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The Government of India propsoed to reduced in Corporate taxes from the rate 30% to 25% in next three years. its simplify the tax structure and exemption for the startups in India which boost revenue for the startups in India.
In a report on India’s proposed new corporate taxes, Nomura economists Sonal Varma and Neha Saraf pointed out that though India’s current corporate tax rate is 30% the effective tax rate at 23.2%b is much lower mainly due to various tax exemptions that companies enjoy.
“The effective tax rate is slightly higher for services (24.37%) than for manufacturing companies (21.96%). Thus, over the course of the next four years, as the government lowers the corporate tax rate (to 25% from 30%),but simultaneously removes the exemptions, the effective tax rate is due to rise to 25%, which should boost corporate tax collection when fully implemented (FY18),” Varma and Saraf said.
Finance minister Arun Jaitley has proposed lowering of the corporate tax rate to 25% from 30% over the next four years in its budget speech in February. The Central Board of Direct Taxes (CBDT) has invited suggestions on proposals which want to do way with all corporate exemptions by April 1 2017.
