Page 13 - Equalisation Levy News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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 digital services, applicable only to non-resident companies. In a discussion moderated by Sriram Srin...

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, it is proposed to amend the ITA to provide tax exemption to cash allowance in lieu of Leave Travel C...

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 on the scope of the equalisation levy on digital transactions, provided in the union budget on Monda...