Search
CBDT issues new guidelines to streamline digital economy tax
February 09, 2023
The Centralized Processing of Equalization Levy Statement Scheme, 2023, which is effective from Tuesday, sets the modalities for processing the returns filed by these entities.
The equalization levy was introduced in 2016 on online advertisements and later expanded to cover the sale of goods and provision of services through e-platforms.
While online advertising services rendered by offshore entities are taxed at 6%, e-commerce supplies by non-resident firms are taxed at 2%.
Experts said that the scheme was long awaited as there was no procedure for processing of equalization levy statements so far, which had created some uncertainty, especially regarding refund claims made.
As per this scheme, the Centralised Processing Centre (CPC) of the Income Tax department which currently processes income-tax returns will also process equalization levy statements electronically and all communication should be on email or on the Income-tax portal, explained Sneha Pai, senior director at Nexdigm, a consultancy.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://ask.careers/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/
- Mumbai: https://ask.careers/cities/mumbai/
- TSCFM: https://ask.careers/institutes/tscfm/