Today Current Affairs - Latest Current Affairs - Current Affairs

Click for Special Gk Quiz Free Mock Test in English Free Mock Test in Hindi Monthly Current Affairs
Facebook Twitter google+ Pinterest

Before GST meeting, Finance Minister announced exemption on corporate tax

Before GST meeting, Finance Minister announced exemption on corporate tax

Union Finance Minister Nirmala Sitharaman has announced a waiver on corporate tax before the GST meeting. This announcement is for domestic companies and new companies. The 37th meeting of the GST Council is going to take place in Goa. The Finance Minister holds a press conference even after the GST Council meeting.

During this, Finance Minister Nirmala Sitharaman has announced to reduce corporate tax while giving relief to the company and the businessmen. Finance Minister Nirmala Sitharaman said that the tax reduction ordinance has passed. Finance Minister has said that without any exemption, income tax will be 22 percent.

Highlights

  • Investing companies will be charged 15 percent tax
  • Corporate tax cuts will also apply to new manufacturing companies.
  • Now companies will have to pay 22 percent corporate tax without exemptions. The effective rate of tax with surcharge will be 25.17 percent.
  • Surcharge has been removed from equity capital gains.
  • The Central Government will incur a revenue loss of 1.45 lakh crore after this announcement.
  • There will be no increased tax of 20 percent on share buyback.
  • Finance Minister said that companies formed after October 2019 will have to pay 15 percent tax.
  •  The effective rate of tax on these will be 17.01 percent.
  • However, companies which will not take advantage of any rebate.
  • At least alternative tax rate has been reduced for them.
  • The central government has also given exemption from giving mats to new manufacturing companies.

 

Finance Minister Nirmala Sitharaman said that banks will set up camps for NBFCs and retail borrowers in 200 districts between October 03 and October 07 for the purpose of lending. The central government has named this campaign as 'Bank Loan Fair'. Finance Minister Nirmala Sitharaman said that no MSMEs in crisis will be declared NPAs till 31 March 2020.

Recent Post

Examlover website provide all Latest Current Affairs & Today Current Affairs 2018 for better preparation of UPSC, SSC, Banking, Railway, Defence and all government exams. Daily Current Affairs 2018 news summary on current events of national and international importance for all government competitive examinations. Current affairs preparation for govt. exams, so you can visit here for Current Affairs GK, Today GK, Daily Quiz, Daily GK and Current Affairs Quiz etc. You can also find here all the study material and learning data for One Day Exams, Online Exams and Offline Exams preparation. All types current affairs category here and uncategorized current affairs updates by us day to day related government schemes, publics deals, politics, Sports Science & Technology and miscellaneous news which is very important and useful in all government exams like UPSC, SSC, Banking, Railway, Medical etc.