On Monday, Finance Minister Nirmala Sitharaman said that the corporate tax rate for companies with over Rs 400 crore turnover annually will be gradually cut to 25 percent and the government will support such wealth creators. During her maiden budget in July 2019, Finance Minister Nirmala Sitharaman had cut corporate tax for companies with an annual turnover of up to Rs 400 crore to 25 percent from 30 percent.

Finance Minister #NirmalaSitharaman on August 19 said #corporatetaxrate for #companies with over Rs 400 crore turnover will be gradually cut to 25 per cent and the government will support wealth creators.

Photo: IANS pic.twitter.com/w44MPIC5sT

— IANS Tweets (@ians_india) August 19, 2019

Last year, former finance minister Arun Jaitley had cut the corporate income tax rate to 25 percent for companies with a turnover of up to Rs 250 crore. While speaking at an industry event, Sitharaman said that the corporate tax reduction for the rest of corporates would be gradual. However, the finance minister did not give any time frame for the reduction.