Accordingly as the Walmart-Flipkart deal received a nod from the Competition Commission of India, the government of India will gain a windfall tax collection of $2 billion or Rs 13,000 crore, and according to a report it may be recalled that much before the deal was officially announced by both the parties, the Indian Income Tax authorities wrote a soft communication to both of them raising the issue, explaining that there will be tax implications in the deal and that if either Walmart or Flipkart.
Meanwhile Walmart took its time to respond to this letter but it eventually did, confirming that it believes in complete compliance with local regulations in all the countries that it operates in and that it will abide by the Indian laws as well. Presently it is learnt that Walmart will now issue cheques to the different stake holders after retaining the tax component and issue the certificates to them after remitting it to the government.
Moreover the sellers like SoftBank have also
reconciled to receiving the net amount from Walmart after tax deductions. Furthermore
it its case the liability could be in the region of $600 million and SoftBank
alone would gain around 60% on the amounts it had invested in Flipkart.
PM Modi felicitated winning teams of Singapore-India Hackathon Singapore sources reported that Prime Minister Narendra Modi today felicitated the six winning teams, including three from India, of the first India-Singapore Hackathon, a platform for the youth of the two countries to harness and showcase their innovations. Accordingly the top six teams, three each from India and Singapore, participated in a 36 hour Hackathon Grande Finale in Singapore.
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