Home » MSME » 99% MSMEs to gain by Tax Incentives provided in General Budget 2018-19

99% MSMEs to gain by Tax Incentives provided in General Budget 2018-19

The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley has proposed a reduced rate of 25% to companies that have reported turnover up to Rs 250 crores in financial year 2016-17. This will benefit the entire class of Micro, Small and Medium Enterprises which accounts for almost 99% of companies filing their tax returns. Accepting Rs 7,000 crores as the estimated revenue forgone due to this measure during the financial year 2018-19, the Finance Minister, while presenting the General Budget 2018-19 in Parliament here today, said, “This is towards fulfilment of my promise to reduce corporate tax rate in a phased manner.” He further added, “The lower corporate income tax rate for 99% of the companies will leave them with higher investible surplus which in turn will create more jobs.”

The Finance Minister recalled that in the Union Budget 2017, he had announced the reduction of corporate tax rate to 25% for companies whose turnover was less than Rs.50 crores in financial year 2015-16. This had benefitted 96% of the total companies filing tax returns. The Finance Minister also said that after this measure, out of about 7 lakh companies filing returns, about 7,000 companies which file returns of income and whose turnover is above Rs.250 crores will remain in 30% slab.

About Indianindustry Media

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

Government Blocks 118 Mobile Apps Which are Prejudicial to Sovereignty and Integrity of India, Defence of India, Security of State and Public Order

The Ministry of Electronics and Information Technology, Government of India invoking it’s power under section ...

India will play a leading role in the future global political framework in terms of economy and Disaster Risk Management:Nityanand Rai

  The Union Minister of State for Home Affairs, Shri Nityanand Rai has said that ...

Ministry of Shipping has facilitated more than 1 lakh crew change in Indian ports and charted flights

Ministry of Shipping has facilitated more than 1,00,000 crew change on Indian ports and through ...

Structural Reforms are a Key Priority of the Government: Finance Minister

Addressing the captains of the Indian Industry, Union Minister of Finance and Corporate Affairs, Smt. ...

Government of India and AIIB sign agreement for $500 million to improve the network capacity, service quality and safety of the suburban railway system in Mumbai

The Government of India, the Government of Maharashtra, Mumbai Railway Vikas Corporation and the Asian ...

DRDO identifies 108 Systems and Subsystems for industry to design, develop and manufacture towards achieving “Atmanirbhar Bharat”

Responding to the clarion call given by Hon’ble Prime Minister for “Atmanirbhar Bharat”, the Defence ...

Shri Gadkari Asks Large Industries to Clear MSME Dues on Priority; Develop MMSE ancilliary industries for spares

Shri Nitin Gadkari, Union Minister for Micro, Small and Medium Enterprises (MSMEs) and Road Transport ...

Sector and Industry wise study of ground level issues for policy formulation is the need of the hour: Shri Nitin Gadkari

Shri Nitin Gadkari, Union Minister for Micro, Small & Medium Enterprises and Road Transport & ...

Tax system aims to be Seamless, Painless, Faceless : PM

Prime Minister Shri Narendra Modi launched a platform for “Transparent Taxation – Honouring the Honest” ...

DAC approves procurement proposals worth Rs 8,722.38 crore, including 106 Basic Trainer Aircraft for IAF

To strengthen the Armed Forces by relying on indigenous capability to take forward the initiative ...

WP2Social Auto Publish Powered By : XYZScripts.com