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Legal metrology - New labelling rules could agitate businesses


By Ekansh Agrawal

The Legal Metrology (Packaged Commodities) Rules, 2011 which govern the pre-packed commodities, were amended by Notification Number G.S.R. 629 (E) dated 23rd June 2017 and the said amendments have become effective from 1-1-2018. In the Lok Sabha, such amendments were stated as an aim towards balanc...

E-way bill provisions and valuation of goods


By Tushar Mittal

The objective of plugging revenue leakage or tax evasion will take a step ahead with the introduction of E-way bill rules as the tax administration can keep track of every movement of goods above the specified value. E way bill which is required to accompany every movement of goods barring some exceptions, is expected to improve th...

Sunset Reviews: Whether mandatory


By Darpan Bhuyan

Anti-dumping duty can be levied in India for a period not exceeding five years in terms of Section 9A(5) of the Customs Tariff Act, 1975. This levy can be extended for a further period of five years only if a conclusion is arrived at by the Designated Authority pursuant to a sunset review that removal of the anti-dumping duty sha...

Why tax liquidated damages?


By Krithika Jaganathan & V. Panchanathan
 
Performance is the essence of a contract and hence parties to contract generally incorporate their expectation in terms of damage caused by failure of either party to perform its obligations completely or as per the agreed terms.

The contract may prescribe damages for deficiency in...

Non-compete fee received from former employer - The argument of capital receipt

By Sumitha Krishnan

Introduction:

The income chargeable under the head ‘salaries’ is one of the heads of incomes which covers exhaustively, ‘payments’ made between persons in the capacity of employer and employee. The term ‘Salaries’, ‘perquisites’ and ‘profits...

DGAD sets straight the procedures regarding Sunset Reviews

By Ankur Sharma

In the summer of 2017, the Supreme Court delivered a judgment that dealt with sunset reviews of anti-dumping duty.  The case was Union of India v. Kumho Petrochemicals Company Ltd.  (“Kumho”). To give some background, sunset review of an anti-dumping duty is conducted at the end of five years of an ...

Treatment of vouchers under GST law

By Devanu Roy Choudhury

Introduction

With the increasing trend of electronic commerce, adoption of prepaid vouchers and gift cards has reached new heights. Vouchers are instruments which are redeemable on its face value against supply of goods or services. For example, multi-brand retailers supply gift cards ...

Guarantee Fee – No interest on lending credit-worthiness


By Subhashree R

The payments relating to debt claims, service fee or other charge, could be characterized as interest provided there is privity of such contract.’
In its recent ruling Johnson Matthey Public ltd. Company v. DCIT, [2017] 88 taxmann.com 127 (Delhi-Trib.) on taxability of guarantee fee received by a for...

Refund of accumulated input tax credit – Certain unresolved issues


By Nirali Akhani

The landmark tax reform of Goods and Services Tax (GST) as introduced from 1st July, 2017, is nearing completion of 5 months. The GST Council has conducted 23 meetings with continuous effort of making GST robust.  Nevertheless, there are certain issues which have not been resolved so far. One such issue pertains to the refun...

Section 40(a)(ii) and taxes paid abroad - A discussion


By Gayatri Sridharan


As per section 5 of the Income Tax Act 1961 (the Act) practically all of a resident assessee’s world income enters his total income. In the case of a non-resident assessee, however, his entire world income does not form part of  his total income under the Act.. His total income is confined only to the income receive...

The upcoming WTO Ministerial Conference: What to expect for India

By Edouard Descotis

Every two years the 164 Members of the Word Trade Organization (“WTO”) gather in a Ministerial Conference to give political direction to the world trade body and negotiate new instruments to better regulate international trade. The next meeting is scheduled to be held in Buenos Aires on 10-13 December 2017 and the agenda i...

Ocean Freight under GST – A Sea Change


By S Rahul Jain and R. Sahana

Introduction

In the landmark decision of Govind Saran Ganga Saran v. Commissioner of Sales Tax [1985 AIR1041]. the Hon’ble Supreme Court held that one of the canons of taxation is that there must be a clear indication of the person on whom the lev...

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