Key Points
Indian-origin startups looking to move their domicile back to India will have to pay tax for onshoring themselves, commerce minister Piyush Goyal said on Friday, addressing an issue that has caused much heartburn among firms looking to reverse-flip...
It would be difficult to justify exempting certain firms coming back to India from paying tax, while asking others to pay up, the minister said in an interaction with journalists from The Economic Times...
ET has reported earlier that several unicorn startups including Pine Labs, Zepto, Meesho, Razorpay and Eruditus have been planning to move their headquarters back to India from jurisdictions such as Singapore and the US...
In January last year, US-based retail major Walmart paid nearly $1 billion in taxes to the Indian government during the separation of PhonePe from parent Flipkart, and the return of the fintech companys holding entity to India...
Shortly after that, the Economic Survey for 2022-23 laid down recommendations for the Union government for tax simplification to accelerate the process of reverse-flipping, or shifting domicile from overseas locations back to India...
You might be interested in
'Angel tax aimed at hawala-like deals'
30, Mar, 24India Business News: MUMBAI: Commerce and industry minister Piyush Goyal on Friday said that the angel tax was introduced because fly-by-night entities were using this rou.