Time-limit in anti-dumping reviews in India – Rule 23 analyzed
By T.D. Satish
In the Indian context, the scheme of anti-dumping provisions under the Customs Tariff Act, 1975 (“the Act”) and the Anti-Dumping Rules (“AD Rules") [see end note 1] broadly divide the proceedings into two forms – original investigation and reviews. The procedure followed by the Designated Authority, Anti-Dumping (&ldquo...
Compelling a non-resident to seek PAN: A vexed question
By Tapas Misra
With a view to enhance detection capabilities of the tax department and enforcing better compliance Section 206AA was inserted by Finance (No.2) Act, 2009 with effect from 01.04.2010. This new provision mandated all recipients of income to furnish Permanent Account Number (PAN) and in order to discourage non-compliance it required tax to be deducte...
Investor and (host) state protection - India proposes a new model for BIT
Investor State Dispute Settlement (ISDS) mechanism which allows a foreign investor to sue sovereign states claiming compensation for loss of investment has been in focus for a number of reasons ranging from enormity of compensation awarded , use of multiple forums and almost endless litigation in enforcement of award to genuineness of claims and against regulatory laws . India h...
Trading of goods under negative list & Cenvat credit
By Dipa Devani
The term ‘service’ is defined under Section 65(44) of the Finance Act, 1994 (“the Finance Act”) as under:
Service means any activity carried out by a person for another for consideration, and includes a declared service, but shall not include-
(a) An activity which constitute merely-
(i) A transfer of title in goods or immovable property, by way of sale, gift or in an...
Budget 2015 & supplies to ICB Projects – Certain Issues
By Deepak Suneja
Supplies against International Competitive Bidding (ICB) have been on the rise with several specified projects being awarded in the recent times. In Union Budget, 2015 itself, five ultra Mega Power Projects have been announced. Considering the importance of these projects and their contribution towards economic growth, the Government has given several concessions for supplies...
Time period for completing anti-dumping reviews - An issue in flux
By Lakshmi Neelakantan
The provisions relating to anti-dumping measures under the Customs Tariff Act 1975 (“Act”) and the Customs Tariff (Identification, Assessment & Collection of Anti-Dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995 (“AD rules”) provide for different time periods for different stages of proceedings. This article seeks to analyze whether the time ...
ICDS – Will it make an Impact?
By Rajat Juneja
Formulation of Income Computation and Disclosure Standards (‘ICDS’)
The Central Government is empowered[see end note 1] to notify ‘accounting standards’ under Section 145 of the Act[see end note 2] which need to be necessarily followed while computing income under the head ‘profits and gains of business or profession’ or ‘other sources’. In the year 1996[see end note 3], two...
Shareholder’s activity – India’s stand
By S. Sriram
Subsidiaries of Multi National Enterprises (‘MNEs’) generally avail the services of their group companies for routine business operation and management. When such intra group services are paid for, questions often arise as to whether the services received are essential for business operations of the subsidiary, or are the services carried out by the MNE group with a view to secu...
Place of Entertainment – Uncertainty prevails
By Tushar Aggarwal
With the passage of time, different technologies and standards evolve. Similarly, law cannot stand still; it must change with the changing social concepts and values [see end note 1]. Tax laws though necessarily enacted in its own time, are nevertheless to be construed as taking note of the advances in technology.
Entertainment tax in India is being levied for more than a...
Information Technology Agreement-II – Should India join?
By Manoj Gupta
Recently we saw how two bilateral agreements made the existence of WTO seem more relevant, by infusing more energy in the apex trade body. While agreement between India and USA on India’s food security programme and subsidies relating thereto allowed the WTO to move forward on the Trade Facilitation Agreement (TFA), an agreement between USA and China on the other hand brought t...
Engineering, Procurement and Construction (EPC) contracts in India
By Ashish Karundia
The economic growth that India witnessed in last two decades has attracted Multinational Enterprises (‘MNEs’) to increase their business presence manifold in India. Many MNEs have won projects involving Engineering, Procurement and Construction (‘EPC’) to be undertaken on turnkey basis. An EPC contract generally involves supply of goods and services, both offshore and onsho...
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