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
The current corporate tax rate slabs
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)