Centre carrying out reforms in various sectors to boost economy, says Goyal

The government has carried out a number of reforms in various sectors and it is a continuous process for improvement in the economy, Commerce Minister Piyush Goyal said in the Lok Sabha on Wednesday.

He said some of the reforms were by way of amendments in various acts such as the Finance (Amendment) Bills, the Special Economic Zones (Amendment) Bill, amendments in the Goods and Services Tax Act and the Insolvency and Bankruptcy Code.

"The government has already carried out a number of reforms in various sectors and the reform process is a continuous process for improvement in the economy," Goyal said during the Question Hour.

He said as regards reforms in the tax system, it is stated that through the Taxation Laws (Amendment) Ordinance, 2019 (the Ordinance), corporate tax rates were reduced to 22 per cent plus the applicable surcharge and cess for all domestic corporate persons not claiming any deduction or incentive.

Further, an option was given to any new domestic manufacturing company incorporated on or after October 1, 2019 to avail lower corporate tax rates of 15 per cent, with the applicable surcharge and cess, without claiming any deduction or incentive as per sub-section (2) of section 115BAB of the Act, provided they commence manufacturing or production of an article or thing by March 31, 2023, Goyal said.



Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel