Need Clarity On Equalization Levy In Wake Of Proposed Amendments In Finance Bill: SIAM

Auto industry body SIAM on Tuesday said there is a need to clarify the scope of 2 per cent ‘equalization levy’ in the wake of amendments proposed under the Finance Bill 2021, which could impact foreign automobile manufacturers in India. The levy was originally introduced in 2016 with an eye on taxing transactions arising in a digital economy. In 2020, its scope was expanded to cover non-resident e-commerce operators. It was intended to be imposed on payments made to foreign beneficiaries for digital services provided, the Society of Indian Automobile…

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