Nov 26, 2019
IFSC and tax bills tabled in Parliament on Monday
Finance minister Nirmala Sitharaman on Monday introduced the Taxation Laws (Amendment) Bill, 2019, in the Lok Sabha to replace an Ordinance slashing corporate tax rates to stimulate economic growth. The minister also introduced the International Financial Services Centre Authority Bill, 2019, to provide for a unified financial regulator for IFSCs. Notwithstanding its acute budget constraints, the government on September 20 unveiled a massive fiscal stimulus of Rs 1.45 lakh crore or 0.7% of the gross domestic product (GDP), in the form of surprise, more-than-asked-for tax cuts for the corporate India.