Indian finance minister Nirmala Sitharaman yesterday introduced in the parliament lower house the Taxation Laws (Amendment) Bill, 2019, which seeks to replace the ordinance, issued on September 20, to slash corporate tax rate to 22 per cent without incentives and 15 per cent for new manufacturing entities. The ordinance was needed as parliament was not in session then.
The bill empowers the government to notify activities that may not qualify as manufacturing to be eligible for 15 per cent tax rate.Indian finance minister Nirmala Sitharaman yesterday introduced in the parliament the Taxation Laws (Amendment) Bill, 2019, which seeks to replace the ordinance, issued on September 20, to cut corporate tax rate to 22 per cent without incentives and 15 per cent for new manufacturing units. The ordinance was needed as parliament was not in session then.#
It also puts safeguards such as disallowing reduced rate of 22 per cent if the prescribed conditions have been violated and disallowing losses or unabsorbed depreciation due to a merger under the provision.
The government also introduced on the same day the International Financial Services Centres (IFSCs) Authority Bill, 2019, which provides for creation of a unified financial regulator for IFSCs, according to Indian media reports.
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