News
LKS advises Krsnaa Diagnostics
09 October 2024
Lakshmikumaran and Sridharan advised Krsnaa Diagnostics Limited, a listed entity on its acquisition of 23.35% stake in Apulki Healthcare Private Limited. Apulki specialises in operating cancer and cardiac care hospitals in public-private partnership (PPP) mode.
Compressors used in car air-conditioners are classifiable under TI 8414 80 11 – SC decision in Westinghouse distinguished
03 October 2024
The CESTAT Bench at Chennai has held that air compressors for use in car air-conditioners are classifiable under Tariff Item 8414 80 11 of the Customs Tariff Act, 1975 wherein Heading 8414 covers ‘Air or vacuum pumps, air or other gas compressors and fans; ventilating or recycling hoods incorporating a fan, whether or not fitted with filters’. The assessee was represented by Lakshmikumaran & Sridharan Attorneys here.
GST Council’s recommendation is mandatory if Central/State Act stipulates an act to be done on such recommendations
26 September 2024
The Gauhati High Court has held that the recommendations to be made by the GST Council, if required as per the provisions of the Central Act or the State Act, has to be construed to be a sine qua non for exercise of power by the Union or the State Government.
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).