GLOBAL economy is in the midst of turmoil. Already weakened by the Covid 19 pandemic, nations worldwide have been witnessing several shocks that have led to concerns -higher than expected worldwide inflation triggering tighter financial conditions, slowdown in China and negative impact of the war in Ukraine.

The International Monetary Fund in its

FOLLOWING the OECD tentative recommendation in 2015 for countries not willing to wait for a consensus to be arrived to the effect that an equalisation levy may be levied in the interim, India was the first country off the block to come up with its EQ levy. Subsequently, many