Page 7 - Equalisation Levy News Today

The expanded scope of the equalisation levy, a 2 percent tax on non-resident e-commerce operators, came into effect from April 1, 2020.

In a written reply to the Rajya Sabha, Minister of State for Commerce and Industry Hardeep Singh Puri said the equalisation levy collection stood at Rs 338.6 crore in 2016-17, Rs 589.4 crore in 2017-18, and Rs 938.9 crore in 2018-19

Updated: February 12, 2021 12:02 IST It is not contrary to international tax principles and does not discriminate particularly against U.S. firms Share Article AAA Last month, found India’s Digital Services Tax (DST) to be discriminatory. It said the tax is “inconsistent with prevailing principles of international taxation”, and burdens or restricts U.S. commerce. India has denied these charges. The bone of contention is a 2% tax that India has charged since April 2020 on revenues from d...

The table summarizing the slab wise rates applicable to individuals is as under – Exemption for LTC Cash Scheme Under the existing provisions of ITA, exemption is available for value of travel concession or assistance received by an employee from his employer/ former employer, for himself and his family, leave travel to any place in India ("Leave Travel Concession" or "LTC"). Due to the Covid-19 situation, it is proposed to provide tax exemption to cash allowance in lieu of LTC. Accordingly, ...

More foreign firms to come under ‘Google Tax’ search Wwith the government clearly spelling out the scope of the controversial levy — widely referred to as Google Tax — any kind of cross-border transaction with foreign entities will be liable to be taxed. Synopsis The Centre’s clarification on the scope of the equalisation levy on digital transactions, provided in Union Budget 2020-21, will bring more foreign entities under the ambit of the tax. New Delhi: The Centre’s clarification ...

Budget 2021: How no new taxes, COVID cess will ensure stability in system With a fiscal deficit of 9.5% of GDP, there was limited scope for any significant tax concessions in Budget 2021 Tarun Arora | February 2, 2021 | Updated 13:08 IST Budget 2021 shows stability in the tax regime and it is good that no new taxes were introduced Union Budget 2021 has proposed significant policy measures and budgetary allocations to the healthcare and infrastructure sectors.  Coupled with the sharp increase ...

Owing to deep impact on the Indian economy due to outbreak of Covid-19, the central government announced several schemes and relaxations during 2020 to boost and strengthen the economy. In the backdrop of Covid-19 cases reducing and economic recovery from third quarter, the Union Budget 2021 was presented by the Finance Minister (FM) with expectation to provide impetus to the recovery process and lay the ground for a double-digit growth target. The major focus of the Hon’ble FM has been on b...

The print and film exhibition sectors need special attention. 01 Feb, 2021 - 08:35 AM IST     |     By Gargi Sarkar     KOLKATA: With Covid2019 vaccination programmes being rolled out in the country, the first ray of hope for a normal life shone in the new year. As the government is all set to present the 2021-22 budget today, the Indian Chamber of Commerce expects it could come as an economic vaccine for the derailed Indian economy. Like many other sectors, the media and entertainm...

India needs more disruptive reforms to unlock its startup potential × In the wake of the mini Budgets presented last year, and responding to the clarion call for Atmanirbharta (self-reliance) by PM Modi, it was no surprise that Budget 2021 focused on economic recovery and job creation, on health and well-being, capital and infrastructure, inclusive development, reinvigorating human capital, innovation and R&D, and minimum government and maximum governance. It was a very pleasant surprise to se...

Budget 2021: Tax relief high on tech sectors wishlist this year Given the strategic importance of the technology sector, it is important to ensure that the government continues to support this sector through favourable policies The current COVID-19 pandemic has further accelerated the rate of technology adoption across sectors India is one of the biggest and fastest growing digital markets in the world. The number of internet subscribers in India currently stands at around 740 million, and an e...