Deadline extension for 15 per cent corp tax on new investments on cards

New Delhi

“I will see what can be done. We want industry to benefit from the 15 per cent corporate tax rate on new investments and I take your point for considering an extension in the deadline of March 31, 2023,” she said addressing FICCI National Executive Committee members.

The Finance minister suggested that the industry submit their recommendations related to the ministry of corporate affairs or SEBI deadlines so that necessary steps could be taken.

With regard to the demand for reduction in GST rates in the badly affected sectors, she said, “GST rate
reduction will go to the Council. But the council is also looking for revenue. The decision for reduction in rate for any sector has to be taken by the Council.”

Sitharaman said the COVID Emergency Credit Facility covers all companies and not just MSMEs. She assured the industry of all possible government support with the intent of backing Indian business and reviving the economy. “We are committed to support/ intervene if any of your members have a problem”.

On the question of liquidity, the FM said, “We have fairly clearly addressed the issue of liquidity.”