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PTI The Group of 20 major economies, including India, today vowed to deploy all policy tools to foster confidence and boost global environment for growth, which they said was "challenging" and uncertain after UK's decision to exit the world's largest single market, the EU."The global economic environment is challenging and downside risks persist, highlighted by fluctuating commodity prices, and low inflation in many economies," a communique issued after the G20 Finance Ministers and Central Bank Governors Meeting in southwest China's Chengdu city said.Department of Economic Affairs Secretary Shakthikanta Das attended the gathering, which was held ahead of G20 leaders meeting scheduled in the Chinese city Hangzhou in September.The comminique said that the outcome of the Brexit result adds to uncertainty in ...

The Dollar Business Bureau A government appointed committee proposed an Equalization Levy of 6% - 8% on e-commerce transactions that cross Rs.1 lakh. This move is to bring the burgeoning e-commerce sector under the tax net. In its report to the Finance Ministry, the committee stressed, “that only payment exceeding Rs.1 lakh made by a resident Indian or a permanent establishment of a non-resident person to a non-resident enterprise be covered under this levy, which may be charged at a rate between 6% - 8% of the gross payment made for specified services.” This equalization levy could be imposed on a wide spectrum of digital services and facilities that included – cloud computing, website designing hosting and maintenance, online marketing and ...