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LS passes Bill, slashing Corporate Tax

LS passes Bill, slashing Corporate Tax

New Delhi, Dec 2 (UNI) The Lok Sabha on Monday passed a Bill, which seeks to cut the corporate tax rate.

The Taxation Laws (Amendment) Bill, 2019 was passed by voice vote and the amendments moved by the opposition members were negated.

Replying to the debate on the Bill in the Lok Sabha, Finance Minister Nirmala Sitharaman said the Union government has periodically given relief to individual tax payers.

'But now, we want more investments, so we have reduced corporate tax,' she said.

The Bill seeks to replace the ordinance, issued on September 20, and would slash corporate tax rate to 22 per cent without incentives and 15 per cent for new manufacturing entities.

Gross tax collection has been increased by five per cent and it is likely to go up in the last quarter, the Minister said.

On her remarks on Ola-Uber, she said it was based on an RBI study.

The Finance Minister said the GST collection has crossed Rs one lakh crore.

Ms Sitharaman also flayed the Congress for signing the international pact at Bali in 2013 that had put India in the negotiation process for the Regional Comprehensive Economic Partnership (RCEP).

Alleging that having done so in 2013 during the erstwhile Congress-led UPA regime, she said the Congress now had no rights to shed tears for the farmers.

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