News
Free electricity to States is prima facie not ‘consideration’ – HP HC grants interim relief on GST demand, observing that service tax demand dropped
25 September 2024
The Himachal Pradesh High Court has granted interim relief to the assessee in a case where the Revenue department had alleged that the supply of free electricity/power @12% to the States was nothing but ‘consideration’ towards licensing services rendered by the State governments.
Competition law in India – Deal Value Threshold and other changes notified
12 September 2024
By way of five separate notifications dated 9 September 2024, the Ministry of Corporate Affairs (‘MCA’) has notified the following provisions, rules and regulations under the Competition Act, 2002 (‘Act’).
LKS acts for Pacific Avenue Capital Partners
12 September 2024
Lakshmikumaran and Sridharan represented Pacific Avenue Capital Partners in connection with the Indian leg of a global transaction, involving the acquisition of substantially all the assets pertaining to the fire suppression systems and safety controls business of Kidde-Fenwal, Inc. across various jurisdictions, including the United States of America, United Kingdom and India.
54th Meeting of GST Council – Highlights of important recommendations
10 September 2024
The GST Council has yesterday (9th of September) in its 54th Meeting recommended a number of changes in rates of GST for various goods and services, while also recommending various measures for facilitation of trade and for streamlining compliances in GST. A few important measures and changes are highlighted below. It may be noted that these changes will come into force only after a suitable notification(s) and circular(s) are issued by the CBIC for the purpose.
LKS strengthens its leadership with six Partners promoted to Executive Partners
06 August 2024
Lakshmikumaran & Sridharan attorneys, is a full-service law firm based in India, specializing in areas such as corporate & commercial laws, dispute resolution, taxation and intellectual property. The firm recently announced their senior-level promotions, elevating six lawyers from Partners to Executive Partners.
LKS elevates and strengthens leadership team
01 August 2024
The firm promoted 12 Associate Partners to Partners. This elevation aims at enhancing the firm's capability to deliver robust and valued solutions across its practice areas.
Direct Tax Vivad Se Vishwas Scheme, 2024
31 July 2024
Taking note of the huge pendency of appeals before various appellate authorities and courts and considering the success of the Vivad se Vishwas Scheme, 2020 (VSV 2020), with a view to expeditiously dispose appeals and reduce litigation, the Government has proposed a new Vivad Se Vishwas Scheme, 2024 (VSV 2024).
Union Budget 2024 – Changes proposed or made in customs law including tariff changes
24 July 2024
India’s Finance Minister yesterday (23rd of July) presented Union Budget 2024 with many changes across sectors.
Union Budget 2024 – New demand provisions being introduced in GST regime
23 July 2024
In line with the recommendations of the 53rd GST Council Meeting held recently, the Central Government has, in the Union Budget 2024 presented today (23 July 2024), proposed a new Section 74A in the Central Goods and Services Tax Act, 2017 for the purpose of ‘Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason’.
Patentability of computer programme – Madras HC clarifies Section 3(k) while allowing grant of a patent
16 July 2024
The Madras HC has set aside the Assistant Controller’s Order rejecting the patent for ‘Associating Command Services with Multiple Active Components’. The Patent Office had rejected the patent alleging exclusion under Section 3(k) of the Patents Act as constituting computer programme per se and not involving any inventive hardware. The IPO’s finding that the invention lacked inventive step under Section 2(1)(ja) in view of certain prior arts, was also set aside by the High Court here.