In a circular dated May 27, The Central Board of Direct Taxes (CBDT) said the 6% levy would come into force from June 1, 2016. The EQL is aimed at nullifying the advantage of foreign ecommerce firms, ‘without a physical presence in India’ over its local competitors. Currently, the equalisation levy will only apply on B2B transactions. Google and Facebook, etc are among firms that will be hit by the levy.
Important Developments Of The Week
Ravi Gururaj’s Venture QikPod Runs Into Legal Hurdle
Neeraj Ray, who was being considered for a role in the startup has filed an injunction suit against Qikpod, accusing Ravi of not giving him the promised equity in the startup. A Bangalore civil court has passed an interim order, that refrains Ravi’s venture from either “allotting or issuing new shares in the company”, or from “commercially launching the Meralocker Qikpod product during pendency of the suit”.
FreshDesk Opened Office In Berlin
FreshDesk, the Indian SaaS startup that provides a cloud-based customer support software, has opened a new regional office in Berlin, Germany. It will enable the company to support and grow their mid-market and enterprise business in Continental Europe. The office will be led by Arun Mani, Managing Director in Continental Europe.
Myntra Brings Back Its Desktop Site
Myntra finally brought back its desktop website, ditching its app-only strategy.The desktop site has been built from scratch to be more responsive. The company expects to get 15-20% of its sales in the current financial year to come from the desktop website.
Karnataka Govt. Issues Warning To Uber And Ola
According to recent notification by the Karnataka Transport Department, Ola and Uber, might have to shut down their services in Karnataka which apparently is the largest market for the two. As per the circular, those who are operating un-licensed cabs in the city will have to shut operations with immediate effect as this is violation of the section 193 of the motor vehicles act.
Snapdeal Opens Data Science Center In California
New Delhi-based online marketplace, has established its Data Sciences Centre in San Carlos, California. This is in line with the company’s vision to onboard top global talent to help build high-value solutions and develop a high impact growth strategy. The center will be headed by Nitin Sharma, Senior Vice President, Data Sciences.