25% tax for firms with turnover of up to Rs 400 cr: FM

New Delhi, July 5: Finance Minister Nirmala Sitharaman Friday proposed to raise the annual turnover limit from Rs 250 crore to Rs 400 crore for availing a lower corporate tax rate of 25 per cent.

The proposal would cover 99.3 per cent of the companies operating in the country, she said while presenting Union Budget 2019-20 in the Lok Sabha.

She further said only 0.7 per cent of the companies will now remain outside the 25 per cent corporate tax bracket, she said. The corporate tax rate is 30 per cent at the moment.