New corporate tax rates closer to global ones, says Shaktikanta Das

The finance minister on Friday slashed the effective corporate tax rates to 25.17 per cent (inclusive of all cess and surcharges) from 30 per cent for all domestic companies

The government’s decision to cut corporation tax rates is extremely bold and will augur well for the economy, said Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday.

“One of the major drawbacks that India had was high corporation tax rates. These tax rates take us closer to the tax rates that prevail in this part of the world. So, corporation tax rates coming down is a very bold and welcome measure and will augur extremely well for the economy,” Das said at the India Today Conclave in Mumbai.

Many Southeast Asian economies such as Malaysia, Indonesia and China charge 24-25