Panel may pitch for lower corporate tax following US tax cuts

India's corporation tax rate stands at 30% against 21% proposed in the US tax bill

A high-level panel to overhaul the income tax law will address the disruption caused by the US tax reform in order to maintain competitiveness of Indian companies. This raises hopes of rationalisation in corporation tax rates even as the Union Budget for 2018-19 limited tax cuts to medium-scale enterprises. 

The task force is also likely to review income tax slabs while simultaneously widening the tax base, a development that has also not been addressed in the Budget. 
 

The task force will take up issues related to the capital gains tax and the dividend distribution tax. The Budget has proposed a