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Equalisation Levy is going to create a huge problem for startups

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January 2, 2017
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[Source: www.forbesindia.com] Tax lawyer Nishith Desai believes the Equalisation Levy, also known as ‘Google Tax’, will have important repercussions for the Indian startup ecosystem As part of the continuing opposition from industry bodies to the ‘Equalisation Levy’ that came into effect earlier this year, the Internet and Mobile Association of India (IAMAI) and law firm Nishith Desai Associates, in a

Conclusions of the First OECD Global Forum on VAT

November 19, 2012
12/11/2012 – First OECD Global Forum on VAT confirms the need for an international standard on the VAT-treatment of international trade Countries around the world need to agree urgently on a global framework for the application of Value Added Taxes (VAT; also called Goods and Services Taxes, GST) to international
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Key OECD Recommendations

October 18, 2012
OECD has issued a report outlining the key recommendations that are critical to India’s long-term economic performance and social development. Glimpse of these recommendations are presented herein below: 1) Implement a revised Direct Tax Code which streamlines collection and reduces the overall burden of direct taxes. 2) Strengthen the independence
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New modus operandi by traders to evade VAT duty

January 9, 2012
The Gujarat commercial tax officials have unveiled a new modus operandi to evade tax which the department suspects is practiced by many agro-commodity traders in the state. The officials have found that many traders, with help of farmers and bogus papers, evade VAT duty on agro commodities like groundnut and
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Profitable discoms power Gujarat ahead

December 30, 2011
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At a time when most parts of the country are facing power shortages and debt-laden state electricity boards and distribution companies (discoms) are seeking another bailout from the Centre, power sector entities in Gujarat are a study in contrast. All of Gujarat’s four state-owned discoms – Uttar Gujarat Vij Company,
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The grand SEZ dream on deathbed

December 29, 2011
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Calculations seem to have gone offtrack along the way; the initiators blame policy confusion and lack of comprehension in coordination. The Special Economic Zone (SEZ) policy was launched with considerable hype in India in 2006, when the economy was booming and investors around the world were looking at the country
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Indirect tax reforms not to wait for GST

November 23, 2011
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Without waiting any more for introduction of the much-debated Goods and Services Tax (GST), the Union finance ministry has decided to go ahead with indirect tax reforms, particularly those related to services. The ministry is planning to time the rollout of Place of Supply (PoS) rules with the negative list
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