Petra implements the 2.04% levy on Indian buyer
Ensure that these additional charges are factored into your future business- and cashflow planning! FM India should peep-up the opaque of EL announcement! Recently Petra Diamonds had issued a Memorandum to all their rough buyers yet it had an exclusive focus on buyer’s from India. Jacques Breytenbach, CFO –Petra diamond said, “Petra Diamonds has taken the stance to implement the 2.04% levy with immediate effect and this additional levy will be raised on all relevant sales transaction invoiced to Indian customers from the date of this letter. Petra issued the letter on April 26, 2021. The letter said, as announced previously by the Indian Minister of Finance in the Union Budget of India speech on the 1st February 2020 (amended on 23 March 2020), a new equalization levy (Referred to as “EL”) has been implemented effective from April 1, 2020. This levy will apply to all overseas e-commerce transactions for Indian tax resident