The Rajya Sabha has returned the Taxation Laws (Amendment) Bill, 2019, after approving it as passed by the Lok Sabha. Replying to the discussion in the Upper House, Finance Minister Nirmala Sitharaman said, slashing the Corporate Tax remains an effective reform measure to attract more investments. She said, the amendments in the taxation laws as envisaged in the Bill have more provisions and clarifications than the Ordinance that was promulgated earlier.
The Minister rebutted allegations that the amendments are aimed at helping big corporate and said the Corporate Tax rebates as provided for are applicable to all the companies registered under the Companies Act including the MSMEs. Ms Sitharaman clarified that the new tax rebate is extended to only new companies so as to attract fresh investments to the country.