In an attempt to streamline the derailed economy of India, Government of India has slashed effective corporate tax to 25.17 per cent, inclusive of all cess and surcharges.
Union Finance Minister Nirmala Sitharaman made this announcement in Goa.
The revenue forgone for this move would be 1.45 lakh crore rupees per year.
Nirmala Sitharaman is here in Goa to chair the GST Council Meeting.
Before the meeting on Friday morning, she announced that ordinance to this effect has already been issued.
With the lowest corporate tax in the South East Asian region, she feels this move would attract more investment in the country.