First set of tax sop phase-out in public domain soon: Jaitley

Says govt will bring down the corporate tax level from 30% to 25% gradually

Finance Minister Arun Jaitley today said a discussion paper on first set of tax exemptions to be phased out would be put in the public domain shortly.

"The government, as I told in the budget, will bring down the corporate tax level from 30 per cent to 25 per cent gradually," Jaitley said at an ICC session here.

He said that the effective rate of taxation is 22 per cent plus because there are a large number of exemptions.

So, the first set of exemptions phase-out would be put in the public domain for discussion, he said.

He also said that the government is working on schemes like agri-insurance and health schemes for senior citizens.

"These are in active stages of consideration," he said.