Additional resource mobilization through tax measures to yield Rs 25,000 cr a year
New Delhi (India), July 5 (ANI): The net additional resource mobilization through tax measures announced in the Budget will yield a sum of Rs 25,000 crores a year.
ANI
Jul 05, 2019 18:04 IST
New Delhi (India), July 5 (ANI): The net additional resource mobilization through tax measures announced in the Budget will yield a sum of Rs 25,000 crores a year.
Addressing post-budget media briefing, Union Revenue Secretary Ajay Bhushan Pandey said the net increase due to changes in direct and indirect taxes will be Rs 6000 crores to 7,000 crores.
The revenue loss on account of widening the 25 per cent rate to companies with above 400 crores annual turnover will be around Rs 4,000 crores.
Announcing the benefit, Finance Minister Nirmala Sitharaman said in the budget that she would continue with the phased reduction in rates of corporate taxes.
"Currently, the lower rate of 25 per cent is only applicable to companies having an annual turnover up to Rs 250 crores. I propose to widen this to include all companies having a turnover of up to Rs 400 crore. This will cover 99.3 per cent of the companies. Now only 0.7 per cent of companies will remain outside this rate," she said. (ANI)
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