The Centre will ensure that adequate safeguards are in place when settling retrospective tax disputes with companies to protect itself from possible future challenges from any stakeholder at global forums.
This would mean that any NFT bought could become dearer by a few percentage points. The tax department is set to slap a 2% equalisation levy on these transactions. Also, the indirect tax department would seek that the exchanges pay GST on the transaction value, say insiders.
A clutch of large companies, including Sanofi Aventis, Mitsui & Co, WNS, Genpact and the Tata Group, are looking to settle lawsuits or arbitration proceedings against the government after it recently moved to nullify a 2012 retrospective tax amendment.
India Inc seeks resolution of other retro tax issues indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
ipos: Unicorn IPOs may bring tax woes for early investors indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.