What is Cairn issue with India?
NEW DELHI : Cairn Energy Plc. on Wednesday said it has entered into a deal with India to settle its long-running tax dispute that will see India refund $1.06 billion in return for the British oil and gas explorer dropping all legal proceedings against the country.
What is Cairn Energy tax case?
Cairn had gone to courts in several countries last year to enforce an arbitral award it had won against India in December 2020 in the retrospective tax case. The arbitration tribunal had ordered India to pay $1.2 billion plus interest and cost to the UK firm.
What is retro tax law in India?
Hence, retrospective tax means creating an additional charge or levy of tax by way of an amendment from specified date in the past.
What is the retro tax?
A retrospective tax is charged on transactions that were made long ago. There may be a new fee or an extra fee for previous transactions. The Retrospective tax has now been phased out by the government.
What is Vodafone tax India?
In Vodafone’s case, the government will refund ₹44.7 crore since the company had not paid any tax on the demand raised by tax authorities, which comes to ₹22,100 crore in taxes, interest and penalties. Vodafone has filed the application under a separate set of provisions.
What is Cairn Energy case UPSC?
In December 2020, the Permanent Court of Arbitration (PCA) ruled against India in retrospective tax dispute between the Indian Government and Cairn Energy PLC. This is an important development and one with ramifications on India’s relations with global corporations and also its tax regime.
Is GST applicable retrospectively?
“Clause 99 of the Bill seeks to amend section 7 of the Central Goods and Services Tax Act, 2017, with retrospective effect from the 1st July, 2017, by inserting a new clause (aa) in sub-section (1) thereof, so as to ensure levy of tax on activities or transactions involving supply of goods or services by any person.
Is Vodafone a idea?
On 31 August 2018, Vodafone India merged with Idea Cellular, to form a new entity named Vodafone Idea Limited. Vodafone currently holds a 28.5% stake in the combined entity and Aditya Birla Group holds a 17.80% stake.