Corporate Tax Subject : Economy Context: Corporate tax to GDP ratio exceeds 3 percent after two years in FY’22 Details: It reflects overall improvement in profitability of India Inc propelled by an increase in demand for goods and services. The corporate tax collection is yet to surpass its five-year high of 3.51 percent […]

    Corporate Tax Subject :Economy Section: Fiscal Policy Context: Corporate tax cut has led to a revenue loss of ₹1.84 lakh crore to the public exchequer as per the Parliamentary Estimates Committee report. Details: The Taxation Laws (Amendment) Bill, 2019 caused a reduction in the base corporate tax rate, that is, from 30 percent […]

Subject : Economics Context : Overall advance corporate tax stood at Rs 2,39,125 crore so far this year, down 4.9 per cent from Rs 2,51,382 crore as the first two quarters bore the brunt of the lockdown. Concept : Corporate tax is the tax imposed by the Government of India on the net income or […]