Executive summary
The Indian Government introduced The Taxation Laws (Amendment) Bill, 2021 (the Bill)1 on 5 August 2021 to withdraw the retrospective application of the indirect transfer tax provisions. Upon enactment of the Bill as Law, indirect transfer tax provisions shall apply only on transactions occurring on or after 28 May 2012 (the “specified date”). Indian tax demands pertaining to indirect transfers for earlier tax years will be nullified; all pending assessments cancelled and ta…