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Home INTERNATIONAL 15% corporate tax rate profit deadline may possibly be extended: FM Sitharaman

15% corporate tax rate profit deadline may possibly be extended: FM Sitharaman

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Finance Minister Nirmala Sitharaman on Monday mentioned the govt will think about an extension in the deadline for availing the decreased 15 per cent company tax rate on new investments, because of to the Covid-19 pandemic. The concessional corporation tax rate against the present 25-30 for each cent is readily available for new production corporations incorporated immediately after October 1, 2019, and commencing operations just before March 31, 2023.&#13
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“I will see what can be done. We want market to advantage from the 15 for each cent corporation tax rate on new investments and I take your point for thinking about an extension in the deadline of March 31, 2023,” Sitharaman stated, addressing users of marketplace entire body Ficci.&#13
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The finance minister also said that demand for GST rate reductions would go to the GST Council, but the entire body of union and state finance ministers is also wanting at revenue.&#13
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The final decision for rate slice for any sector has to be taken by the Council, she claimed. The Council is likely to meet up with on Friday by means of video clip conferencing. The beleaguered sectors these kinds of as cars are inquiring for reduction in GST prices.&#13
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The minister certain the business of all attainable government support with the intent of supporting Indian enterprise and reviving the economy.&#13
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Sitharaman clarified that the Covid-19 Crisis Credit Facility covers all providers and not just micro, little and medium enterprises (MSMEs).&#13
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On the dilemma of liquidity, she mentioned, “We have fairly clearly tackled the issue of liquidity. There is definitely the availability of the liquidity. We will seem into it if there are however concerns.” She also mentioned each individual govt division has been informed to clear dues and if there is any issue with any department, the govt will seem into it.&#13
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The minister recommended the industry to post their recommendations associated to the ministry of corporate affairs or Sebi deadlines so that required ways could be taken.&#13
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In an try to perk up the financial state, Finance minister Nirmala Sitharaman experienced on September 20, 2019 declared corporation tax rate slice for new production units. With cess and surcharges this will come to 29.12 for each cent at present and with new rate construction that would be slash to 17.01 per cent or by about 12 percentage points. These organizations also need not pay out any minimal alternate tax (MAT). The rate was also lower to 25 per cent for existing firms that do not avail any exemption. Moreover, the minimal alternate tax (MAT) was lower to 15 per cent from the current 18.5 for each cent for current businesses.&#13
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In advance of the presentation of the Finances, the office of commerce, in a proposal to finance ministry experienced sought an extension of the lower corporation tax offer of 15% by two a long time, which will give organizations time until March 31, 2025 to set up production, as versus the 2023 deadline as of now.&#13

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