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GS Paper 3: Topics Covered: Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth. Context: British energy major Cairn Energy Plc has finally withdrawn the lawsuits filed against the Indian government and its entities overseas in a ₹10,247 crore retrospective tax case. The company is in the …
GS Paper 3: Topics Covered: Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth. Cairn’s offer on retrospective tax Context: Moving quickly towards ending a retrospective tax dispute with a firm that gave India its largest oilfield, the government has accepted Cairn Energy PLC undertakings which would allow …
Continue reading “Centre accepts Cairn’s offer on retrospective tax:”
GS Paper 3: Topics Covered: Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth. tax dispute: Context: Cairn Energy has entered into certain undertakings with India which would allow for the refund of taxes under a billion-dollar dispute. What’s the issue? In December 2020, a three-member international …
Continue reading “Cairn to begin process to end tax dispute:”
GS Paper 2 Topics Covered: Functions and responsibilities of the Union and the States, issues and challenges pertaining to the federal structure, devolution of powers and finances up to local levels and challenges therein. Context: The Indian government recently decided to withdraw the retrospective taxation amendment in the I-T Act introduced in March 2012. …
GS Paper 2: Topics Covered: Government policies and interventions for development in various sectors and issues arising out of their design and implementation. Context: The government has introduced the Taxation Laws (Amendment) Bill, 2021 in Lok Sabha. The Bill aims to: Amend the Income Tax Act, 1961, and the Finance Act, 2012. Prevent the …
Continue reading “Centre moves bill in House to stop retrospective tax:”
Topics Covered: Important International institutions, agencies and fora, their structure, mandate. Retrospective taxation: the Vodafone case, and the Hague court ruling: Context: In a unanimous decision, the Permanent Court of Arbitration at The Hague has ruled that: India’s retrospective demand of Rs 22,100 crore as capital gains and withholding tax imposed on Vodafone for a …
Continue reading “Retrospective taxation: the Vodafone case, and the Hague court ruling”
