News
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.
Tightening the screws on imports – Bolts, Nuts and Fasteners QCO, 2024
15 July 2024
The Ministry of Commerce and Industry has issued the Bolts, Nuts and Fasteners (Quality Control) Order, 2024 (‘new QCO’)
Power of Enforcement Directorate to attach any other property as ‘value equivalent’
10 July 2024
In the recent case of Francis Chakkalamathaom Peter[1], the Hon’ble Appellate Tribunal under Prevention of Money Laundering Act, 2002 (‘PMLA Tribunal’) has held that in the absence of the direct proceeds of crime, the Enforcement Directorate (‘ED’) has the rights to attach any other property equivalent to the value of proceeds of crime.
53rd GST Council Meeting – Highlights of Circulars issued by CBIC
28 June 2024
The Central Board of Indirect Taxes and Customs has on 26 June 2024 issued 16 Circulars (Circular Nos. 207 to 222/2024-GST) to clarify various issues as also highlighted in the 53rd GST Council Meeting. A summary of all these Circulars is provided here.
53rd GST Council Meeting – Highlights of certain measures covering trade facilitation and law & procedure
23 June 2024
GST Council Meeting presided by the Hon’ble Union Finance Minister was held on 22 June 2024 in New Delhi. The Council meeting held after more than 8 months, and the first after the General Elections, has recommended many trade facilitation measures along with many other measures relating to GST law and procedures. The Council has also recommended many changes in the GST rates for both goods and services.
Medicament or cosmetic – Telangana HC upholds assessee’s view on classification of certain Ayurvedic products as medicaments
20 June 2024
The Telangana High Court has held that the products Navaratan Oil, Gold Turmeric Ayurvedic Cream, Boroplus Antiseptic Cream, Boroplus Prickly Heat Powder and Sonachandi Chavanprash, are medicaments (drugs) and not cosmetics under the Andhra Pradesh General Sales Tax Act, 1957.