Tax laws require the assessee to go by the book. It can be a daunting task for those governed by the law to comply with and benefit from it. A professional who holds himself out as an expert will be called upon to rely on a well-researched body of knowledge and opine on the best course of action.
Lakshmikumaran & Sridharan has accumulated a vast pool of knowledge and aggregated a team of professionals who are at equal ease when called upon to advise, litigate or undertake compliance audit. Every practice, be it Excise, Customs, Service Tax, Income Tax, VAT or duties like anti-dumping and safeguard, is handled by a dedicated team of domain experts.
Select an expertise from the list below to learn more.
Customs
Administration of customs law in India has been simplified to a greater degree in the last few years. Customs duty rates have also seen a significant downward revision.
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Excise
Excise duty is commonly referred as Central Excise duty in India. It is 'Central' because it is a tax levied by Central or Union Government as opposed to State Excise duty levied by state governments. Excise duty is levied on the activity of manufacture of goods.
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Service Tax
Service sector in India has witnessed incredible growth in recent decades. Recognising the sector's potential, Indian government embarked on taxing services from 1994 with barely three services initially only to be expanded to 100 plus services today.
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Value Added Tax
Since time immemorial, reforms have been made for the benefit of the masses. In India, the introduction of Value Added Tax (VAT) was done as a part of the fiscal consolidation strategy for the nation.
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Special Economic Zones (SEZ)
India has designated certain geographical regions as Special Economic Zones (SEZ) with the mission of boosting exports and attracting foreign investment.
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Foreign Trade Policy & Procedures
The Indian Government has liberalized import and export restrictions on goods to a large extent in the last decade. Yet, some of them continue to exist like those intended to cover goods and technologies involving dual use.
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Anti-dumping
The World Trade Organization permits the imposition of anti-dumping duties when dumping is causing or threatening to cause material injury. Although international practice in the conduct of anti-dumping proceedings was standardized by the WTO, important differences still remain across countries.
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Safeguards
The WTO Agreement on Safeguards provides for the process for initiating and imposing measures. Unlike anti-dumping or countervailing measures, safeguard measures are applicable to all imports irrespective of the country of origin.
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Subsidies and Countervailing Measures
Often when countries import goods that have been subsidized in exporting country, the domestic industry of importing country suffers material injury. In such cases, importing country imposed certain countervailing measures.
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WTO Law advisory
As WTO agreements have been embraced by almost every nation, complying with the provisions therein demands counsel of those well versed in GATT and all its covered agreements.
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Corporate Taxation
Corporate tax laws in India are cumbersome, complex and have undergone several amendments. Several judgements overlap and contradict each other. Tax incentives like those for units setup in tax-free zones, export oriented units and special economic zones have given rise to multiple interpretations and disputes.
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International Taxation
International Taxation takes in its sweep cross-border tax issues pertaining to double taxation, inbound investments, planning/structuring of intellectual property holding and so on.
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Transfer Pricing
Globalisation has ushered in the era of business without borders. Each country tries to balance its national revenue priorities vis-a-vis being an attractive destination for foreign investors.
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Expatriate Taxation
Expatriates in India are liable to pay income-tax and fulfil other obligations such as filing tax returns. At times, their employers may also withhold appropriate income-tax. Expatriates may be subject to taxation on their world-wide income unless they have protection under the 'Double Taxation Avoidance' treaty.
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