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FM says 15% corporate tax will not apply to new mining cos

New Delhi: The government has excluded mining from the definition of new manufacturing companies which can avail the benefit of paying 15% corporate tax, Finance Minister Nirmala Sitharaman said today while moving the Taxation Laws (Amendment) Bill, 2019, in Lok Sabha.

"In order to provide certainty and to avoid future litigation, it is proposed to clarify that certain activities which are not in the nature of manufacturing, such as the development of computer software, printing of books, mining, etc, will not be treated as manufacturing for the purpose of allowing lower taxation regime for the new manufacturing companies," the minister said.

The Lok Sabha on Monday passed a Bill to replace an Ordinance for effecting reduction of corporate tax rates.