Overview
▪ On 20 September, 2019, Finance Minister, Nirmala Sitharaman announced the largest reduction in corporate income tax (CIT) rates in the last three decades through the Taxation Laws (Amendment) Ordinance, 2019.
▪ The reduced CIT rate makes return on investments made in India attractive. The reduction in rate and other favourable factors also pave the way for cementing India’s status as a favourable manufacturing destination against the backdrop of existing global trade dynamics. With the headline CIT rate for newly incorporated domestic manufacturing companies being reduced to 17.16%, the manufacturing sector is one of the largest beneficiaries.
Corporate Income Tax
