(Sept 20): India cut tax on local businesses to one of the lowest rates in Asia, while providing a more than US$20 billion ($27.5 billion) boost to revive economic growth from a six-year low.

Tax on all domestic companies will be lowered to 22% from a base rate of 30% currently, Finance Minister Nirmala Sitharaman said Friday. The effective new rate will be 25.2% including all additional levies and is applicable only for companies.

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