Government mulling to extend deadline for availing corporate tax rate on new investments
– globalbihari bureau
New Delhi: Government will consider an extension in the deadline for availing the 15% corporate tax rate on new investments, Union Finance and Corporate Affairs Minister Nirmala Sitharaman said here on Monday.
Addressing the Federation of Indian Chambers of Commerce & Industry (FICCI) National Executive Committee members, she said: “I will see what can be done. We want industry to benefit from the 15% corporate tax rate on new investments and I take your point for considering an extension in the deadline of 31st March, 2023.” She suggested the industry to submit their recommendations related to the ministry of corporate affairs or SEBI deadlines so that necessary steps could be taken.
With regard to the need 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 clarified that the COVID Emergency Credit Facility covers all companies and not just Micro, Small and Medium Enterprises (MSMEs). Sitharaman assured the industry of all possible government support with the intent of supporting Indian business and reviving the economy, and said, “We are committed to support/intervene if any of your members have a problem”.
On the question of liquidity, the Finance Minister said, “We have fairly clearly addressed the issue of liquidity. There is definitely the availability of the liquidity. We will look into it if there are still issues.” She added that every Government department had been told to clear dues and if there was any issue with any department, the government will look into it.
FICCI President Dr Sangita Reddy informed the Finance Minister that the chamber is in constant touch with different government departments to support the implementation of the measures announced to deal with the COVID-19 impact. “FICCI is committed to the common goal of Atmanirbhar Bharat and working with the government in enhancing implementation,” Dr Reddy added.