India and the US have reportedly agreed on a ‘transitional approach’ on ‘Equalisation Levy’ 2020. As per the latest reports from the Ministry of Finance, India and the US will stay in close contact to guarantee that there is a typical comprehension of the particular responsibilities and try to determine any further contrasts of perspectives on this matter through helpful exchange of dialogues.
The agreement will be finalized by February 1, 2022.
Remarkably, on October 8, 2021, India and the US joined 134 different individuals from the OECD or G20 Inclusive Framework in agreeing on the ‘Explanation on a Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy’.
Moreover, on October 21, 2021, the US, Austria, France, Italy, Spain, and the UK agreed on a momentary way to deal with existing ‘One-sided Measures’ while executing ‘Column 1’.
“The arrangement is reflected in the joint explanation that was given by those six nations on that date (‘October 21 Joint Statement’).”
Likewise, India and the US have concurred that the very terms that apply under the ‘October 21 Joint Statement’ will apply between the US and India as for India’s charge of 2% balance demand on online business supply of administrations and the US’ exchange activity in regards to the said ‘Balance Levy’.
“In any case, the break time frame that will be relevant will be from first April 2022 till execution of ‘Column 1’ or 31st March 2024, whichever is prior,” the service said in an assertion.
Putin’s Visit May Impact 2+2 Ministerial Dialog With US
This comes after Putin decided that he would be visiting India ahead of schedule. The circumstance of the 2+2 Ministerial Dialog of the top representatives and protection heads of India and the US that was relied upon to happen ahead of schedule one month from now will be presently under a haze of vulnerability due to Russian President Vladimir Putin’s visit to New Delhi.
It is Washington’s chance to have the 2+2 Ministerial Dialog of India’s External Affairs Minister S. Jaishankar and Defense Minister Rajnath Singh, and US Secretary of State Antony Blinken and Defense Secretary Lloyd Austen.
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