Finance Minister Nirmala Sitharaman said on Saturday that around 12 companies doing business globally have shown interest in bringing their installations from China to India. He said that these companies want to take advantage of the recently announced attractive corporate income tax rate of 15 percent. The Finance Minister has announced a competitive rate of 15 percent corporate tax on new investment in manufacturing sector some time back.
The task force working government has reduced the rate of income tax on existing companies from 22 percent to 22 percent. Similarly, in the manufacturing industry, the tax rate on the income of companies formed after October 1, 2019 and commencing operations by 31 March 2023 has been changed from 25 percent to 15 percent. The Finance Minister said here at the Economic Time Award distribution ceremony, 'I said that I will form a working group which will look into the affairs of companies emanating from China. Meanwhile, I also announced a reduction in tax rates.