New Delhi: The Central Government had announced a cut in corporate tax, giving big relief to the industry in the past. Finance Minister Nirmala Sitiraman, who came under attack from the opposition due to economic slowdown, announced in this regard. The government has reduced the rate to 10 percent. Domestic companies will continue to benefit from the reduced corporate rate for a longer period. Without the approval of Parliament, it will not be possible for any government to increase this rate further.
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In this way, the government has assured the companies investing in India that the new rate of corporate tax will be permanent and they will be able to take advantage of it for a long time. The Finance Minister said that if new domestic companies formed after October 1 start production before 31 March 2023 by making new investment, then they will have the option to pay corporate tax at the rate of 15 percent.
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For them, the effective rate of corporate tax (including Sass and Surcharge) will be 17.01 percent. New domestic companies will continue to get this facility as the government has not made provision of Sunset clause for this. She said that often when the government gives any incentive to the corporate world, it makes provision for Sunset but in the ordinance issued on September 20, we have clearly stated that the announcement of the benefits to be given to the new domestic companies by cutting the corporate tax. This is seen as a big relief for the industry. Because this will maintain stability in the policy.
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