent decision to reduce corporate tax to 22% and MAT rate to 15% was not just a reduction but a tax reform, Union Finance Minister Nirmala Sitharaman on Saturday said that through clean administration and reforms, Prime Minister Narendra Modi had transformed the country from “red tape society to red carpet society”, thereby giving a boost to …

Companies opting for new lower corporate tax rate can't claim MAT credit, other deductions: CBDT
5 years, 3 months ago

Companies opting for new lower corporate tax rate can't claim MAT credit, other deductions: CBDT

Firstpost  

The Central Board of Direct Taxes, in a clarification, said companies will be allowed to utilise such credits only against regular taxes under the old regime New Delhi: The finance ministry on Wednesday said companies opting for the lower corporate tax rate of 22 percent will not be allowed to reduce their tax liability by claiming deductions towards additional depreciation …

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 makes India attractive destination for investment: Guv Das
5 years, 3 months ago

Corporate tax cut makes India attractive destination for investment: Guv Das

Live Mint  

Describing the government's move to slash corporate tax rate as a bold measure, RBI Governor Shaktikanta Das on Tuesday said it has made India a very attractive destination for foreign investment. In the biggest reduction in 28 years, the government on Friday cut corporate tax rate by almost 10 percentage points as it looked to pull the economy out of …

Corporate tax cut makes India an investment destination; to attract foreign firms to set up units: Nirmala Sitharaman
5 years, 3 months ago

Corporate tax cut makes India an investment destination; to attract foreign firms to set up units: Nirmala Sitharaman

Firstpost  

Quoting experts, Nirmala Sitharaman said India is now much better than China in terms of rate, transparency, and tax administration New Delhi: India has become a highly competitive investment destination post-corporate tax reduction as the rates are now lower than that in China and most Southeast Asian countries, Finance Minister Nirmala Sitharaman said on Sunday. India was earlier at disadvantage …

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 …

To promote growth, just cut tax rates: Here is the likely impact of tax rates for corporates being slashed by the Modi govt
5 years, 3 months ago

To promote growth, just cut tax rates: Here is the likely impact of tax rates for corporates being slashed by the Modi govt

Op India  

Concerns on taxation front have persisted for a major part of the last two decades. In a joint article with Dr Surjit Bhalla for the Indian Express, we arrived at a figure of 22 per cent as the optimal level of the corporate tax rate. Recently, the Hon’ble minister lowered the tax rate to 22 per cent without the exemptions …

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 reliefs to spur growth, create jobs: India Inc
5 years, 3 months ago

Corporate tax reliefs to spur growth, create jobs: India Inc

The Quint  

Bengaluru, Sep 20 The series of tax reliefs Union Finance Minister Nirmala Sitharaman announced in New Delhi on Friday would revive the economy, boost investment, spur growth and create jobs, said India Inc honchos across the sectors. "The corporate tax relief measures are a concrete step to stabilise the economy, boost investment, spur growth and create jobs in key sectors," …

Ravi Shankar Prasad asks electronics manufacturers to take full advantage of tax incentives
5 years, 3 months ago

Ravi Shankar Prasad asks electronics manufacturers to take full advantage of tax incentives

India TV News  

Union Minister Ravi Shankar Prasad on Friday exhorted electronics and mobile makers to take full advantage of the tax incentives announced by the government, saying the latest measures underlined the commitment to transform India into a manufacturing hub. The comments came after the government slashed the tax rate for companies by almost 10 percentage points to 25.17 per cent and …

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 …

Highlights of announcements on corporate tax and fiscal measures made by FM Nirmala Sitharaman
5 years, 3 months ago

Highlights of announcements on corporate tax and fiscal measures made by FM Nirmala Sitharaman

India TV News  

Following are the highlights of the announcements made by Finance Minister Nirmala Sitharaman on reduction in corporate tax and other fiscal relief measures for the economy to promote growth and investment: * Corporate tax rate has been slashed to 22 per cent for domestic companies not availing any incentives/exemptions; earlier rate 30 per cent * Effective tax rate for such …

7 key takeaways from Nirmala Sitharaman's just announced new taxation laws
5 years, 3 months ago

7 key takeaways from Nirmala Sitharaman's just announced new taxation laws

India TV News  

Friday brought the much-awaited news for the manufacturing sector and corporates in India. In a bit to give the slowing economy a stimulus, Finance Minister Nirmala Sitharaman announced that the government has brought in the Taxation Laws Ordinance 2019 to make certain amendments in the Income-tax Act 1961 and the Finance Act 2019. Indiatvnews.com brings to you 7 major announcements …

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 rates slashed as govt announces ₹1.45 lakh crore stimulus
5 years, 3 months ago

Corporate tax rates slashed as govt announces ₹1.45 lakh crore stimulus

Live Mint  

Finance Minister Nirmala Sitharaman today announced a big reduction in income tax rate for corporates. The government has slashed basic corporate tax rate to 22% from 30% while for new manufacturing companies it has been cut down to 15% from 25%. Revenue foregone for the reduction in corporate tax rate and other relief measures announced today will cost the government …

How Arun Jaitley steered landmark economic reforms
5 years, 4 months ago

How Arun Jaitley steered landmark economic reforms

Live Mint  

New Delhi: Two of India’s biggest reforms—replacing 17 central and state taxes with a nationwide goods and services tax and putting in place a sophisticated ecosystem for dealing with industrial sickness—highlight Arun Jaitley’s tenure as Union finance and corporate affairs minister during the previous term of the Narendra Modi government. In rolling out GST in July 2017, Jaitley had to …

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 …

14% rise in revenues of 20 states after GST: Arun Jaitley
5 years, 6 months ago

14% rise in revenues of 20 states after GST: Arun Jaitley

Live Mint  

As the Goods and Services Tax marks its second anniversary on Monday, former Finance Minister Arun Jaitley said that 20 states have independently reported 14 per cent rise in their revenues post the implementation of the unified tax regime. Already after the second year, twenty states are independently showing more than a 14 per cent increase in their revenues and …

Union Budget 2019: Finance Minister should consider bringing down corporate tax rate for all companies, irrespective of turnover
5 years, 6 months ago

Union Budget 2019: Finance Minister should consider bringing down corporate tax rate for all companies, irrespective of turnover

Firstpost  

In February 2019, the then Interim Finance Minister Piyush Goyal adopted a pragmatic approach by providing a pro-growth and fiscally prudent Budget with a bag of surprises for the farmers, salaried employees and the middle-class. Rationalisation of tax rates In 2015, the erstwhile Finance Minister had promised that the corporate tax rate would be gradually lowered to 25 percent from …

Income Tax Department proposes new norms for taxing MNCs in India; invites comments from stakeholders
5 years, 8 months ago

Income Tax Department proposes new norms for taxing MNCs in India; invites comments from stakeholders

Firstpost  

MNCs incurring global losses or a global profit margin of less than 2% and have operations in India will be deemed to have made a profit of 2% of Indian revenue or turnover and will be taxed accordingly. The CBDT Committee on ‘Profit Attribution to Permanent Establishment in India’ also said MNCs that are incurring global losses or a global …

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 …

Arun Jaitley moots the idea of ‘one nation, one tax’
6 years ago

Arun Jaitley moots the idea of ‘one nation, one tax’

Live Mint  

New Delhi: Finance minister Arun Jaitley on Monday said the next stage of reforms of the goods and services tax would see the standard rate converging to around 15%—the midpoint of the existing standard rates of 12% and 18%. “A future road map could well be to work towards a single standard rate instead of two standard rates of 12% …

Govt says no scope for corporate tax cut in near future
6 years, 1 month ago

Govt says no scope for corporate tax cut in near future

Live Mint  

New Delhi: The government is unlikely to cut corporate income tax rate for large companies to 25% as promised in its FY16 budget because of revenue constraints, a senior tax official said. Tax rates can’t be cut further without a supporting mechanism to prevent evasion, said Akhilesh Ranjan, member at Central Board of Direct Taxes. The new code, Ranjan said, …

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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