Context: After Vodafone, India has lost its 2nd case to Cairn Plc at Permanent Court of Arbitration over a retrospective tax demand. Now, what are the options left with India and which one should it chose? WHAT ARE THE CASES IN QUESTION? Very recently, Cairn Plc has won a case of retrospective tax against India at Permanent Court of Arbitration. Court has… Continue reading Issue of Retrospective tax cases; what should India do next?
Synopsis: In a 2nd setback after Vodafone case, Indian government has lost an International arbitration case to energy giant Cairn, on the issue of retrospective taxation. Introduction The Indian government has lost an international arbitration case to energy giant Cairn Plc over the retrospective levy of taxes, and has been asked to pay damages worth RS. 8000 crore to the… Continue reading India lost Retrospective taxation case to Cairn
Source- The Hindu Syllabus- GS 3- Role of external state and non-state actors in creating challenges to internal security. Context– The Vodafone Group has won one of the most high-stakes legal battles involving a foreign investor and the Indian state under international law. The retrospective taxation was in violation of the BIT and the United Commission on International Trade… Continue reading Retrospective taxation – Vodafone case
Source: Indian Express Syllabus: GS3: issues relating to Planning, Mobilization of Resources Context: In the wake of pandemic and slowdown in the economy, tax system needs efficiency in case selection and consistency in assessment. Need of efficient tax system: To improve tax collection:An economic contraction this year will deal a severe blow to tax collections. Rising uncertainty… Continue reading India’s Tax Charter