In the last couple of years, the government has been rationalizing the rates of corporate tax, slashing them to 15% for new manufacturing entities, and 22% for all corporates. In the last couple of years, the government has been rationalizing the rates of corporate tax. These rates are now amongst the lowest across the globe. In doing so, the government took an important step forward to attract investment and incentivize manufacturing in India.
Against this backdrop, Rohit Jain, Senior Partner, Economic Laws Practice (ELP) has authored an article titled ‘FM Budget Mantra: Tax stability leads to buoyancy in revenue, the impetus to growth’ published by Business Today. In his article, Rohit is of the opinion that India is a stable and predictable tax regime where they should be looking to invest. On the customs front, an increase in tariffs is a global trend, aimed at reducing imports to nurture the development of local industries. He further talks about the proposed amendment in the Customs Act, notably, the Proposal to make DRI a proper officer to issue and adjudicate show-cause notices.
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