India Lowers Tax for More Companies, Drops GST on Electric Vehicles

摘要

India has proposed to extend the lower 25% corporate tax rate to larger companies in its 2019-20 budget, along with lowering goodsand services tax for electric vehicles, and introducing faceless tax assessments.The proposed corporate tax cut to 25%, from the current 30% rate, would apply to companies with revenue of up to 4 billion rupees($58.4 million) per year. “This will cover 99.3% of all companies. Only 0.7% of companies will remain outside this rate,” Finance MinisterNirmala Sitharaman said in her budget speech July 5, meaning the rate of 30% would continue to apply to the largest multinationalcorporations.