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Jun 12, 2024 · Equalisation Levy was introduced in India in 2016, with the intention of taxing the digital transactions i.e. the income accruing to foreign e-commerce companies from India. It is aimed at taxing business-to-business transactions. It is also often referred to as the "Google Tax".
Jun 2, 2021 · Equalization Levy is charged at the rate of 6% on the amount of consideration received/receivable by the non-resident. The person making the payment is liable for the deposit of EL to the Government treasury and all related compliances viz. the filing of EL return, etc.
6 days ago · India and USA extend the Transitional Approach on Equalisation Levy 2020 until June 30, 2024. Posted On: 28 JUN 2024 5:30PM by PIB Delhi.
2 days ago · The following services were covered for levying equalization levy –. (a) Online advertisement (w.e.f. 01/06/2016); (b) Any provision for digital advertising space or facilities/ service for the purpose of online advertisement (w.e.f. 01/04/2020) Currently the applicable rate of tax is 6% of the gross consideration to be paid. Tax must be ...
May 21, 2024 · Equaliation levy is a direct tax levied on online transactions/ payment made to non-residents for providing specified Services to a resident in India. The government introduced this tax to help Indian service providers to compete with foreign service providers and provide fair competition.
6 days ago · WASHINGTON – On October 8, 2021, a historic agreement was reached between over 130 countries of the G20/OECD Inclusive Framework on a two Pillar package of reforms to the international tax framework. In support of that agreement, in a joint statement on November 24, 2021, the United States and India announced the terms of a political compromise on the transition from India’s existing Equalization Levy to the new multilateral solution and to continuing discussions on this matter through ...
Dec 13, 2023 · Explore scope, rates, and compliance of Equalisation Levy introduced by Finance Act, its extension to e-commerce, and key conditions and due dates for levy deposition. Income Tax Articles
With effect from 1 April 2020, Equalisation Levy (‘EL’) of 2% is leviable on consideration received/ receivable by a non-resident e-commerce operator from e-commerce supply or services.
6 days ago · Effective April 1, 2020, India is imposing an equalisation levy (EL) of 2 per cent on amounts received/receivable by a non-resident e-commerce operator from e-commerce supply or services.
Feb 13, 2024 · Introduction. The Equalisation Levy was initially introduced in India in 2016 under the Finance Act, 2016. It refers to the tax imposed on the consideration received or receivable for specified services, e-commerce supplies, or services.
