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Home Business Today The Buzz October 20 2019 Story

Niti Kiran New Delhi Print Edition October 20 2019

Tax S(h)avingsThe BFSI sector is the biggest gainer from the recent cut in corporate tax rates

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In the fourth tranche of measures announced to tackle theeconomic slowdown corporate tax rate for domestic companiesthat do not avail of any tax incentive has been slashed to 22 percent from 30 per cent (or 25 per cent) earlier Effectivecorporate tax rate after surcharge now amounts to 2517 percent A CARE Ratings study looks at the impact of this new taxregime on 2337 companies from a sample of 3170 companieswhich had positive profit before tax (PBT) in FY19

The cumulative PBT of these companies were about Rs 884lakh crore and the total tax paid was Rs 237 lakh crore with aneffective rate of 275 per cent for FY19 Of these 1192companies paid taxes at a rate higher than 252 per cent Ifthese companies had paid tax at 2517 per cent the industry

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Tags Tackle Economic Slowdown | Corporate Tax Rate | Domestic Companies | Tax Incentive |Corporate Tax Rate After Surcharge | CARE Ratings | Positive Prot Before Tax

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would see savings of Rs 41555 crore The big gainers wouldhave been banking financial services and insurance (BFSI)companies These companies account for 425 per cent of thetotal savings at Rs 17679 crore followed by iron and steelFMCG and mining with a share above 5 per cent

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