Finance Minister Nirmala Sitharaman on Friday announced that the government proposed to cut corporate tax rates to 22 percent for domestic companies provided they will not avail exemptions or incentives and 15 percent for new domestic manufacturing enterprises as part of a raft of measures to boost economic growth.
The tax cut is important for the FMCG sector primarily because most of the companies have their effective tax rates upwards of 30-35 percent.
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Benefits of the tax cut announced by FM would be three-fold for the FMCG Sector:
First Published: Sept 20, 2019 3:12 PM IST
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