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Corporation Tax Rate Cut Caused Govt Rs 1 Lakh Crore Revenue Loss in FY21

  • Corporation tax rate for all companies slashed from 30% to 22% in September 2019.
  • Minister of State for Finance reported a consequent revenue loss of Rs 1,00,241 crore in FY 2020-21.
  • 61% of the total income of all companies opted for the new tax scheme in FY21.
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