Budget 2022-23 News
Modi also said that in the Budget 2022-23, the government has taken many steps to ensure that the momentum of rapid growth is maintained "The financing sector needs to look at new futuristic ideas, innovative financing of initiatives, and sustainable risk management," said Modi at the webinar The PM also hailed women's power on the occasion of International Women's Day
The government in September 2019 slashed corporate tax rate for companies that do not avail of any tax incentive, to 22 per cent. New manufacturing companies have to pay at an even lower corporate tax rate of 15 per cent. The Budget 2022-23 presented on February 1 proposed that the concessional 15 per cent corporate tax rate would be available for one more year till March 2024.
Sitharaman had acknowledged that hospitality firms are yet to regain their pre-pandemic level of business. NRAI President Kabir Suri, however, said the extension of the Emergency Credit Line Guarantee Scheme (ECLGS) till March 2023 may ease current liquidity issues. Suri said the restaurant industry was eagerly looking at some immediate liquidity support like restoration of input tax credit (ITC) on GST.