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News & Briefings

The latest updates on relevant areas of law, curated by our team to be the most useful to clients as well as fellow legal practitioners.

News

No service tax on composite works contract prior to 2007 changes – Apex Court rejects plea to reconsider decision in Larsen and Toubro Ltd.

03 August 2022

The Supreme Court has reiterated that service tax could not be levied on the service portion of the indivisible/composite works contracts prior to the introduction of the Finance Act, 2007, by which the Finance Act, 1994 came to be amended to introduce Section 65(105)(zzzza) pertaining to works contracts.

Chocolates ‘James Bond’ a complete knock-off of ‘Gems’ – Delhi HC notes similar packaging and confusion among children

29 July 2022

Considering the resemblance in the product packaging, as also the phonetic similarity between the marks ‘Gems’ and ‘James Bond’, the Delhi High Court has granted permanent injunction against the use of the latter mark by the defendant.

GST – Supreme Court directs GSTN to open common portal for filing Tran-1 and Tran-2 for availing transitional credit

25 July 2022

The Supreme Court has directed the Goods and Service Tax Network (GSTN) to open common portal for filing forms for availing Transitional Credit through TRAN-1 and TRAN-2 for two months i.e. w.e.f. 1 September 2022 to 31 October 2022.

NCLT has discretion to reject financial creditor’s CIRP application even when corporate debtor is in default

16 July 2022

The Supreme Court has held that Section 7(5)(a) of the Insolvency and Bankruptcy Code, 2016 confers discretionary power on the NCLT with respect to admission of application under said provision. The Court was however of the view...

Indian Central Bank notifies mechanism for international trade settlement in Indian Rupees

13 July 2022

The Reserve Bank of India has vide A.P. (DIR Series) Circular No.10 - RBI/2022-23/90, dated 11 July 2022 set up an international trade settlement mechanism in the Indian Rupee (‘INR’) to promote exports from India and to support the increasing interest of the global trading community in Indian rupee.

47th GST Council Meeting – Highlights of changes in respect of services

01 July 2022

The GST Council in its meeting held on 28 and 29 of June 2022 has recommended many changes in the GST rates for various services. Similarly, the Council has also sought to clarify on the rates of GST in respect of various specified services.

47th GST Council Meeting – Changes proposed in GST law and procedure

30 June 2022

The 47th GST Council Meeting held on 28th and 29th of June 2022 has recommended number of measures in respect of GST law and procedures, including many changes in the GST rates for various goods and services.

The ‘Geneva Package’ of WTO’s 12th Ministerial Conference – Highlights

20 June 2022

WTO’s 12th Ministerial Conference (‘MC’) concluded on 17 June 2022 with some great results. Among the 9 Ministerial declarations/decisions, the prominent ones include Agreement on Fisheries Subsidies and Ministerial Decision on the TRIPS Agreement.

TDS on perquisites and benefits – CBDT issues guidelines on new Section 194R

17 June 2022

The Central Board of Direct Taxes (CBDT) has issued elaborate guidelines on the provisions of Section 194R of the Income Tax Act, 1961 which mandates a person, who is responsible for providing any benefit or perquisite to a resident, to deduct tax at source @ 10% of the value or aggregate of value of such benefit or perquisite.

Recovery certificate holder can initiate CIRP as financial creditor within three years of issuance of certificate

10 June 2022

Holding that liability in respect of a claim arising out of a recovery certificate would be a ‘financial debt’, the 3-Judge Bench of the Supreme Court has held that a person who holds a recovery certificate would be a ‘financial creditor’ within the meaning of clause (7) of Section 5 of the Insolvency and Bankruptcy Code, 2016.

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