MoF: Submission requesting for extension of timeline for filing Form 1 relating to Equalisation Levy due to technical issues

Equalisation Levy (EL) was first introduced in India vide Finance Act (FA) 2016 which requires specified person making payment to non-residents (NR) for online advertisement and related services, to deduct EL at 6% of gross consideration (6% EL). FA 2020 expanded the scope of EL to levy tax @ 2% on consideration received/receivable by NR e-commerce operators for e-commerce supply of goods or services made to resident persons (2% EL).