• Deccan Chronicle
  • Andhra Bhoomi
  • Asian Age
  • ePaper
  •  Auto Refresh
Home

ePaper
Last Updated:10:23 AM IST | Saturday, Feb 04, 2023
  • Home
  • Politics, Plan And Policy
  • Markets
  • Companies
  • Economy
  • In Other News
  • Autos
  • Just In
Menu
  • Home
  • Politics, Plan And Policy
  • Markets
  • Companies
  • Economy
  • In Other News
  • Autos
  • Just In
Home > Economy > Top 1,000 listed firms may see tax savings of Rs 37,000 cr post corp tax cut: CRISIL
Economy
Top 1,000 listed firms may see tax savings of Rs 37,000 cr post corp tax cut: CRISIL
By  
PTI   , Published : Sep 22, 2019, 7:12 pm IST | Updated : Sep 22, 2019, 7:12 pm IST

The drop in tax rate would now bring India at par with most Asian economies, the report added.

Friday's announcement, however, is the most material...Our analysis indicates these 1,000 companies could see tax savings of Rs 37,000 crore, or nearly a fourth of the total savings anticipated by the government, said CRISIL.
Friday's announcement, however, is the most material...Our analysis indicates these 1,000 companies could see tax savings of Rs 37,000 crore, or nearly a fourth of the total savings anticipated by the government, said CRISIL.

New Delhi: CRISIL Research on Sunday said top 1,000 listed companies could see tax savings of Rs 37,000 crore on account of the corporate tax cut.

"Over the past few days, a slew of measures have been introduced to address the slowdown in the Indian economy. Friday's announcement, however, is the most material...Our analysis indicates these 1,000 companies could see tax savings of Rs 37,000 crore, or nearly a fourth of the total savings anticipated by the government," it said in a statement.

The drop in tax rate would now bring India at par with most Asian economies, it added.

"CRISIL Research's analysis of nearly 1,000 companies -- spread across 80+ sectors such that they cover more than 70 per cent of NSE's market capitalisation -- indicates that effective tax rates had risen over the past 5 years," it said.

These companies, including oil & gas and financial services, account for nearly a third of the tax paid by India Inc.

"These estimates are based on profit before tax for fiscal 2019. Given that we expect 5-6 per cent growth in India Inc revenues and Ebitda (earnings before interest, tax, depreciation and amortisation) for this fiscal, the savings could end up a tad higher," it added.

In a major fiscal booster, the government on Friday slashed effective corporate tax to 25.17 per cent, inclusive of all cess and surcharges for domestic companies.

end-of
Tags: 
crisil research, corporate tax, tax savings, economy, india inc
Location: 
India, Delhi, New Delhi
Latest From Economy
Former RBI governor Urjit Patel has written a book titled Overdraft: Saving the Indian Saver.

Urjit Patel: Why our banks aren't saviours of the Indian saver

FIEO Director General Ajay Sahai said the global situation is likely to improve in the first half of 2020, which would have a positive impact on India's exports.

Exports to rebound in 2020 but growth to remain subdued

ICRA Economist Aditi Nayar expects moderation in vegetable prices to a large extent by early 2020. (Photo: File)

Inflation leaves consumers teary-eyed as pricey onions, food items bite

Most Popular

Mukesh Ambani 9th richest on Forbes' real-time billionaires list
Top credit card myths harmful for your financial well-being
Microsoft CEO Satya Nadella tops Fortune's Businessperson of the Year 2019
Employment growth slowed down in last two years: report
GST structure: key challenges and its solutions

Editor's Picks

Income tax e-filers drop by over 6.6 lakh in FY19: Official data
Swiping on your smartphone reveals a lot about you to your social media company
  • Read Financial Chronicle as it appears in print.
  • Subscribe, and get it delivered in the inbox everyday.
  • Politics, Plan And Policy
  • Markets
  • Companies
  • Economy
  • In Other News
  • Autos
  • Just In
  • Home
  • About Us
  • Contact Us
  • Terms of Service
  • Privacy Guidelines
  • Copyright © 2019 Financial Chronicle, All rights reserved
Developed & Maintained By Daksham