Government to consider extension in deadline for availing 15% corporate tax rate benefit: Finance minister – Times of India: NEW DELHI: Finance minister Nirmala Sitharaman on Monday stated the federal government will take into account an extension within the deadline for availing the decrease 15 per cent company tax fee on new investments, because of the COVID-19 pandemic.

Government to consider extension in deadline for availing 15% corporate tax rate benefit: Finance minister – Times of India

Within the greatest discount in 28 years, the federal government in September final 12 months slashed company tax charges by as much as 10 proportion factors to draw personal funding and push sagging financial progress.

Base company tax for current corporations was decreased to 22 per cent from 30 per cent, and to 15 per cent from 25 per cent for brand spanking new manufacturing corporations integrated after October 1, 2019, and beginning operations earlier than March 31, 2023.

“I’ll see what may be performed. We would like business to profit from the 15 per cent company tax fee on new investments and I take your level for contemplating an extension within the deadline of March 31, 2023,” Sitharaman stated.
Extra on Covid-19

Addressing members of FICCI, the minister assured the business of all attainable authorities assist with the intent of supporting Indian enterprise and reviving the economic system.

Sitharaman additional clarified that the COVID-19 Emergency Credit score Facility covers all corporations and never simply micro, small and medium enterprises (MSMEs).

On the query of liquidity, she stated, “We now have pretty clearly addressed the difficulty of liquidity. There’s undoubtedly the supply of the liquidity. We are going to look into it if there are nonetheless points.”

She additionally stated each authorities division has been informed to clear dues and if there’s any problem with any division, the federal government will look into it.

The finance minister additionally stated the federal government will take into account an extension within the deadline for availing the 15 per cent company tax fee on new investments.
The minister prompt the business to submit their suggestions associated to the ministry of company affairs or Sebi deadlines in order that vital steps might be taken.

With regard to the necessity for discount in GST charges within the badly affected sectors, She stated, “GST fee discount will go to the Council. However, the GST Council can also be on the lookout for income. The choice for discount in fee for any sector needs to be taken by the Council.”

Income secretary Ajay Bhushan Pandey informed FICCI members that revenue tax refund to the corporates has additionally began and revenue tax refunds of Rs 35,000 crore have been issued previously few weeks.

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