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Levy on foreign e-com firms:
News:
- The government is not considering extending the deadline for payment of Equalisation Levy by non-resident e-commerce players.
New Rules in April 2020:
- The 2% equalisation levy was introduced in the 2020-21 Budget and came into effect from April 1.
- The tax would be levied on consideration received by e-commerce operators from online supply of goods or services.
- The tax applies on e-commerce transactions on websites such as com.
- Google in particular has been worried as the tax applies on advertising revenue earned overseas if those ads target customers in India.
- The deadline for payment of the first installment for April-June is July 7.