Finance minister Nirmal Sitharaman has said the corporate tax rate for companies with over INR 400 Cr turnover will be gradually reduced from 30% to 25%, after the move drew criticism at the Union Budget. Sitharaman, in an industry event, said that the theme of the 2019 Union Budget was “Ease of Living”. With that as the guiding principle, she said that the policies and schemes have been drafted accordingly for businesses. “Indian wealth creators, entrepreneurs should be extended to all kinds of support and tax is one of the foundations … we should have more facilitating rates rather than suffocating rates of taxation. We are doing many such things,” Sitharaman added. In reference to tax administration, the FM said tax administrators have become facilitators and people who pay tax are treated with a lot of understanding. She added that the ministry has decided to hold meetings of tax administrators across various Tier 2 cities in the country.

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