Corporate tax for firms with over Rs 400 crore turnover to be cut gradually

Arun Jaitley, as finance minister last year, had cut the corporate income tax rate to 25 per cent for companies with a turnover of up to Rs 250 crore

Finance Minister Nirmala Sitharaman on Monday said corporate tax rate for companies with over Rs 400 crore turnover will be gradually cut to 25 per cent and the government will support wealth creators.

In her maiden Budget last month, she had cut corporate tax for companies with annual turnover of up to Rs 400 crore to 25 per cent from 30 per cent earlier.

In 2018, the then Finance Minister Arun Jaitley had cut the corporate income tax rate to 25 per cent for companies with a turnover of up to Rs 250 crore.

Speaking at an event, Sitharaman said the