The government begins charging high-earning firms a Super Tax

After the new Finance Act 2023 went into effect, the government began charging higher-income businesses and people a Super Tax.

The super tax’s income threshold has gone from 300 million to 500 million. On annual income surpassing 500 million rupees, a 10% super tax has been applied. 10% super tax would be applied to significant businesses and banking firms whose income exceeds 300 million rupees.

In accordance with the Finance Bill, a whopping 10% super tax has been imposed on the industries of airlines, automobiles, breweries, cement, chemicals, cigarettes, tobacco, fertilisers, iron and steel, LNG terminals, oil marketing, oil refineries, petroleum, gas, pharmaceuticals, sugar and textiles.