President of India has granted his assent to the 4 GST Bills - Central Goods and Services Tax Bill (CGST Bill), Integrated GST Bill, UT GST Bill and the GST Compensation Bill, on 12th of April, 2017.
All the Bills were debated and discussed extensively by the GST Council comprising of Union Finance Minister and Finance Ministers of all t...
19 August 2016
Special Advance Authorisation Scheme for promotion of export of apparel articles and clothing accessories of Chapter 61 or 62 of ITC (HS) has been introduced. Notification No. 21/2015-20, dated 11-8-2016 issued by Directorate General of Foreign Trade (DGFT) in the Indian Ministry of Commerce, inserts Para 4.04A in the Foreign Trade Policy 2...
19 May 2016
To qualify as ‘gross amount charged’ there must be a payment and it must be in the nature of a consideration for a service. The Tribunal in the case of Reliance Infratel Ltd v. Commissioner has held that amount for ‘lease equalisation levy’ which had been entered in the books of accounts of the assesse...
9 July, 2015
European Union’s General Court has upheld the downward adjustment to the export price in respect of commissions paid by the manufacturer to its exporter. The applicant-manufacturer here was of the view that they and the exporter (Singaporean entity) formed a single economic entity and that, consequently, there was no need to carry out any downw...
11th December, 2014
India achieved a significant victory at the WTO on December 8, 2014, as the Appellate Body has held that the Countervailing Duty (CVD) measures imposed by the United States against certain Hot Rolled Carbon Steel Flat Products are inconsistent with the provisions of the Agreement on Subsidies and Countervailing Measures (ASCM) of the WTO.
The Appellate Body has emphatic...
19 March, 2014
The Dispute Settlement Body (DSB) of the World Trade Organisation (WTO) has issued its annual report elaborately explaining its procedures and working, while also thoroughly summarizing the reports circulated in year 2013.
Appellate Body work to increase in 2014
As per the report, the overall average of panel reports that have been appealed during the period 1995 to 2013 i...
2 June 2016
The Securities Appellate Tribunal on 13-5-2016, has held that even though a merchant banker has to employ its own independent due diligence, in practice, it operates with a limitation that its due diligence is based on the material brought before it by the Issuer Company. It was held that the banker cannot be expected to perform th...
28 December, 2015
Reserve Bank of India has allowed exporters to avail the Interest Equalisation on Pre and Post Shipment Rupee Export Credit. The scheme is effective from April 1, 2015. For the period April 1, 2015 to November 30, 2015, banks are required to identify eligible exporters as per Government of India Scheme and credit their accounts with the required...
26 October 2015
Securities Appellate Tribunal has held that the fact that Section 11AA(2) of the SEBI Act, 1992 refers to any scheme or arrangement made or offered by any ‘company’ would not mean that the jurisdiction of SEBI to regulate Collective Investment Scheme (CIS) is restricted to any scheme or arrangement made or offered by any company ...
27 January, 2014
Penalty for non-disclosure of share-holding pattern was at the center of disputes this month before the Securities Appellate Tribunal (SAT). While penalty in one of the disputes was upheld for non-disclosure under one provision even when there was disclosure under another set of provisions, the same was substantially reduced, in another case, when the company whose shares wer...
17 December, 2013
The Supreme Court of India has held that exercise of power by the Telecom Regulatory Authority of India (TRAI) under Section 36(1) of the Telecom Regulatory Authority of India Act, 1997 is not controlled or limited by Section 36(2) or Sections 11, 12 and 13.
The Apex Court held that in exercise of power under Section 36(1), TRAI can make regulations which may empower it to...
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