The Taxation Law (Amendment) Bill 2019 passed by Lok Sabha is all set to change the current dynamics of corporation tax rates. This recent bill passed is an attempt to replace the orders issued in the goods and service tax (GST) Council meeting 
Get to know about GST (Goods and Services Tax) council 1st to 37th meeting updates and decisions taken by members. We have covered 1st meeting to last meeting decisions held on 20 September 2019 regarding the corporate tax rate cut. The Bill asks the government to reduce corporate tax to 22% without incentives and 15% for budding manufacturing units in the country which in turn will help the segment to progress by the means of increased investments and more outputs.
The current corporate tax rate slabs 
Grab the information of revised GST slab rates on consumer products in India, Although GST council finalized the slab rates like 5%, 12%, 18% and 28% are fixed at 25% for companies with annual aggregate earnings of up to Rs. 400 Crores. The rest of the firms operative in India is liable to pay the tax with a 30% corporate tax rate.
Finance Minister Nirmala Sitharaman was one of the major attendees in the discussions held in Lok Sabha on Monday, debating over the bill she said that the government under her superintendence is a reactive government which is not tolerant enough to wait for the budget every year to make amendments solving public issues. “We are a government that listens, even to criticism, and takes immediate steps to adapt to a dynamic global situation,” she said.
We respond to public issues with high clarity in mind, claims FM. She further declares that the current bill is in response to the global challenges faced by the government and various taxpayers. The decision to cut down the current corporate tax rates will allure multinational companies to invest in India who is looking for a base to set up manufacturing plants as they shift from China owing to the ongoing Sino-US trade war.
Congress leader in Lok Sabha, Adhir Ranjan counters the government highlighting the issue of falling GDP numbers. Several times the Lower House has echoed on the GDP (Growth Domestic Product) 
The biggest tax reform i.e. Goods and Services Tax is now a part of Indian Economy. A new and unified tax structure is followed for indirect taxation growth rate slipping to the lowest in the last four years 4.5% in the July-September quarter.
