Society of Indian Automobile Manufacturers (SIAM) has stressed the need to clarify the scope of the 2% Equalization Levy.Equalization Levy is intended to impose a tax on payments made to foreign beneficiaries for digital services provided. However, the amendments proposed under the Finance Bill 2021 may inadvertently introduce interpretation issues to cover many overseas manufacturing companies having subsidiary manufacturing entities in India, particularly in the Automotive sector, under foreign collaborations or Licencing arrangements.The current definitions of “E-commerce Operator”, “online sale of goods” and “online provision of services” in the Finance Act, used for the purpose of Equalization Levy, have created …
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