Corporate Tax Cut

PHDCCI urges revival of concessional tax for new manufacturing units, reinstatement of R&D incentives, and GST reforms to ease compliance and boost India's competitiveness

Exploring India's tax-to-GDP gap, lessons from global reforms, and the role of social security contributions in boosting revenue and citizen compliance

The government is estimated to have forgone around Rs 99,000 crore in revenue in the 2023-24 fiscal on account of tax incentives extended to corporates, Minister of State for Finance Pankaj Chaudhary said on Tuesday. Corporate tax rates have been gradually reduced since 2016 while phasing out the exemptions and incentives. In a written reply in the Rajya Sabha, Chaudhary gave the estimated revenue forgone due to the tax incentives by way of various deductions in corporate tax, from FY 2019-20 to 2023-24. The corporate tax revenue foregone in 2023-24 stood at Rs 98,999, followed by Rs 88,109 crore and Rs 96,892 crore in 2022-23 and 2021-22, respectively. In 2020-21 and 2019-20, the total corporate tax revenue foregone was Rs 75,218 crore and Rs 8,043 crore respectively. The minister was replying to a question from AAP MP Raghav Chadha on the estimated loss to the exchequer due to the corporate tax reductions from 2019-20 to 2024-25, and for the financial year (2024-25). Estimated

Tax experts broadly attributed the decrease in the net direct tax kitty to the spike in refunds but noted there were other factors at play as well

Net direct tax collection so far this fiscal stood at Rs 4.59 lakh crore, 1.39 per cent lower compared to the mop-up during the corresponding period of last fiscal, as advance tax collections slowed, government data released on Sunday showed. Advance tax collection during April 1-June 19, 2025 grew a meagre 3.87 per cent to Rs 1.56 lakh crore. In the comparable period in 2024, advance tax collection had recorded an annual growth of 27 per cent. During April 1-June 19, 2025, corporate tax collection witnessed a slowdown at about Rs 1.73 lakh crore, a decline of over 5 per cent year on year. Non-corporate tax collections, which include mainly personal income tax, however, recorded a slight increase of 0.7 per cent to Rs 2.73 lakh crore. Securities Transaction Tax (STT) grew 12 per cent to Rs 13,013 crore during the period. Overall, the net direct tax collection kitty stood at about Rs 4.59 lakh crore during April 1-June 19, 2025, registering a 1.39 per cent dip from Rs 4.65 lakh cror

Says government must launch Vivad se Vishwas scheme for corporates to release locked funds, backs a uniform 25% tax rate and 'one nation, one election' for economic efficiency

The European Union, Britain and other countries have adopted the 15 per cent global corporate minimum tax, but the US Congress never approved measures to bring the US into compliance with it

Telangana on Friday urged the Centre to simplify the Income Tax slabs and reduce corporate tax rates to enhance ease of doing business. In his speech at the pre-Budget meeting of the Union Finance Minister Nirmala Sitharaman at Jaisalmer, Rajasthan, Telangana Deputy Chief Minister Mallu Bhatti Vikramarka said streamlining IT and GST filing processes is vital as these processes currently consume weeks for mid-sized and large businesses. Expanding the tax base through digital tracking of financial transactions and encouraging voluntary compliance are also key measures, he opined. "Reforms to the Income Tax Act are a welcome step. India's current tax system is complex, leading to compliance burdens for individuals and businesses alike. Telangana urges simplification of tax slabs and reduction of corporate tax rates to enhance ease of doing business," Bhatti said. Telangana supports a realistic fiscal deficit target of 4.5 per cent of GDP to sustain momentum in infrastructure and ...

Asserting that the Centre's policies have "failed" to revive the economy, the Congress on Thursday said the government's strategy of cutting corporate taxes, giving "generous corporate handouts" and raising the tax burden on the salaried middle class has only helped enrich large monopolies without any discernible increase in investment or hiring. Congress general secretary in-charge communications Jairam Ramesh said what is needed for stimulating demand is tax cuts for the salaried middle classes and income support to the poor. His remarks came over a media report which claimed that the sharp slump in economic growth rate to 5.4 per cent in July-September this year has sparked concerns among policy makers that low single-digit income growth in the corporate sector despite four times growth in profits over the last four years, is one of the reasons behind the slowing of demand. In a post on X, Ramesh said, "Private sector profit is at a 15-year-high and has grown four times over the

Tax payment by listed companies was down 7 per cent year-on-year (Y-o-Y) in Q2FY25, their worst showing in the last four years and the first decline in corporate tax in seven quarters

With the recent sell-offs, Warren Buffett-led Berkshire Hathaway has raised its cash position relative to total assets in the June quarter to 25 percent

Professor Krishnamurthy Subramanian said that the removal of Angel Tax would be significant for India's startup ecosystem and encourage investments from outside

The Centre has set up an internal committee to evaluate the benefits of the 15% concessional tax rate scheme for new domestic manufacturing units, introduced in FY20

In a conversation, the chief of the direct tax apex body said that extension of the 15 per cent concessional rate depend on how the companies utilising the benefit

Union Budget 2024: As Finance Minister Nirmala Sitharaman presents the Union Budget on Tuesday, markets expect tax cuts, infra spending, and a boost to rural demand. Stay with us for all updates

After surcharges and cesses, this tax comes to 17.01 per cent against 29.12 per cent if the companies don't opt for this tax

Marna Ricker, EY Global vice-chair (tax), in an interview with Krishna Kant in Mumbai, discusses the progress on the new tax code and its implications for companies and capital flows

Last year, the company paid $40.5 million in tax from a UK profit of $1.81 billion, according to its annual tax-contribution report

The government has projected 10.5 per cent growth in revenues from corporate and individual income tax to Rs 18.23 trillion this financial year

Upward trend mainly due to spike in corporation tax mop-up