Govt to focus on lowering tax rate and widening base, says Arun Jaitley

In his second Budget, Jaitley had announced that the corporation tax rate would be cut to 25% over four years

Finance Minister Arun Jaitley on Tuesday told an industry delegation that the focus of the government was on lowering tax rates and expanding the base. Interacting with a delegation of the Federation of Indian Chambers of Commerce and Industry (Ficci), Jaitley said reforms in direct and indirect taxes would continue to further ease the business environment in the country.

Later, Ficci President Sandip Somany said the FM promised the delegation that the government would lower the corporation tax rate to 25 per cent for all companies once the goods and services tax (GST) collection improved. Currently, the corporation tax rate is