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No lower tax gains for recycled investments in manufacturing

Finance minister Nirmala Sitharaman cut corporate tax rate to 15% for new manufacturing outfits that are set up on or after October 1, 2019 and commence manufacturing before March 31, 2023. However, the government has ensured that the proposed 15% tax rate is available only to new investment in manufacturing Entities formed by splitting up or reconstruction of a business already in existence shall not be eligible under the new regime except in situations of natural or manmade calamity, riot or fire wherein an entity needs to be re-established, reconstructed or revived on or after October 1.

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