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Govt May Tweak 2% Equalisation Levy To Provide Relief To Local Traders


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. However, experts believe the imposition of a levy results in double taxation in cases where the buyer and the seller are both resident Indians but carry out a transaction using a non-resident e-commerce platform like Amazon. ....

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FinMin to clarify on residency status of NRIs, foreign nationals in India due to COVID-19


FinMin to clarify on residency status of NRIs, foreign nationals in India due to COVID-19
There were expectations that the government would clarify on the residency status of these individuals in the 2021-22 Budget, which was presented on February 1
PTI | February 5, 2021 | Updated 08:02 IST
The Finance ministry will issue a circular to provide clarity on the residency status of NRIs and foreign nationals stuck in India in the current fiscal due to the coronavirus pandemic. For the fiscal ended on March 31, 2020, the ministry, in May last year, clarified that the period of stay of Non-Resident Indians (NRIs) and foreign nationals in India during the lockdown period would not be counted for the purpose of determining their residency status for the purpose of taxation. ....

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Govt may examine issues arising from equalisation levy on intra-group transactions


Govt may examine issues arising from equalisation levy on intra-group transactions
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“All these issues can be examined by the government,” said Kamlesh Varshney, joint secretary said at CII post-budget event on Friday, while responding to demands from the industry to provide exceptions for intra-group transactions on in-house captive digital platforms.
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The Union Budget on Monday brought out several clarifications on equalisation levy which broaden the purview of the levy and its implementation.
The government may examine issues of intra-group transactions and transactions conducted on foreign e-commerce platforms between buyer and seller based in India, which fall under the ambit of equalisation levy, a senior official said. ....

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FinMin to clarify on residency status of NRIs stranded in India this fiscal due to Covid


FinMin to clarify on residency status of NRIs stranded in India this fiscal due to Covid
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FinMin to clarify on residency status of NRIs stranded in India this fiscal due to CovidPTI
Last Updated: Feb 04, 2021, 04:34 PM IST
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Synopsis
There were expectations that the government would clarify on the residency status of these individuals in the 2021-22 Budget, which was presented on February 1.
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The Finance ministry will issue a circular to provide clarity on the residency status of NRIs and foreign nationals stuck in India in the current fiscal due to the coronavirus pandemic. For the fiscal ended on March 31, 2020, the ministry, in May last year, clarified that the period of stay of Non-Resident Indians (NRIs) and foreign nationals in India during the lockdown period would not be counted for the purpose of determining their residency status for the purpose of taxation. ....

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