Revenue Secretary Sanjay Malhotra stated that India’s current corporate tax structure, which stands at 22%, is reasonable for an economy of its size. He mentioned that the concessional tax regime, which offered a 15% rate for new manufacturing units, will not be extended beyond March 31, 2024. The scheme, introduced in 2019, was given a four-year period for companies to set up new units and avail of the concessional rate. Malhotra emphasized the need for continuity in the taxation regime, and the benefits provided to taxpayers have resulted in significant buoyancy in personal income tax.