Rajya Sabha nod to lower corporate tax rates

The Rajya Sabha on Thursday gave its consent to the Taxation Laws (Amendment) Bill, 2019, replacing an ordinance that was used to slash corporate tax rates to stimulate growth.

The Lok Sabha has already passed the Bill and the Upper House cleared the legislation with a voice vote without any changes.

As per rules, the Rajya Sabha cannot amend money bills but can recommend amendments.

A money bill must be returned to the Lok Sabha within 14 days, or the bill is deemed to have passed both houses in the form it was originally passed by the Lok Sabha.