Centre will consider deadline extension to avail 15% corporation tax rate benefit: Sitharaman
Union minister assures industry of all possible government help amid coronavirus crisis; seeks recommendations related to her ministry or SEBI deadlines so necessary steps can be taken
- Jun 9, 2020,
- Updated Jun 9, 2020 9:47 AM IST
Union Finance Minister Nirmala Sitharaman, during her address to the members of industry body FICCI, said the Centre may consider extending deadline for availing lower 15 per cent corporation tax on new investments. The new corporation tax rate is available for manufacturing companies incorporated after October 1, 2019, and that have started operations before March 31, 2023.
"I will see what can be done. We want the industry to benefit from the 15 per cent corporation tax rate on new investments and I take your point for considering an extension in the deadline of March 31, 2023," Sitharaman said.
The minister also assured the industry of all possible government help amid the coronavirus crisis. "We are committed to supporting/intervene if any of your members have a problem," she said.
The Finance minister sought the industry's recommendations related to the ministry of corporate affairs or SEBI deadlines so that necessary steps could be taken.
The Centre in September last year reduced corporate tax rates from a high of 30 per cent to 22 per cent.
Union Finance Minister Nirmala Sitharaman, during her address to the members of industry body FICCI, said the Centre may consider extending deadline for availing lower 15 per cent corporation tax on new investments. The new corporation tax rate is available for manufacturing companies incorporated after October 1, 2019, and that have started operations before March 31, 2023.
"I will see what can be done. We want the industry to benefit from the 15 per cent corporation tax rate on new investments and I take your point for considering an extension in the deadline of March 31, 2023," Sitharaman said.
The minister also assured the industry of all possible government help amid the coronavirus crisis. "We are committed to supporting/intervene if any of your members have a problem," she said.
The Finance minister sought the industry's recommendations related to the ministry of corporate affairs or SEBI deadlines so that necessary steps could be taken.
The Centre in September last year reduced corporate tax rates from a high of 30 per cent to 22 per cent.