New Delhi: The Union Cabinet on Wednesday approved a bill to replace an ordinance promulgated to reduce corporate tax to 22 per cent to boost the economy.
After the Cabinet meeting here, Finance Minister Nirmala Sitharaman said decision has been taken to bring the bill to replace the ordinance.
The bill is likely to be introduced in Parliament during the ongoing Winter Session, sources said.
On September 20, Sitharaman said the revenue foregone on reduction in corporate tax and other relief measures would be Rs 1.45 lakh crore annually.
Following the decision, the corporate tax rate has come down to 22 per cent for domestic companies if they do not avail any incentive or concession.