Following the reduction in corporate tax rate announced by the government, two out of three companies would immediately shift to the new tax regime, and half of those shifting may use tax savings for ongoing capex or to strengthen balance sheet, says a research report.   “Companies...
In major relief to duty free shops, the Bombay High Court has ruled that goods and services tax (GST) cannot be levied on products sold at the duty free shops in Mumbai airport.   The two judge bench observed that the if duty free shops are subjected to local taxes, the tax burden...
Exactly two weeks after the dramatic tax cuts of 20 September 2019, the mood has turned sombre once again. On that day, finance minister Nirmala Sitharaman announced sharp cuts in corporate taxes, which will benefit only a handful of big tax-payers.    After the announcement and...

Clarifying on shift from current to the new corporate tax regime, the tax department on Wednesday said that companies opting to pay for lower tax rate of 22 per cent would not be allowed to avail Minimum Alternate Tax (MAT) credit.   These companies would also not be able to carry...
Around 1,000 companies would save nearly Rs 37,000 crore due to recent corporate tax rate cut, according to a Crisil report on Sunday.   A study of nearly 1,000 companies, spread across 80 sectors, which cover over 70 per cent of the National Stock Exchange's market capitalisation...

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