Converge all corporate taxes to 15 per cent: CII

“The Budget may announce a roadmap for convergence of all corporate tax rates to 15 percent, with no exemptions and incentives, by April 1, 2023. A signalling to this effect could help further boost investor sentiment and encourage investments,” CII President Vikram Kirloskar said. The desired impact of the reduction in corporate taxes on the ground is still far from satisfactory, CII said, citing the multitude of tax rates as a reason, which had created tax rate inequalities across manufacturing and service sectors. Last year, the Centre reduced corporate tax rates to 22 pc, plus surcharge and cess. However, companies will not be allowed to avail any tax exemptions or incentives.