Executive summary
On 27 March 2020, India’s Finance Act 2020 was enacted when the President of India approved the Union Budget for tax year 2020-21 (Budget 2020).1 During the Budget 2020 approval process, amendments were made which: (i) addressed ambiguities in certain proposals; (ii) deferred the introduction of new tax withholding provisions; and (iii) extended the Equalization Levy to e-commerce transactions conducted by nonresident e-commerce operators.
This Alert summarizes the…