Page 6 - Equalisation Levy News Today

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Revenues from software: No more a dispute April 6, 2021, 10:27 PM IST Jyoti Arora, joint partner, & Pragya Kaushik, associate, Lakshmikumaran & Sridharan Attorneys The taxation battlefield in India has been witness to a lot of complex issues being fought over by the taxman and the taxpayer in long-drawn disputes, spanning over years. Some of these disputes gain notoriety, not just for the complicated questions of law involved therein, but also because t...

NEW DELHI: The US Trade Representative in its latest report on Foreign Trade Barriers released on March 31 has underscored major trade barriers to American exports, foreign direct investment and e-commerce. Duties have been increased across two large groups: Labour-intensive products and electronics and communication devices, such as cell phones, televisions, and related parts and components. This comes days after the USTR proposed a retaliatory trade action — of up to 25% tariffs on basmati...

New USTR slams Indias high tariffs, equalisation levy ​ By IANS | ​ 8 Views Will India benefit under new US trade Czar Katherine Tai?.. Image Source: IANS News New Delhi, April 5 : The US Trade Representative (USTR) in its latest report on Foreign Trade Barriers released on March 31 has highlighted major trade barriers to American exports, FDI and e-commerce. This report has been issued by Joe Biden Administrations newly appointed USTR, Katherine Tai who replaced Ambassador Robert Lighthi...

India to tell America to drop retaliatory tariffs set in motion by equalisation levy SECTIONS Share Synopsis This comes days after the USTR proposed a retaliatory trade action — of up to 25% tariffs on basmati rice, sea foods and gold — against India for imposing equalisation levy on certain American companies. New Delhi will likely approach the United States Trade Representative (USTR) with a request to drop the proposed ‘retaliatory’ taxes, or tariffs, applicable to shipments of some ...

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The IT Ethics Rules state, ‘The significant social media intermediary shall have a physical contact address in India, published on its website or mobile-based internet application or both, as the case may be, for the purpose of receiving the communication addressed to it.’ Would this mean that such companies would necessarily need to have a physical place of business in India?

No TDS required on import of shrink-wrapped software: Supreme Court Top Searches No TDS required on import of shrink-wrapped software: Supreme Court Lubna Kably / TNN / Updated: Mar 3, 2021, 08:10 IST FacebookTwitterLinkedinEMail MUMBAI: The Supreme Court (SC) on Tuesday ruled that payments made by resident Indian end-users or distributors (such as technology companies) to overseas suppliers on import of ‘shrink-wrapped’ software – generally known as off-the-shelf software, is not a ‘Ro...

Taxing e-commerce Equalisation levy should stay, but clarity is needed on some grey areas The vociferous criticism of the changes proposed to the equalisation levy in the Budget highlights the extent to which foreign e-commerce players are averse to it. The levy hamstrings their ability to avoid paying taxes in countries from where they derive their revenue. It is notable that India was among the first to implement the levy, which was initially proposed by OECD to prevent base-erosion caused by...

Synopsis In cases where a local buyer and seller transact over a foreign e-commerce platform, a straight imposition of the equilisation levy on the total consideration would amount to double taxation. Mumbai: The Central Board of Direct Taxes (CBDT) may relook at the ‘equalisation levy’ for purchases where Indian businesses use overseas ecommerce platforms to sell goods and services to Indian consumers. The 2% levy paid by foreign ‘ecommerce operator’ on gross consideration attempts to ...