Equalisation

Ashwani Kumar, president of the Federation of Indian Export Organisations (FIEO), expressed disappointment for exporters who are exporting products under 410 tariff lines

Direct tax, net of refunds, contracted by 24 per cent as of October 8 to Rs 3.66 trillion compared with Rs 4.8 trillion in the corresponding period last year.

The 2 per cent Equalisation Levy was introduced in the 2020-21 Budget and has come into effect from April 1, 2020

"The levy has a significant cost potential, disturbs the tax treaty framework, and could also lead to litigation"