Friday, 9 December 2016

Sensex, Nifty marginally higher; ICICI extends rally, CIL down

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Government has garnered Rs 146 crore by way of 'Equalisation Levy', which was introduced in this year's Budget to tap tax on income accruing to foreign e-commerce companies from India. A person making payment exceeding in aggregate of Rs 1 lakh a year to a non-resident, who does not has a permanent establishment in India, for online advertisement has to withhold 6 per cent of the amount paid as Equalisation Levy from June 1, 2016. 

"The revenue accrued for the government exchequer through the Equalisation Levy amounts to Rs 146.50 crore from June 1-December 3, 2016," Minister of State for Finance Santosh Kumar Gangwar said in a written reply to the Lok Sabha. The levy will only apply to business to business transactions. "It is levied in-line with the OECD's Base Erosions and Profit Shifting project to tax e-commerce transactions.

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