Corporate Tax Cut

Corporate tax collections exceeded 3 per cent of the GDP after a gap of two years in 2021-22, reflecting overall improvement in profitability of India Inc propelled by increase in demand for goods and services. However, the corporate tax collection is yet to surpass its five-year high of 3.51 per cent of GDP recorded in 2018-19. In actual terms, the net corporate tax collection in 2021-22 stood at Rs 7.12 lakh crore. The Gross Domestic Product (GDP) at current market price was Rs 236.64 lakh crore. The percentage of net corporate tax to GDP worked out to be 3.01 per cent. An analysis of five-year data of corporate tax collection as a percentage of GDP showed that the ratio was the highest in 2018-19. The net corporate tax collection stood at Rs 6.63 lakh crore or 3.51 per cent of GDP. The mop up and ratio slipped to 2.77 per cent of GDP in 2019-20 on account of reduction in corporate tax rate. In the biggest reduction in 28 years, the government cut corporate tax rates for new ...

It marks the first time in three years that the budget was decreased by the parliament

In July, the commerce department sought inter-ministerial comments on the DESH Bill that aims at replacing the existing special economic zone (SEZ) law

Kwarteng recently said that he was 'absolutely, 100 per cent' confident that he would be in post in November despite rising rebellion

Although the commerce ministry is making efforts to finalise the DESH Bill and introduce it in the parliament during the winter session, the finance ministry's stance may delay it

The trend of increase in income tax collection is expected to continue in the coming months on increased compliance, higher corporate profitability and increased trade in festive season, experts said. The gross direct tax collection grew 30 per cent to Rs 8.36 lakh crore in the April to mid-September period of the current fiscal on increased corporate tax and personal income tax (PIT) mop up due to increased economic activity. Deloitte India Partner Rohinton Sidhwa said the reason for rising tax collection, aside from the increase in economic activity, is attributable to the marked increase in compliance demonstrated by the number of returns filed. "The increase in compliance also stems from influencing behaviour like the sharing of details of income generating activity that taxpayers are being shown on the e-filing portal. "It's expected that the trend will continue for now. While corporate tax returns are still to be filed for the last fiscal, advance tax collections show strong

Pound slides below $1.11 for first time in 37 years

The Congress on Tuesday questioned the BJP government over corporate tax cut leading to a revenue loss of Rs 1.84 lakh crore while the middle-class was charged at the peak rate of 30 percent.

After the parliamentary panel put out different claims in its report on loss due to corporate tax cut, Congress targeted Centre alleging that the decision was taken just 2 days before 'Howdy Modi'

Finance ministers of the bloc close in on a deal to jointly support a minimum corporate tax rate of at least 15%.

Besides, Sitharaman pointed out that the Central government did not increase taxes last year or this year

More than 5.41 crore income tax returns (ITRs) filed have been verified and 1.58 crore refunds amounting to Rs 31,857 crore for AY 2021-22 (2020-21 fiscal) have been issued

Alongside negotiations on a global minimum rate, the OECD is working on a system to divide up between governments the rights to tax multinationals

India is likely to benefit from the global minimum 15 per cent corporate tax pact by the world's richest nations and the country would continue to attract investment, tax experts said on Sunday.

The US Treasury Department said that it supports a global minimum corporate tax rate of at least 15% below the 21% minimum it has been seeking to impose on the foreign profits of US-based companies

A look at select countries - four advanced economies, three emerging markets and India - shows the extent to which corporate taxes help governments

The idea of a global minimum tax rate has merits

OECD is trying to forge a deal among 139 countries on its plan by this summer

Asks rating agencies to be mindful of relative spending spree of economies

The survey sought responses from 100 corporate executives.