Government to pay Rs 80 billion to four companies including Vodafone once new taxation laws come into effect

According to Central Board of Direct Taxes (CBDT), the government will have to pay Rs 80 billion to four companies including Vodafone once the Taxation Laws (Amendment) Bill, 2021 becomes law by early next week.

The Bill seeks to do away with the retrospective tax provision and end all retrospective taxes imposed on indirect transfer of Indian assets made before May 28, 2012.

As such, this would mean that the tax demands made on companies like Vodafone and Cairn Energy will now be withdrawn.