15% tax for new investment in manufacturing to have sunset clause: Tarun Bajaj

New Delhi: Revenue Secretary Tarun Bajaj has exhorted India company to speed up new investment in manufacturing as the concessional tax rate of 15 per cent 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 per cent 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 organised by Assocham. He also shared the optimism about the tax buoyancy as the economy is on the path of 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 per cent.