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“In view of the associated risks, it has been decided that, with immediate effect, entities regulated by the Reserve Bank shall not deal in VCs or provide services for facilitating any person or entity in dealing with or settling VCs ...

Goods and Services Tax AlertSummons not to be issued to Managing Director, CEO, CFOs of companies routinely By the recent Guidelines for issuance of summons under Section 70 of the CGST Act – Instruction 03/2022- 23 [GST-Investigation], indiscriminate issuance of summons has been discouraged, and officers have been advised to issue summons judiciously ...

Customs AlertEnhancement of Monetary Limits gives relief to Importers and Exporters from Arrest and Prosecution Arrest and Prosecution are the most feared weapons in the armory of the Tax administrator. The recent guidelines introduced by the Government, put restraints on the manner of exercise of these powers to rule out arbitrariness, unfairness and to restrict such actions to serious offenders ...

Metaverse, is the virtual-reality space in which users interact via computer-generated environment, something similar to what already exists on gaming platforms. It is a simulated digital environment that encompasses a network of 3D virtual worlds focused on social connection. Non-fungible tokens and their underlying technology have surged the market value of digital assets ...

Changes made consequent to the 47 meeting of the GST CouncilØ Enhanced refunds under inverted duty structure Ø Transfer of credit between distinct persons allowed Ø Concessional rate supplies made eligible for inverted duty refunds Ø No Interest liability on availment of credit without utilisationØ Time limits for demands and recovery extended till September 2023 for FY 2017-18 Ø Penalty applicable on persons involved in the issuance and credit of fake i

The Government of India has recently issued several clarifications under both Customs as well as Goods and Services Tax (GST) Laws ...

The Government of India has recently issued several clarifications under both Customs as well as Goods and Services Tax (GST) Laws ...

    Supreme Court Ruling Sets the Foundation for GST on Secondment of Employees     AUTHOR: Reena Asthana Khair Senior Partner and Head International Trade & Indirect Taxation Kochhar & Co. EMAIL: [email protected]   Japanese Multinational companies often share their talent pool across borders and jurisdictions by secondment of Japanese nationals ...

Captive power generation in the Indian solar sector is, literally, a hotbed of policy and regulatory contradiction. While the Electricity Act, 2003 (“Act”) incentivises captive power generation, losing lucrative industrial and commercial customers to captive power consumption is a deeply unpopular outcome for our financially beleaguered state power distribution and transmission companies which rely on high industrial tariffs paid by such customers ...

      Insolvency Law Update-Proceedings Against Guarantors         CONTRIBUTION BY: Samiron Borkataky, Partner, Kochhar & Co. EMAIL: [email protected] ...

The Central Electricity Regulatory Commission (“CERC” or “Commission”) on May 9, 2022 notified the CERC (Terms and Conditions for Renewable Energy Certificates for Renewable Energy Generation) Regulations, 2022 (“REC Regulations, 2022”)[1].   The reasons for framing of the REC Regulations, 2022 can be found in the Explanatory Memorandum to the draft of the REC Regulations, 2022 published by the Commission ...

 AUTHOR: Lynn Lazaro Partner, Kochhar & Co. Bangalore Office EMAIL: [email protected] NFTs have been around since 2015 on the Ethereum blockchain and have significantly grown over the years especially in the digital art industry. However, not all NFTs are art related. Some NFTs are also attached to physical products where they could act like security. “NFT” basically stands for a “non-fungible token” ...

  Kochhar & Co. advised UK-based integrated manufacturing-services and power products company, Volex plc on its acquisition of majority stake in inYantra Technologies Pvt Ltd, an electronics design and manufacturing services company for USD 13 million (approx. INR 100 crore). The transaction entailed subscription to fresh equity issued by inYantra Technologies as also purchase of equity from the existing shareholders, by Volex plc through its Indian subsidiary ...

Investing in India can be challenging in view of the myriad of laws at both the Central and State level, as well as cumbersome sector specific requirements. Many-a-times, foreign investors tie up with Indian promoters to overcome these hurdles. However, difficulties get amplified when they get embroiled in litigation / arbitration with Indian promoters over issues related to mismanagement, control, earn-out payments etc ...

GLIMPSES OF UNION BUDGET 2022 With the economy riding on the twin waves of rapid economic growth and increased tax collections, the Union Budget for 2022-23 was presented by the Hon’ble Finance Minister on February 1, 2022. A wide gamut policy and tax matters were outlined by the Minister in her speech, many of which found its way into the Finance Bill. We have put together the key takeaways for direct tax and indirect tax from the Union Budget. Trust this would be helpful ...

HIGHLIGHTS OF UNION BUDGET 2022-2023 Key Indirect Tax Proposals Special Economic Zones Act to be replaced Special Economic Zones Act is set to be replaced with a new legislation, under which Customs administration would be IT driven, and a Customs National Portal would be set up for this purpose. This is being done to encourage paperless processing and ease of doing business ...

HIGHLIGHTS OF UNION BUDGET 2022-2023 Key Direct Tax Proposals Personal Taxation Tax rates, TDS rates, Standard deduction and relief for savings etc. remain unchanged. Rates of surcharge have been rationalized in case of Long - term capital gain other than listed shares, and for Cooperative societies. Medical relief provided by employers or any other person in relation to COVID-19 will be exempt from F.Y. 2019-20 onwards ...

Union budget 2022-2023 Expectations Overview The economy of the resurgent India is expecting a road map with the upcoming Union Budget 2022-23. The Budget speech is likely to pen down new reforms and policies that helps the economy to maintain a sustained growth rate. Accomplishing this shall rather be dependent on the ability and the capacity to locate additional revenue sources by striking a balancing of the expenses ...

Introduction The Joint Committee of Parliament (“Committee”) appointed to review the draft Personal Data Protection Bill submitted its report to Parliament on December 16, 2021. The report also includes a revised draft Bill which has now been renamed as the Data Protection Bill, 2021 (“Bill”). As there is less than a week left of the winter session of Parliament, it is very unlikely the Bill will be passed by Parliament in 2021 ...

Whither Advance Ruling under Income tax law? ‘Prevention is better than cure’ is an adage that applies equally to litigation - specially to tax litigation. Towards this end and based on several committee reports starting from Wanchoo Committee (1971) to Choksi Committee (1978) and Raja Chelliah Committee (1993), the Government eventually introduced a mechanism for advance rulings by inserting a new Chapter XIX-B in Income Tax Act 1961 (the Act) ...

    Slump Sale - Effect of Amendments by Finance Act 2021     AUTHOR: Shahid Khan Senior Partner and Head Direct Taxation Kochhar & Co. Email: [email protected]   Finance Act 2021 has made certain important amendments to Income Tax Act (the Act) in respect of provisions relating to taxation of capital gains arising on Slump Sale ...

    Union budget 2022-2023 Expectations   Overview The economy of the resurgent India is expecting a road map with the upcoming Union Budget 2022-23. The Budget speech is likely to pen down new reforms and policies that helps the economy to maintain a sustained growth rate ...

Author(s) Senior Partner, Nishant Menon and Associate, Nikhil Bhatia The Supreme Court of India on 6th August 2021 in Amazon.com NV Investment Holdings LLC v Future Retail Limited & Others handed down a seminal decision in relation to enforcement of an Emergency Arbitrator’s (“EA”) award. The ruling has great significance as it furthers India’s mission of being a pro-arbitration State where there is greater ease of doing business ...

Background: Article 10 of the Convention on Supplementary Compensation for Nuclear Damage (“CSC”) (which India ratified in 2016) allows ratifying states, through domestic legislation, to provide that in the even of a nuclear incident, the operator shall have a right of recourse against the supplier only if: (a) it is expressly provided for by a written contract; or (b) if the nuclear incident results from an act or omission done with intent to cause damage, against the indiv

The World Trade Organization (‘WTO’) has always been of the view that Indian export subsidy schemes like Merchandise Exports from India Scheme (‘MEIS’), Export Oriented Units (‘EOUs’), Service Export Incentive Schemes are principally in violation to the Subsidies and Countervailing Measures Agreement (‘SCM Agreement’) ...

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