NEW DELHI: Finance Minister Nirmala Sitharaman on Monday said the Government will consider an extension in the deadline for availing the lower 15 per cent corporate tax rate on new investments, due to the COVID-19 pandemic.
In the biggest reduction in 28 years, the Government in September last year slashed corporate tax rates by up to 10 percentage points to attract private investment and push sagging economic growth.
Base corporate tax for existing companies was reduced to 22 per cent from 30 per cent, and to 15 per cent from 25 per cent for new manufacturing firms incorporated after October 1, 2019, and starting operations before March 31, 2023. (AGENCIES)
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