BITING THE BULLET
After years of dithering, the Centre has finally done away with the infamous retrospective tax law introduced in 2012 by then finance minister Pranab Mukherjee. This law had been described as a key impediment to doing business in India. Two recent orders by international courts of arbitration that ruled against the Indian government in such cases—relating to Vodafone Plc and Cairn Energy Plc—amplified the outcry from the global investor community against this law and the embarrassment the government faced because of it.
On August 9, the Rajya Sabha approved the Taxation Laws (Amendment) Bill, 2021. The decision to finally bite the bullet will help the Centre project India as investor-friendly. This is crucial given how badly
