'Roadmap for ending corporate tax exemptions in 45 days'

Revenue Secretary Shaktikanta Das on Wednesday said that a roadmap for ending corporate tax exemptions will be brought forth in the next 45 days.

It will be a part of the plan to lower the tax rate to 25 per cent in four years, he said.

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Finance Minister Arun Jaitley , while presenting his annual budget in February, had announced that the government would gradually pare corporate tax by 5 per cent during the next four years from 30 per cent and roll back various tax exemptions.

India should have a tax on company profits that is more consistently applied than it is now and should bring down its effective rate to global levels, Finance Minister Arun Jaitley had earlier said.

"We must ... remove discretion, phase out exemptions and bring the effective rate down to global levels," Jaitley had told a news conference called to mark the first year of Prime Minister Narendra Modi's government in power.

(Reuters)