Will consider corporation tax rate benefit extension: FM Sitharaman

Says GST rate reduction to go to Council; Council is likely to meet on Friday through video conferencing.

Finance Minister Nirmala Sitharaman said on Monday the government would consider an extension in the deadline for availing of the lower 15 per cent corporation tax rate on new investments. 

The concessional corporation tax rate against the existing 25-30 per cent is available for new manufacturing firms incorporated after October 1, 2019, and starting operations before March 31, 2023. 

“I will see what can be done. We want 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,