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Business News/ News / India/  Cabinet gives nod to corporate tax rate cut implemented through Ordinance
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Cabinet gives nod to corporate tax rate cut implemented through Ordinance

Nirmala Sitharaman said that all the proposals in the Ordinance have been approved by the cabinet including minor corrections to be done and clarifications to be issued
  • The government had in September announced lower corporate tax for companies
  • Union Finance Minister Nirmala Sitharaman addresses the media after a cabinet meeting, in New Delhi. (Photo: Pradeep Gaur/Mint)Premium
    Union Finance Minister Nirmala Sitharaman addresses the media after a cabinet meeting, in New Delhi. (Photo: Pradeep Gaur/Mint)

    New Delhi: The Union Cabinet on Wednesday approved the Taxation Laws (Amendment) Ordinance 2019, which lowered the corporate tax rate for domestic and new manufacturing companies through an Ordinance on 20 September, finance minister Nirmala Sitharaman said. The Ordinance had amended the Income Tax Act 1961 and the Finance (No 2) Act of 2019.

    The minister said that all the proposals in the Ordinance have been approved by the cabinet including minor corrections to be done and clarifications to be issued. The government is now expected to move a bill in Parliament in the winter session of Parliament. The government had in September announced a lower 22% corporate tax rate for companies that do not avail of any tax incentives and a 15% rate for new manufacturing companies that start production before March 2023 in a bid to reverse the economic slowdown.

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    ABOUT THE AUTHOR
    Gireesh Chandra Prasad
    Gireesh has over 22 years of experience in business journalism covering diverse aspects of the economy, including finance, taxation, energy, aviation, corporate and bankruptcy laws, accounting and auditing.
    Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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    Published: 20 Nov 2019, 10:40 PM IST
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