Retrospective tax settlement: Companies must indemnify Govt.; wait 5 months to get refund
The Hindu
According to the rules, the companies concerned will irrevocably withdraw, discontinue and not pursue any lawsuits, arbitration, conciliation or mediation either in India or abroad.
Companies such as and Vodafone Group of the U.K. will have to indemnify the Indian government against future claims in order to settle their retrospective tax cases, according to rules notified by the government to settle disputes arising from seeking back taxes.
The Ministry of Finance on October 1 notified rules that when adhered to will lead to the government withdrawing tax demands raised using the 2012 retrospective tax law and any tax collected in enforcement of such demand is paid back.
But the repayment, going by the timelines drawn in the rules, will take a minimum of 2-3 months.
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