News
Electronic payments – Mandatory provision for accepting payments through prescribed electronic modes
08 January 2020
In furtherance to the declared policy objective of the Government to encourage digital economy and move towards a less-cash economy, CBDT has prescribed Debit Card powered by RuPay; Unified Payments Interface (UPI); and Unified Payments Interface Quick Response Code as the prescribed electronic modes for accepting payments under newly inserted Section 269SU of the Income Tax Act, 1961. Notification No. 105/2019, dated 26-12-2019 inserts Rule 119AA in the Income Tax Rules,
Goods and Services Tax – Certain amendments effective from 1-1-2020
03 January 2020
Central Board of Indirect Taxes and Customs (CBIC) has recently issued many notifications to revise certain provisions of the GST law. The changes relate to amendments in the Central Goods and Services Tax Rules, 2017; changes in the rate and exemption notifications for goods and services; changes in notification relating to reverse charge mechanism for certain services;
Patents – Post-grant opposition – New evidence cannot be filed once Controller fixes date of hearing
01 January 2020
Observing that the provisions of the Patents Rules, 2003 place enormous sanctity on the two-stage decision making process in a post-grant opposition, the Delhi High Court has held that while additional evidence is permissible under Rule 60 of the Patents Rules, after review of Opposition Board, the same cannot be filed once the date of hearing has been fixed by the Controller.
Protection to Corporate Debtors for offences prior to commencement of CIRP – IBC (Amendment) Ordinance, 2019 promulgated
31 December 2019
In order to protect the Corporate Debtor and its assets from liabilities for offences committed prior to the commencement of Corporate Insolvency Resolution Process (CIRP), the President of India has on 28th of December 2019 promulgated an Ordinance – Insolvency and Bankruptcy (Amendment) Ordinance, 2019.
Trade restrictions at historically high levels even as many new measures for facilitating trade implemented: WTO report
26 December 2019
WTO Director General on 12th of December presented a report on “Overview of developments in the international trading environment”, with the WTO Members.
Personal Data Protection Bill, 2019 introduced in Parliament
13 December 2019
Acknowledging that the right to privacy is a fundamental right and it is necessary to protect personal data as an essential facet of informational privacy, the Ministry of Electronics and Information Technology in India has introduced the Personal Data Protection Bill, 2019 in the Lok Sabha (lower house of the Indian Parliament) on 11th of December, 2019.
Insolvency - Secured creditor opting out of liquidation process cannot sell assets to persons ineligible to be resolution applicant
11 December 2019
NCLAT has held that a secured financial creditor while opting out of liquidation process is barred from selling secured assets to promoters or its related party or persons who are ineligible in terms of Section 29A of I&B Code.
No Customs duties on electronic transmissions – WTO extends moratorium
11 December 2019
WTO Members have on 10th of December agreed to maintain the current practice of not imposing customs duties on electronic transmissions until the 12th Ministerial Conference (MC12). Members also agreed to reinvigorate the work under the Work Programme on Electronic Commerce, based on the existing mandate. The 12th Ministerial Conference is scheduled to be held on 8-11th of June 2020 in Kazakhstan.
Corporate tax cut - Taxation Laws (Amendment) Bill, 2019 passed by Lok Sabha
04 December 2019
Taxation Laws (Amendment) Bill, 2019 which seeks to amend the Income Tax Act, 1961 to incorporate the changes relating to reduction of corporate tax rates for domestic companies and new companies, has been passed by the Lok Sabha (lower house of the Indian Parliament) on 2nd of December. The Bill was introduced on 25-11-2019.
Arbitration – No automatic stay on challenge to arbitral award – SC strikes down Section 87
03 December 2019
Larger Bench of the Supreme Court has struck down the deletion of Section 26 of the 2015 Arbitration Amendment Act, together with the insertion of Section 87 into the Arbitration and Conciliation Act, 1996 by the 2019 Amendment Act, as being manifestly arbitrary under Article 14 of the Constitution of India. Section 87 provided that unless the parties agreed otherwise, the 2015 Amendments would apply prospectively to all arbitral and court proceedings.