New Delhi, Nov 2 Union Government will come out with a road map by next month for phasing out corporate tax exemptions and a gradual reduction of the tax rate to 25 per cent over four years, Revenue Secretary Hasmukh Adhia said.
The road map for phasing out of exemptions will be unveiled soon, he said.
Finance Minister Arun Jaitley, in the Budget, had said the basic rate of corporate tax in India at 30 per cent is higher than those prevalent in other major Asian economies, making domestic industry uncompetitive, and it would be brought down to 25 per cent over four years.
India is locked in a Rs 20,000-crore tax dispute with the UK telecom major Vodafone.
While the basic tax demand was Rs 7,990 crore, the total
outstanding, including interest and penalty, is estimated to have risen to Rs 20,000 crore.
