With an aim to boost economy, Commerce Minister Piyush Goyal has said that the government has carried out a number of reforms in various sectors and it is a continuous process for improvement in the economy. He mentioned that some of the reforms were by way of amendments in various acts such as the Finance (Amendment) Bills, the Special Economic Zones (Amendment) Bill, amendments in the Goods and Services Tax Act and the Insolvency and Bankruptcy Code.
He said as regards reforms in the tax system, it is stated that through the Taxation Laws (Amendment) Ordinance, 2019 (the Ordinance), corporate tax rates were reduced to 22% plus the applicable surcharge and cess for all domestic corporate persons not claiming any deduction or incentive.
Further, he stated that an option was given to any new domestic manufacturing company incorporated on or after October 1, 2019 to avail lower corporate tax rates of 15%, with the applicable surcharge and cess, without claiming any deduction or incentive as per sub-section (2) of section 115BAB of the Act, provided they commence manufacturing or production of an article or thing by March 31, 2023.