Page 3 - Equalization Levy News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Thursday, February 25, 2021 INTRODUCTION The infamous amendment by the Finance Act, 2020 expanded the scope of Equalization Levy (“EL”) to apply EL on the amount of ‘consideration received or receivable’ by an e-commerce operator from e-commerce supply or services made or provided or facilitated by or through it to specified persons (“Expanded EL”). The Memorandum to the Finance Bill, 2021 (“Finance Bill”) notes that the Government felt the need to provide certain clarifications to correctly reflect the intention of certain provisions of the Expanded EL. The changes ...

Govt may tweak 2% equalisation levy to provide relief to local traders Experts believe the levy could lead to double taxation burden in cases where both the buyer and seller are resident Indians but carry out the transaction on a non-resident ecommerce portal such as Amazon. February 15, 2021 / 02:28 PM IST The Central Board of Direct Taxes (CBDT) may tweak the equalisation levy imposed on the sale of goods or services carried out using a non-resident e-commerce operator. Currently, a levy of 2 percent is paid by non-resident e-commerce operators on the gross amount of the transaction. ...

Budget 2021: Measures for MSMEs, startups growth-oriented but businesses want more Whilst the government's proposals are moving in the right direction, further intervention is the need of the hour to aid significant sectoral growth Amarjeet Singh | February 2, 2021 | Updated 13:56 IST The start-up sector shares a close nexus with the digital world and plays a pivotal role in furthering growth of digitally operated business models In light of the current global pandemic, India Inc. had its eyes set on the Union Budget 2021. Having faced numerous hardships in the current fiscal year, huge expe...

Budget 2021: India Inc's wishlist Budget 2021 would be unprecedented in many ways, as the government would have to focus on providing stimulus packages to revive the economy, while also identifying other avenues of revenue to bridge the widening fiscal deficit The expectation from this budget would be to address several challenges that have arisen as a result of the pandemic and its impact on the economy, on the people, and their livelihoods 2020 was a year of whirlwind changes for the world at large. The world of direct taxation was not far behind, facing its own set of challenges during the...

India, on its part to defend the equalisation tax aka Google Tax, said that its aim was to ensure a level playing field between local and foreign e-commerce companies, that the tax does not discriminate against any US company, and that it has no retrospective element.