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Our attorneys and specialists remain up-to-date with the latest legal developments and offer their perspectives and critical commentary.

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Direct Tax

Income-tax implications of issues of shares at a discount

18 十二月 2023

The issue of shares by a company and its subscription by a shareholder is ordinarily on capital account, from the perspective of the company as well as the shareholder. No income can arise on issuance of shares by a company.

International Trade & WTO

CJEU invalidates Non-Preferential Rules of Origin – A ray of hope for Indian exporters of seamless stainless-steel pipes and tubes to EU

05 十二月 2023

The article focuses on the implication of the recent judgement of the CJEU relating to the Non-Preferential Rules of Origin wherein the EU's Court has held that the primary rule for CTSH 7304 41 under the Rules of Origin is invalid to the extent it excludes the cold rolled processing performed on hot-rolled tubes or mother pipes classifiable under CTSH 7304 49. According to the author, as the EU market opens, this will give a significant boost to Indian exports from this sector

Goods and Services Tax

The equivocal nature of the advisory regarding Input Tax Credit (ITC) reversal under Rule 37(A)

04 十二月 2023

The article discusses the conflicting nature of a recent Advisory issued by the GSTN in respect of ITC reversal on account of new CGST Rule 37(A). The authors in this regard discuss various ambiguities surrounding this Advisory, like the period to be considered for computation of amount of ITC to be reversed, whether data of GSTR 2A or GSTR 2B is to be considered, etc. According to them, there is a requirement of detailed guidelines.

Goods and Services Tax

The bittersweet classification of Flavoured Milk

30 十一月 2023

Classification of goods under the correct tariff item is the first and the most litigative issue in any tax jurisdiction. The article hence analyses the implications of a Madras HC decision which has held that flavored milk is classifiable under Heading 0402 and not under Heading 2202 covering beverage containing milk. Deliberating on the reasoning of the High Court and the relevance of this decision, the authors highlight various issues which need to be understood by the industry.

Corporate

Cross-border payments for Indian businesses – Impact of RBI’s new guidelines

29 十一月 2023

The Reserve Bank of India (‘RBI’) vide Notification No. RBI/2023-24/80 CO.DPSS.POLC.No.S-786/02-14-008/2023-24 dated 31 October 2023, has issued a new regulatory framework for Payment Aggregators of Cross Border Transactions (‘PA-CB Regulation’). The said regulation shall govern all entities, including AD Banks, engaged in the processing / settlement of cross-border payment transactions for import and export of goods and services.

Direct Tax

SC Ruling on MFN Clause in Tax Treaty: A conundrum for the tax deductors in India?

20 十一月 2023

Recently, the Supreme Court of India passed a judgment interpreting the Most Favoured Nation (‘MFN’) clause present in various Double Taxation Avoidance Agreements (‘DTAAs’). In essence, an MFN clause is incorporated in DTAAs entered into by India with a country (say second state) by which a promise is made by India to give the same benefit or preferential treatment which India may accord to another country (say third state) in future.

Intellectual Property

Product-by-Process: Perception by Indian Patent Law

14 十一月 2023

This article aims to explore the scope of patentability and infringement concerning product-by-process claims with a specific emphasis on the recent two decisions of the Delhi High Court, passed by the learned Single Judge and the Division Bench of the Delhi High Court in the case of CS(COMM) 261/2021 and connected matters.

Corporate, Regulatory

Impact of DPDP Act on employee data

03 十一月 2023

As the recently passed Digital Personal Data Protection Act, 2023 (‘DPDPA’) awaits implementation guidance from the Government, it is slated to have significant impact across all sectors and industries. As a result of the same, entities would have to reimagine data handling practices when processing personal data of customers, employees and other third parties who are individuals.

Goods and Services Tax

Competency and powers for VAT amendments in GST regime

01 十一月 2023

The article discusses the recent decision of the Supreme Court holding that the amendments to Telangana VAT Act, Gujarat VAT Act and Maharashtra VAT Act, after 1 July 2017, were not correct. It notes that the impact of the Court’s observations on competency of the State legislature for VAT amendments and introduction of VAT Amnesty Schemes by the States, is an interesting academic issue to explore. According to the authors, the observations of the Court will have an impact on levying VAT on..

International Trade & WTO

A question on ‘standing’ of the domestic producer in anti-dumping cases

31 十月 2023

On 29 September 2023, the Directorate General of Trade Remedies (‘DGTR’) issued the Final Findings (‘FF’) in Anti-dumping investigation concerning imports of ‘Metronidazole’ originating in or exported from China PR. The domestic industry (‘DI’) was represented by Aarti Drugs Ltd., (‘ADL’) who was one of the major domestic producers of Metronidazole (‘Product under consideration’ or ‘PUC’) in India.

Direct Tax

Deciphering tax puzzle of loan-to-equity conversions

30 十月 2023

Businesses nowadays are coming up with pioneering strategies to keep afloat amidst financial stress. One of the common modes of financial structuring these days is conversion of loans into equity shares. The said option not only results in significant interest cost savings but also elevates the financial position for attracting new investments.

Intellectual Property

Pioneering work in the field of mRNA-based innovations- A case study

07 十月 2023

Dr. Katalin Kariko and Dr. Drew Weissman have been named the winners of the 2023 Nobel Prize in Physiology and Medicine for their innovations concerning nucleoside base modifications that enabled the development of effective mRNA vaccines against COVID-19.

Corporate

Termination of employment in India

29 九月 2023

The article discusses laws relating to termination of employees and workmen, in India. It in this regard summarises various requirements under the Industrial Disputes Act, 1947 and the Industrial Employment (Standing Orders) Act, 1946, and notes that the notice and payment of service compensation as provided under the state-specific shops and establishment acts (which differ from State to State) must also be complied with by the employers for terminating employees.

International Trade & WTO

Navigating the EU Deforestation Regulations: Scope, coverage and impact on Indian exporters

29 九月 2023

The article discusses the recently notified European Union Deforestation Regulation which is a set of comprehensive regulations targeting the imports and domestic production of products associated with deforestation. Observing that these regulations will also have implications for Indian exporters of commodities like coffee, chocolates, soy, and wooden furniture, the article provides a brief overview of the EUDR, what it entails, and explores its impact on Indian exports to the EU.

Goods and Services Tax

A tale of tax technology and GST matching woes: Balancing idealism and pragmatism

26 九月 2023

The article discusses the problem of absence of mechanism for matching Input Tax Credit (‘ITC’). It analyses a recent Rajasthan High Court decision in the case of Hindustan Lever Ltd., where the practicality of this matching exercise has come into question and observes that while on one hand, requiring suppliers to collect certificates or proof from recipients may lead to administrative inefficiencies, on the other hand, allowing businesses to claim reductions in tax liability...

Arbitration

Arbitration clauses in cross-border transactions – Indian perspective

22 九月 2023

In the era of globalization, India has emerged as one of the fastest-growing economies in the world. Owing to its increased consumption and a large young workforce, India has attracted interest from several multinational corporations and consumer companies who are looking to expand their business in newer territories.

Direct Tax

Cross-border share sale – Eligibility for Tax Treaty benefit

19 九月 2023

The article seeks to examine the question as to whether treaty benefits should at all be provided if the non-resident seller of shares does not have much commercial substance. Analysing how Courts in different countries have applied GAAR in tax treaty issues and what Courts in India have held applying judicial anti-avoidance test prior to GAAR, the authors opine that there is a lot of uncertainty surrounding the applicability of anti-abuse rules to cross border share acquisitions.

International Trade & WTO

EU’s Non-Preferential Rules of Origin: A tool for determining origin of goods and promote fair trade

04 九月 2023

In the realm of global trade, the determination of a product’s origin holds immense significance. Origin not only affects tariffs but also impacts compliance with regulations, trade agreements, trade measures and market access. The European Union (‘EU’) Non-Preferential Rules of Origin provide a comprehensive framework to ascertain the origin of goods exported to the EU and play a pivotal role in shaping trade dynamics within the EU and its trade partners.

Regulatory

Digital Personal Data Protection Act – Implications for financial entities and fin-tech sector

01 九月 2023

The article discusses elaborately the implications of the new Digital Personal Data Protection Act, 2023 for the financial entities and the fin-tech sector. It, in this regard, discusses topics like, meeting consent and notice requirements; interplay with sectoral regulations; legitimate purposes for processing; and how Data Fiduciaries in the financial sector need to review internal protocols and mechanisms concerning disclosure and/or sharing of personal data. Similarly, the article also...

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