NEW DELHI: Finance Minister Nirmala Sitharman on Thursday said the lower 15 per cent tax rate for new manufacturing companies will not apply to computer software development, mining and printing of books.
She was replying to a debate in the Rajya Sabha on the Taxation Laws (Amendment) Bill, 2019 that replaces the Taxation Laws (Amendment) Ordinance, 2019, promulgated on September 20, 2019, to cut the base corporate tax rate.
The amendment carries a negative list of industries that will not qualify for lower tax rate meant for manufacturing companies set up on or after October 1, 2019 but that begin production before 2023, she said.
The negative list includes computer software development, mining and printing of books as they are not manufacturing per se, the Minister added. (AGENCIES)