As the nation’s most influential community of entrepreneurs, the Confederation of Indian Micro, Small and Medium Enterprises is committed to supporting leading entrepreneurs in every corner of the nation and the world. To ensure members are given the tools they need to learn and grow in business and beyond, they are constantly updating and personalizing their national and global benefits and programs to meet the needs of their growing membership.
The Union Budget 2018 has reduced the corporate tax rate for companies with an annual turnover of up to Rs250 crore to 25%
Budget 2018 has reduced the corporate tax rate for companies with an annual turnover of up to Rs250 crore to 25%. The announcement was made by finance minister Arun Jaitley in his budget speech in Parliament on Thursday.
This move is expected to benefit the micro, small and medium enterprises (MSMEs) but will disappoint big corporates that were hoping that the corporate tax cut will be across the board, in line with the finance minister’s earlier promise of reducing the tax rate to 25%, accompanied by a complete phasing out of exemptions.
Jaitley, in his budget speech, said the corporate tax cut will help the entire MSME sector and account for 99% of the companies filing tax returns. The government will forego a revenue of Rs7,000 crore.
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