India Ends Retrospective Tax

The government's move to end retrospective tax signified the undoing of a mistake in made in the past, Prime Minister Narendra Modi said today at the annual meeting of the Confederation of Indian Industry or CII.

The Parliament on Monday passed a bill that seeks to do away with the contentious retrospective tax provision and will impact retro tax cases of Cairn Energy and Vodafone.

A bill that aims to end all retrospective taxation imposed on indirect transfer of Indian assets was passed by the Lok Sabha today amidst continuous protests by opposition over the alleged snooping through the Pegasus spyware and other issues.

With Lok Sabha passing a bill that aims to end all retrospective taxation, senior Congress leader and former finance minister P Chidambaram Friday said he is glad that an issue that had been troubling India for eight years has been put to an end.

Finance Minister Arun Jaitley in his budget for 2016-17 announced the Direct Tax Dispute Resolution Scheme that sought not just to settle disputes in retrospective taxes, but end nearly 2.6 lakh pending tax cases.

The Direct Tax Dispute Resolution Scheme seeks not just to settle disputes in retrospective taxes, but end nearly 2.6 lakh pending tax cases where Rs 5.16 lakh crore are locked in.

In a bid to end confusion over retrospective applicability of the new Krishi Kalyan cess, the government has stated that 0.5 per cent tax will not apply on services whose invoice had been issued on or before May 31.

The government has taken "one step forward" to resolve the retrospective tax cases by putting in place a statutory mechanism for ending such disputes, Finance Minister Arun Jaitley said on Wednesday.

Keen to put an end to the overhang of legacy issues, the government is open to any proposal for an out-of-court settlement of retrospective tax issues like the ones facing Vodafone and Cairn Energy, Revenue Secretary Hasmukh Adhia has said.

Retrospective tax demands slapped on multi-national giants like Vodafone, Nokia, Shell, etc. have deterred investors from looking at India as a favourable destination.

The government's move to end retrospective tax signified the undoing of a mistake in made in the past, Prime Minister Narendra Modi said today at the annual meeting of the Confederation of Indian Industry or CII.

The Parliament on Monday passed a bill that seeks to do away with the contentious retrospective tax provision and will impact retro tax cases of Cairn Energy and Vodafone.

A bill that aims to end all retrospective taxation imposed on indirect transfer of Indian assets was passed by the Lok Sabha today amidst continuous protests by opposition over the alleged snooping through the Pegasus spyware and other issues.

With Lok Sabha passing a bill that aims to end all retrospective taxation, senior Congress leader and former finance minister P Chidambaram Friday said he is glad that an issue that had been troubling India for eight years has been put to an end.

Finance Minister Arun Jaitley in his budget for 2016-17 announced the Direct Tax Dispute Resolution Scheme that sought not just to settle disputes in retrospective taxes, but end nearly 2.6 lakh pending tax cases.

The Direct Tax Dispute Resolution Scheme seeks not just to settle disputes in retrospective taxes, but end nearly 2.6 lakh pending tax cases where Rs 5.16 lakh crore are locked in.

In a bid to end confusion over retrospective applicability of the new Krishi Kalyan cess, the government has stated that 0.5 per cent tax will not apply on services whose invoice had been issued on or before May 31.

The government has taken "one step forward" to resolve the retrospective tax cases by putting in place a statutory mechanism for ending such disputes, Finance Minister Arun Jaitley said on Wednesday.

Keen to put an end to the overhang of legacy issues, the government is open to any proposal for an out-of-court settlement of retrospective tax issues like the ones facing Vodafone and Cairn Energy, Revenue Secretary Hasmukh Adhia has said.

Retrospective tax demands slapped on multi-national giants like Vodafone, Nokia, Shell, etc. have deterred investors from looking at India as a favourable destination.