articles
International Trade & WTO
EU simplifies CBAM but does not address the underlying issues
04 July 2025
The European Council and the European Parliament recently reached a provisional agreement on the Omnibus-I legislative package, which seeks to simplify the EU's Carbon Border Adjustment Mechanism (‘CBAM’). The article notes that despite these internal simplifications, significant challenges persist for Indian exporters and other third-country suppliers navigating the EU’s evolving carbon regulation landscape.
Goods and Services Tax
Business closure and unutilized ITC – Is it a rightful refund?
04 July 2025
The article discusses the impact of recent Sikkim High Court decision on grant of refund of unutilised ITC in case of closure of business. It emphasizes the impact of this ruling on business decisions of scaling down the business operations along with the soundness of the decision.
Customs
Cosmetic or Medicine: Determination of classification of personal care products under the Customs Tariff
03 July 2025
Personal care products such as face wash to treat acne, cream to reduce skin blemishes, shampoo to treat dandruff: these all will be medicines or will be cosmetic/toilet preparations under Customs Law. This article is demonstrating this challenge by examining a few relevant case laws dealt with by the Supreme Court of India on this issue.
Corporate, Regulatory
SEBI’s Consultation Paper and the winds of AI Governance
02 July 2025
The article discusses the SEBI Consultation Paper which outlines the current use of AI/ML models are by exchanges, brokers and mutual funds for a wide variety of internal, customer support, security, pattern recognitions, KYC, order executions and related purposes.
Intellectual Property
Balancing innovation and ethics: Calcutta High Court’s guidance on Section 3(b)
27 June 2025
This article examines two recent judgments of the Hon’ble Calcutta High Court in appeals filed by ITC Limited under Section 117A, challenging the rejection of patent applications on grounds of non-patentability under Section 3(b).
Goods and Services Tax
Taxing the in-between: GST implications on sale of partially constructed buildings
25 June 2025
The article discusses a recent Karnataka HC decision holding that transfer of partially constructed building (which is substantially completed) on ‘as is where is’ basis does not amount to deemed supply of construction service.
Customs
Classification of goods – Recent WCO Rulings, Opinions, and HSN Explanatory Notes changes
25 June 2025
The article summarises the 75th Session of the World Customs Organisation’s (‘WCO’) Harmonized System Committee which was held in March 2025. The Rulings, opinions, changes suggested therein have been recently released by the WCO.
Economic Offences
Unravelling the power of seizure under Section 37A of FEMA
24 June 2025
The article discusses the scope, interpretation and applicability of Section 37A in different circumstances and safeguards that are required to avoid potential misuse of these extraordinary powers.
Corporate, Mergers & Acquisitions / PE
Leveraged Buyouts in India
19 June 2025
A Leveraged Buyout (‘LBO’) is a financial strategy where an investor, typically a private equity (PE) firm, acquires a company primarily using borrowed funds, with the target company’s assets or cash flows used as collateral to secure or repay the debt. The key appeal of an LBO lies in minimizing equity while maximizing return on investment, taking the risk that the business performs well post-acquisition
Goods and Services Tax
Hard-locking GSTR-3B: A new compliance milestone and its pitfalls
19 June 2025
The article discusses a recent GSTN advisory that stated that beginning with the July 2025 tax period, outward liability in GSTR-3B, auto-populated from GSTR-1/IFF, will be non-editable. It observes that the proposal lacks legal backing and may pose operational challenges.
Direct Tax
Navigating fair value adjustments in income tax computations
19 June 2025
The article examines the implications of fair value accounting advocated by the Accounting Standards issued by the ICAI. It delves into the question as to whether the computation of income for the purposes of the Income Tax Act can be made with reference to the fair value accounting carried out in books of accounts.
Intellectual Property
Battle of the Armours: When ‘Under’ meets ‘Aero’ in trademark turf war
16 June 2025
The article discusses a recent Delhi High Court decision which not only brings into focus the legal standards applied to determine trademark infringement but also explores the boundaries of protection for globally recognized brands under Indian law.
Regulatory
Understanding the QCO on household, commercial and electrical appliances
06 June 2025
In a significant move to bolster consumer safety and enhance the quality of electrical appliances in India, the Department for Promotion of Industry and Internal Trade (‘DPIIT’) has issued the ‘Safety of Household, Commercial and Similar Electrical Appliances (Quality Control) Order, 2025’ (‘QCO’), on 19 May 2025.
International Trade & WTO
The price puzzle: Unpacking the distinct roles of Reference Price and Minimum Import Price in the Indian trade laws
03 June 2025
The article discusses the distinct features of 'Reference Price' and 'Minimum Import Price' mechanisms in the Indian trade laws, clarify the legal and procedural frameworks governing them, and dispel the common misconceptions.
International Trade & WTO
Strengthening India’s Export Controls: The critical role of internal compliance programs
03 June 2025
Examining the legal framework, the SCOMET list including Catch-all Controls, the article discusses as to why export control compliance is crucial. Highlighting the crucial role of Internal Compliance Programs (ICP) and as to what makes a good ICP, the authors observe that an ICP is the need of the hour.
Corporate, Mergers & Acquisitions / PE
Legal reforms in India’s oil & gas sector to unlock strategic investment potential
02 June 2025
The article discusses how India’s oil and gas industry presents significant opportunities for foreign investors, particularly in the light of India’s rising energy demand. It analyses the key legal reforms under the Oilfields (Regulation and Development) Amendment Act, 2025.
Commercial litigation
Dead end or detour? Reference to arbitration in MSE disputes
02 June 2025
The article discusses the legal framework, rulings, and remedies available to MSEs, focusing on whether a court can appoint an arbitrator under Section 11 of the Arbitration and Conciliation Act, 1996, when the MSEFC fails to act.
Customs
Classification disputes on networking equipment forcing a policy change
29 May 2025
The article discusses a decision regarding classification of small form-factor pluggable (‘SFPs’) in favour of the importer but, highlights that considering a recent press report indicating that the Finance Ministry is considering a 10% BCD on telecom network equipment components.
Corporate, Mergers & Acquisitions / PE
Retaining Founders: The rise of ‘Rollover Equity’
27 May 2025
The article discusses the rise of rollover equity which allows the founder to continue as a stakeholder in the business even after selling a majority or controlling interest. It also offers a middle path between a full exit and continued operational involvement. For acquirers, it ensures continuity and helps to reduce integration risks.