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Indian Govt. is finalizing a framework to tax Big Tech Giants

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New Delhi: The government is looking to set a revenue threshold of Rs 20 crore and a limit of 500,000 users above which non-resident technology companies such as Google, Facebook and Twitter will have to pay direct taxes on profits earned locally, multiple sources in the know of the matter said.

Multinational tech companies have been accused of paying very little taxes locally despite earning significant revenue and profits from offering services such as online advertising to customers in India. Hence a step may be taken by the govt. to increase the revenue by these multinational giants.

These limits are part of the ‘Significant Economic Presence’ (SEP) concept that was introduced in the budget last year. The government is also considering that if the SEP could be made a part of the draft Direct Taxes Code, which seeks to consolidate laws relating to direct taxes. The draft is expected to be submitted to the finance ministry soon.

The CBDT had in a notification in July 2018 asked for suggestions to frame rules related to SEP, but the government has not yet finalised it. A sense of urgency, however, has crept in after finance minister Nirmala Sitharaman urged G20 members last month to fix the issue of taxation of profits made by digital companies.

While India is backing the concept of SEP, the EU has indicated that it could levy a tax of 3% on digital revenues generated in the source country.

Organisations like Google and Facebook have started billing users locally, but they do not report the entire transaction value as part of their India revenue. They only report a part of the transaction as commission, while the rest of the money is remitted to overseas entities as cost. Hence India introduced an equalization levy of 6% on such remittances, one of the highest in the world.

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Hyundai Santro anniversary edition launched

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Hyundai India had launched the new generation Santro around the time of 2018 festive season. To mark 1 year of sale in India, the company has introduced a special Anniversary Edition. It gets a total of 9 changes – 7 on the outside and two on the inside with prices starting at Rs 5.16 lakhs. The model is available in two variants including Sportz manual and Sportz AMT.

Exterior highlights of the Hyundai Santro special edition, also known as the Santro Anniversary Edition, include blacked-out ORVMs and door handles, Glossy Black roof rails, Gunmetal Grey wheel covers, rear chrome garnish, body side moulding and the Anniversary Edition emblem on the boot lid. Inside, the Hyundai Santro Anniversary Edition will come equipped with all-black interiors with Blue inserts and a new fabric seat design.

The variant will be available in two colours options including Polar White and Aqua Teal, the latter being a new paintjob. The rest of the features will remain the same as offered in the Sportz trim of the Santro.

The Hyundai Santro Anniversary Edition continues to be powered by the same 1.1 liter, 4 cylinder petrol engine offering 68 bhp power and 99 Nm torque mated to a 5 speed manual gearbox or AMT.

Where sales of the Hyundai Santro are concerned, sales have dipped over the past few months. Sales in January 2019 stood at 8,000 units dipping gradually over the past months to 3,502 units in September 2019.

Based on the premium Sportz variant, the Hyundai Santro Anniversary Edition offers all the comfort and safety features available on the hatchback carline. The list includes a 7.0-inch touchscreen infotainment system with Apple CarPlay and Android Auto connectivity, MirrorLink, voice recognition, front and rear speakers, keyless entry, power adjustable wing mirrors, rear defogger, front fog lamps, wing mirrors with integrated turn indicator and full wheel caps for 14-inch wheel fitted with 165/70 R14 tyres.

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