U.S. welcomed India’s economic reforms: Nirmala Sitharaman
The Hindu
The Biden administration as well as leaders from the corporate sector in the U.S. have ackowledged it as a very positive step, says the Union Finance Minister
has said that the Biden administration as well as leaders from the corporate sector in the United States have welcomed as a very positive step the reforms undertaken by the Indian government, particularly the withdrawal of the retrospective tax.
In August, Parliament passed a bill to scrap a tax rule that gave the tax department power to go 50 years back and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India. The bill provides for the government to refund the retro tax to companies provided all legal challenges are withdrawn.
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