Indian Finance Minister Nirmala Sitharaman announced several tax exemptions at the Goods and Services Tax (GST) Council meet recently in New Delhi that include slashing effective corporate tax for domestic companies through an ordinance to 25.17 per cent inclusive of all cess and surcharges. The new tax rate will be applicable from April 1 of this fiscal. In effect, the corporate tax rate will be 22 per cent for domestic companies, if they do not avail any incentive or concession. Companies opting for 22 per cent income tax slab would not have to pay minimum alternative tax (MAT).