<h1>2017-18 Budget: Tax Cuts for Small Companies, Extended MAT Period, and Customs Duty Reduction to Boost Growth.</h1> The Indian government announced several measures in the 2017-18 budget to stimulate growth and support various sectors. The income tax rate for smaller companies with an annual turnover of up to Rs. 50 crore is reduced to 25%, benefiting 96% of companies and costing Rs. 7,200 crore annually. The carry forward period for Minimum Alternate Tax (MAT) is extended from 10 to 15 years. The allowable provision for Non-Performing Assets in banks is increased from 7.5% to 8.5%. Basic customs duty on LNG is reduced from 5% to 2.5%. Tax concessions for start-ups and foreign entities are also extended.