Industry Ministry Keen on Lowering Company Taxes

New Delhi: The Commerce & Industry ministry seems to be more interested in reducing the tax rates for companies. Even though the entire nation is talking about the higher tax rate, the Commerce & Industry ministry is stating reasons like this will give rise to a left over amount to invest.

The department of Industrial Policy and Promotion has already suggested the finance department to trim off the corporation rate tax from 30 percent to 25 percent. The department is also asking for a cut off in the minimum alternate tax by 7.5 percent of book profit which was 18.5 percent last year.

The department is looking curious to reduce these taxes in order to keep the Moving Annual Tax (MAT) under a constant flow with normal income tax rate.

MAT is a figure that defines the financial or quantitative value of a variable over a period of twelve months. The variable might be the turnover, production, demand, etc.

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