In her maiden Budget in July, finance minister Nirmala Sitharaman had lowered the corporate tax rate for most companies but excluded the biggest. "We shall cover them sooner," she had said. On Friday, in her fourth phase of post-budget economic stimulus measures, Sitharaman cut base corporate tax for existing companies to 22% from the current 30% and for new manufacturing firms, incorporated after October 1, 2019 and starting operations before March 31, 2023, to 15% from the current 25%.
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