Indian Budget Released
The Indian Government announced in the recent Budget that the scope of the lower 25 percent corporate income tax rate would be expanded to cover 99.3 percent of Indian businesses.
Currently the lower 25 percent rate is levied on those businesses with turnover not exceeding INR2.5bn (USD36.5m), and on manufacturing firms. This threshold will be raised to INR4bn.
The Budget also confirmed a number of administrative simplifications, including the introduction of a single monthly GST return. The Budget also proposes to extend, until March 31, 2021, the exemption from capital gains tax on gains arising from the sale of a residential house where the capital is used to invest in a start-up. The Government said it would also relax the eligibility conditions.
For more information on this, and other topical international tax matters, please visit: https://www.cchgroup.com/roles/corporations/international-solutions/research/global-tax-weekly-a-closer-look