Corporate tax to be cut gradually: FM

New Delhi, August 19

Finance Minister Nirmala Sitharaman today said corporate tax rate for companies with over Rs 400 crore turnover will be gradually cut to 25% and the government will support wealth creators.

In her maiden Budget last month, she had cut corporate tax for companies with annual turnover of up to Rs 400 crore to 25% from 30% earlier.

Last year, the then Finance Minister Arun Jaitley had cut the corporate tax to 25% for companies with a turnover up to Rs 250 crore.

Speaking at an event here, she said the corporate tax cut for the rest of corporates would be gradual. — PTI