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    Government may reach out to companies to settle retrospective tax cases

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    Government may reach out to companies to settle retrospective tax cases

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    After scrapping the retrospective tax law last week, Centre is looking to settle all related disputes. CNBC-TV18 has learnt that the government is likely to approach all the companies from whom retro tax was collected. Timsy Jaipuria reports that the government is going to write to these companies to begin informal talks so that they can begin assessment of their dues and settle the legacy disputes.

    After scrapping the retrospective tax law last week, Centre is looking to settle all related disputes. CNBC-TV18 has learnt that the government is likely to approach all the companies from whom retro tax was collected.
    Timsy Jaipuria reports that the government is going to write to these companies to begin informal talks so that they can begin assessment of their dues and settle the legacy disputes.
    The Taxation Laws (Amendment) Bill, 2021' seeks to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets and also refund the amount paid in these cases without any interest.
    The bill proposes to scrap the tax rule that gave the tax department power to go 50 years back and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India. The 2012 legislation was used to levy a cumulative of Rs 1.10 lakh crore of tax on 17 entities, including UK telecom giant Vodafone, but substantial punitive action was taken only in the case of Cairn.
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