Indian industry to speed up new investment in manufacturing as concessional tax rate has sunset clause, says Revenue Secy

Revenue Secretary Tarun Bajaj has exhorted Indian industry to speed up new investment in manufacturing as the concessional tax rate of 15 percent has been extended by a year till 2024 in the Union Budget.

He said, there is a sunset clause on the special dispensation of concessional 15 percent tax on companies setting up greenfield manufacturing facilities and therefore the government encourages businesses to set up before the sunset date.

The Revenue Secretary was speaking at virtual post-budget conference organized by Assocham. He also shared the optimism about the tax buoyancy as the economy is on the path to recovery.

He also said that the new Corporate Tax regime is settling down as more and more companies are exhausting their exemptions and moving towards the lower rate of 22 percent.

@AIR