Companies Earned A Lot Due To Reduction In Corporate Tax

Companies earned a lot due to the reduction in corporate tax, profit increased by 105 percent despite the decrease in income.

Indian companies have earned a lot in the last financial year due to the government’s cut in corporate tax in the year 2019 and measures to reduce private level spending during the Corona crisis.

It has been said in a report that during the last financial year (April 2020-March, 2021), there has been a tremendous increase of 105 percent in the profits of Indian companies.

SBI Research’s report said that this condition is when the earnings of companies have seen a decline of five percent during the period under review.

SBI Research in its report said that during the last financial year, 4,000 listed companies paid a record corporate tax of Rs 1.90 lakh crore.

In the previous financial year, these companies had paid Rs 1.40 lakh crore corporate tax.

In September 2019, the government reduced the effective rate of corporate tax from 35 to 26 percent.

According to the SBI report, these companies have also significantly reduced their expenditure during the pandemic. Due to this their profits have reached a record level in the last financial year.

The report says that tax cuts contributed 19 percent to the income of these companies during the pandemic.

At the same time, this contribution to the income of cement, tire, and consumer durables companies was more than 50 percent.

Petrol Diesel Price today 21 July: Petrol and diesel prices have not increased even today, relief to the common man.

Oil marketing companies (OMCs) continued to hold fuel price revisions for the fourth day in a row, the longest period in weeks.

Global growth in oil production has softened crude oil and product prices.

Petrol is being sold at Rs 101.84 per liter in the national capital, while diesel is also being sold at an unchanged price of Rs 89.87 per liter.

The petrol pump price is stable since Sunday. On Saturday, petrol was hiked by 30 paise per liter, while there was no change in diesel prices.

One of the main reasons for the stagnation in fuel prices is the fall in global oil prices by more than 10 percent, with benchmark crude at $69 a barrel from more than $77 a barrel a few weeks ago.