The Code on Social Security, 2019 was introduced in Lok Sabha in December 2019. It strives to amend and consolidate the laws relating to the social security of the employees and the matters connected to social security. The bill is with the standing committee now.
Social security refers to measures to ensure the provision of income security and access to health care to workers.
In September 2019, the Finance Minister Nirmala Sitharaman had made a deep cut in the corporate tax rate from 30% to 22%. India’s combined effective tax rate was among the highest in the world. After the tax cut, the effective tax rate for all domestic companies has been reduced to 25.17%. India’s base corporate tax, due to this move, is now on par with most Asian countries – increasing its competitiveness in the global market. This move comes in response to the brewing problem of the economic slowdown in the country. The cut in the corporate tax rate was seen as a boon by the corporates in the midst of the growing crisis within the Indian economy.
Recently, Parliament has passed the Foreign Contribution (Regulation) Amendment Bill 2020 (FCRA) in its monsoon session which would greatly tighten and restrict the existing Foreign Contribution Regulation Act (FCRA). Though The bill is receiving backslash from the NGOs and the Opposition with regards to the encroachment of NGOs financial administration, it has been passed with a view of increasing transparency in the working of an organization receiving foreign funds.