Finance Minister Nirmala Sitharaman has asserted that the corporate tax cut bonanza, which would result in revenue foregone of ₹1.45 lakh crore, would help India become a “manufacturing hub” as it would boost new investments into the manufacturing sector.
The Minister said this while moving the Taxation Laws (Amendment) Bill, 2019 for consideration and passage.
The Lower House on Monday passed the Bill through voice vote. The Bill will next be taken up in the Rajya Sabha. It will replace the Ordinance promulgated on September 20.
Replying to over four-hour discussion in the Lok Sabha on the Bill, Sitharaman said it was too early to elaborate on the impact of the move, but added that already there were investment green shoots with several foreign companies evincing interest in the new regime that provides for 15 per cent corporate tax rate.
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