FM’s Ambitious Economic Reform-Historical Friday, 20 th Sep. 2019 Shashank Vikram Pratap Singh Ph.D. Scholar Department of Commerce, Delhi School of Economics University of Delhi ssvikrampratap@gmail.com On Friday 20 th Sep. 2019, Finance Minister (FM) honourable Nirmala Shitaraman made a highly ambitious & impressive announcement and issued the ordinance to amend the Income Tax Act of 1961 and Finance Act of 2019 to reduce much dearly needed corporate tax rate on domestic and new manufacturing units by 10 to 12 percentage points. She promptly announced six key decisions. Reduction in corporate tax rate from 30 percent to 22 percent and effective tax rate (including 10 percent surcharge and 4 percent cess) from 30.9-34.61 percent (up to Rs.1Cr. 30.90%; between Rs.1 to10Cr. 33.06%; and exceeding Rs.10Cr. 34.61%) to 25.17 percent. For new manufacturing units set up after 1 st Oct. 2019 and commencing operation by 31 st March 2023 the effective t...