India: Finance (No.2) Bill 2024 withdrawing equalisation levy on non-resident digital service providers was signed by President

On 16 August 2024, the Finance (No.2) Bill 2024 received assent from the President of India. The Bill withdraws the existing 2% equalisation levy requirement on non-resident digital service providers. The Finance Act of 2020 expanded the equalisation levy to e-commerce operators located outside India. A 2% tax was applicable for the online sale of goods owned or facilitated by the e-commerce operator, and online provision of services provided by or facilitated by the e-commerce operator.