Latest Update:
Ministry of Finance vide Press Release dated 24-11-2021, informed that India & USA agree on a transitional approach on Equalisation Levy 2020. As per the release, India and United States have agreed that the same terms that apply under the October 21 Joint Statement shall apply between the United States and India with respect to India’s charge of 2% equalization levy on e-commerce supply of services and the United States’ trade action regarding the said Equalisation Levy. However, the interim period that will be applicable will be from 1st April 2022 till implementation of Pillar One or 31st March 2024, whichever is earlier
