Tax proposals

• Concessional corporate tax rate of 15 per cent to new domestic
  companies in manufacturing and power sector.
• Tax concession for sovereign wealth fund of foreign governments
  and other foreign investments.
• Tax benefits to Start-ups by way of deduction of 100 per cent of
  their profits are enhanced by increasing turnover limit and
  period of eligibility.
• Concessional tax rate for cooperatives proposed.
  Turnover threshold for audit of MSMEs increased.
• Extension of time limits pertaining to the tax benefits for
  affordable housing.
• Issuance of Unique Registration Number to all charity institutions
  for easy tax compliance.
• Health cess to be imposed on imports of medical equipment
  given these are made significantly in India.

Dividend Distribution Tax removed and classical system
of dividend taxation adopted.

Simplified and New Income Tax Regime as an option to
the old regime the old regime.

Simplified GST return shall be implemented from 1st April
2020. Refund process to be fully automated.

For more details, see this document.