Finance Minister Nirmala Sitharaman on Monday said corporate tax rate for companies with over Rs 400 crore turnover will be gradually cut to 25 per cent and the government will support wealth creators. In her maiden Budget last month, she had cut corporate tax for companies with annual turnover of up to Rs 400 crore to 25 per cent from 30 per cent earlier. Last year, the then Finance Minister Arun Jaitley had cut the corporate income tax rate to 25 per cent for companies with a turnover of up to Rs 250 crore.

Speaking at an industry event here, Ms Sitharaman said the corporate tax reduction for the rest of corporates would be gradual.

She did not give a timeframe for the reduction.

Echoing Prime Minister Narendra Modi's Independence Day speech, she said Indian wealth creator entrepreneurs will be given all kind of support.

PM Modi had in his annual Independence Day address to the nation on August 15 had extolled the role of wealth creators and said they must not be viewed with suspicion.

"Let us never see wealth creators with suspicion. Only when wealth is created, wealth will be distributed," he had said. "Wealth creation is absolutely essential. Those who create wealth are India's wealth and we respect them."