We would like to congratulate Hon’ble Finance Minister for a bold and progressive reform of reducing the corporate tax rate to 22%, it was a much needed relief that is expected to boost private investment in the country.
In order to promote growth in manufacturing units the rate of Minimum Alternate Tax is reduced from existing 18.5% to 15%, it will certainly benefit the manufacturing units including those in solar manufacturing and will give them elbowroom to expand their existing capacities.
In addition, fresh investments in new manufacturing company incorporated on or after 1st October 2019 will have an option to pay income-tax at the rate of 15% . This benefit would be available to companies, which do not avail any exemption/incentive, and commences their production on or before 31st March, 2023. It will help India to attract fresh investment in manufacturing and thereby provide boost to ‘Make-in-India’.
Source: conceptpr
