The new tax structure is effective from April 1, 2019. New companies formed from Oct 1 will attract a base tax rate of 15% and effective rate of 17.01%, she said. That brings it to the same level as in Singapore.
(Sept 20): India cut tax on local businesses to one of the lowest rates in Asia, while providing a more than US$20 billion ($27.5 billion) boost to revive economic growth from a six-year low.
Tax on all domestic companies will be lowered to 22% from a base rate of 30% currently, Finance Minister Nirmala Sitharaman said Friday. The effective new rate will be 25.2% including all additional levies and is applicable only for companies.
