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ARTICLE · 09 OCTOBER 2019

Major Tax Reforms Announced– Runway To Growth?

Nishith Desai Associates
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In an attempt to revive the spirit of the Indian economy amidst the continuing economic slowdown, the Indian Government introduces a slew of measures through the Ordinance.

IndiaTax
Afaan Arshad
Afaan Arshad
Ashish Sodhani
Ashish Sodhani
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  • In an attempt to revive the spirit of the Indian economy amidst the continuing economic slowdown, the Indian Government introduces a slew of measures through the Ordinance.
  • Slashes corporate tax rates for domestic companies to 22% (15% in case of new manufacturing companies). Provides for a uniform surcharge rate of 10%.
  • Rolls back the enhanced surcharge on capital gains tax (i) payable by all classes of investors on transfer of listed equity shares (including listed units of an equity oriented fund and listed units of a business trust); and (ii) payable by FPIs on transfer of all securities, including derivatives.
  • Lowers the threshold for the applicability of MAT and the rate of tax in case of MAT from 18 ½ % to 15%. Ousts the applicability of MAT in case of companies which opt for taxability under section 115BAA /BAB.

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