India, Feb. 2 -- Minimum Alternate Tax (MAT) is a backstop corporate tax under Indian law that requires a company to pay at least 15% of its book profit when its normal income-tax liability is lower. MAT was introduced to bring so-called zero-tax companies with substantial book profits but little or no taxable income, often due to tax incentives or exemptions, into the tax net. Any MAT paid in excess of normal tax in a year could be carried forward as MAT credit to set off regular income-tax liability in subsequent years, subject to limits. In 2019, the Indian Government reformed corporate tax by allowing domestic companies to opt into a new regime. Under this regime, a concessional rate of 22% applied if a company gave up specified incenti...