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Large Companies Won’t Get Corporate Tax Relief in Union Budget 2019
June 12, 2019
As the newly-elected government is already grappling with sluggish revenue and possible missing of the target, large companies won’t get to enjoy lower corporate tax of 25% from existing 30% that was expected in the forthcoming budget.
The full-year budget for the financial year 2019-20 will be announced by new finance minister Nirmala Sitharaman during the first week of next month. She is also tasked with the creation of a new scheme that can push employment generation and skill development.
India Inc. was expecting tax benefits in the budget for FY20 as BJP had promised the same in its election manifesto. However, in light of the various problems that plague the economy and lower revenue collection, lower tax rates for the corporate world are unlikely.
Photo credit: kenteegardin on Visual Hunt / CC BY-SA
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