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Developing infrastructure: Is a revival on the cards?
Structural reforms such as demonetization and goods and services tax along with worsening balance sheets at state-owned banks seem to have led to an economic slowdown in India. To spur economic growth and investment,...
RBI provides new directions for prepaid payment instruments
The Reserve Bank of India (RBI) issued the master directions on Issuance and Operation of Prepaid Payment Instruments on 11 October so as to review existing regulations in this respect and issue comprehensive directions,...
Interpretation of ‘supply’: An emerging legal battle
The recently launched goods and services tax (GST) is having teething trouble and has opened a Pandora’s box of legal issues to be addressed, by taxpayers and the revenue department, as well as tax...
The transition to GST: Early feedback brings adjustments
When goods and services tax (GST) was implemented on 1 July, after years of delays, there was apprehension as to how corporate India would handle the transition to the new tax regime. However, most...
Parliament: The monsoon session
In the first of our planned regular coverage of India's parliamentary sessions, Mandira Kala provides a roundup of important commercial bills that were debated and passed during the recent session, and an assessment of...
Taxing times
As India becomes more familiar with GST, Rebecca Abraham takes stock of issues that have presented interesting challenges
When India introduced a goods and services tax (GST) at midnight on 30 June few expected the...
Shaping a concrete destiny
In the second of a three-part series on China’s Belt and Road initiative, law firms in the region talk about their expectations, while domestic firms explain why India is keeping its distance. George W...
Moving forward
Time to return to the drawing board
As concern mounts over the health of the Indian economy there is a growing realization of the enormity of the task at hand. As has been widely reported,...
Dividing goods, services necessary under GST?
L Badri Narayanan discusses the need for more clarity and less superfluous tinkering with new system
India’s recently introduced goods and services tax (GST) has brought in its wake benefits as well as a plethora...
GST for legal services clarified
An error in a 28 June notification where only lawyers and law firms that provided “representational services” were exempt from goods and services tax (GST) was recently rectified as a result of a petition...
India: Open for business?
After much debate and anticipation, the liberalization of the legal sector now seems imminent. Gautam Kagalwala speaks to lawyers about the arrival of foreign firms and other key developments affecting the state of play...
The future is fintech
Fintech has dramatically altered our landscape – the way we live as a society and conduct business. In the first part of a special series on technology, Leo Long explores how Indian and other...
Legal services largely exempt from GST
Initial fears about large-scale disruption proved to be unfounded when India moved to a goods and services tax (GST) on 1 July.
The GST does not apply to legal services provided by an individual advocate...
Banking ordinance: Sound step or halfway measure?
The Banking Regulation (Amendment) Ordinance, 2017, was promulgated on 4 May to amend the Banking Regulation Act to give the Reserve Bank of India (RBI) powers to direct banks to refer certain borrowers into...
A transformative moment?
A top down effort to trigger radical change that just may work
When the long-awaited goods and service tax (GST) becomes a reality, India will have taken a big step towards achieving greater economic efficiencies,...
Trademark rules reformed
The Trade Marks Rules, 2017, have replaced the Trade Marks Rules, 2002, with a view to bringing about radical changes in the trademark registration process. Key changes include:
New forms
The forms for filing and related...
GST rates from 5% to 28% fixed for most specific items
The government has set 1 July as the deadline for the rollout of the goods and services tax (GST) from the current indirect tax regime. GST is set to subsume a variety of central...
Why GST needs to be deferred
Dear Editor,
The government has reiterated its firm intention to unveil the new goods and services tax (GST) regime from 1 July. The business community has called for a later implementation date, citing their lack...
Eyeing Africa
African and Indian law firms should collaborate to profit from growing trade relations, writes Nankunda Katangaza
The African Development Bank (AfDB) Group will hold its annual meetings on the Indian subcontinent for the first time on 22-26...
Unveiling of draft GST rules paves way for 1 July rollout
With the goal to implement good and services tax in India from 1 July, the government has released 14 sets of GST rules for public consultation. The GST Council will meet on 18 and...
Big, bold and bullish
The desire for control, the struggle for funding, a changing tax regime and increased liability are some of the key themes dominating India’s private equity landscape. Vandana Chatlani reports
Last year was a year of big and...
Phoenix legal hires new tax head
Aseem Chawla has joined Phoenix Legal as a partner and head of its tax practice. Chawla merged his firm, ASC Legal, with Phoenix Legal in New Delhi.
ASC Legal focused on direct and indirect tax...
Altering realities
The more things change, the more they remain the same
While cynics have long drawn strength from the truism in this old French saying, many would see it as an apt description of attempts to...
Passage of four bills moves GST a step closer to reality
The proposed goods and services tax (GST) moved one step closer to becoming a reality on 27 March when the Lok Sabha (lower house of the parliament) approved the four bills which are intended...
Dynamism endures
Iqbal Khan and Natashaa Shroff at Shardul Amarchand Mangaldas analyse India’s PE landscape in 2017
In a global investment environment characterized by increasing policy uncertainty, the India investment story is a rare example of a...
GST Council: New era of indirect tax administration
The GST Council is a constitutional body set up to administer the goods and services tax in terms of article 279A of India’s constitution. The council had 10 meetings in the past six months...
Top tips for US companies doing business in India
India offers many advantages for US companies, including English language proficiency, a vibrant technology industry, an educated workforce and lower costs, as well as a number of pitfalls to avoid. Here are some quick...
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Ease of doing business: myth or battle cry?
Centre-state differences undermine efforts to present India as a favourable commercial destination, argues PM Devaiah
While the great Indian juggernaut of liberalization chugs along, the never ending debate on improving the ease of doing business continues...
Money matters
L Badri Narayanan and Amar Gahlot analyse what the budget means for business.
The government has been fairly active over the past year liberalizing certain sectors and implementing other business-friendly schemes. Its drastic demonetization move dominated headlines as efforts...
Of carrots and sticks
As US authorities hunt down corrupt practices, the risk posed by third parties takes centre stage. Vasu Muthyala and Nan Wang analyse what has changed and how to build a defence
The world’s third-largest economy, India has maintained actual and...
India in 2017
Four in-house counsel, a mediation specialist and partners at three law firms share their views on the developments that are likely to shape India’s business and legal climate in the coming year.
Privacy, data protection and...
On the cards
Rudra Kumar Pandey and Bani Brar forecast emerging regulatory trends and opportunities for in-house counsel to be business leaders.
The International Monetary Fund in its recent report (October 2016) forecasted that India would continue to...
Khaitan takes two for tax
Abhishek Rastogi and Rashmi Deshpande have joined Khaitan & Co’s indirect tax practice in Mumbai as executive director and associate director, respectively.
Rastogi, a chartered accountant, was previously a director with PwC, specializing in indirect...
E-commerce and GST: Moving from grey to white?
E-commerce has been one of the high growth industries over the last few years in India. Realizing the importance and potential of the internet, various policy measures such as Digital India and 100% foreign...
GST is fast approaching: Is your business ready?
India has long earned brickbats for the complexity of its tax regime and the difficulty in carrying out business in the country. After years of consideration, goods and services tax (GST) is expected to...
Goods versus service: Is classification relevant?
One of the principal problems that has caused the indirect tax regime in India to be complex and cascading is the delineation of taxing powers between the centre and the states. The centre collected...
Getting to grips with GST
Companies must prepare for challenges as India overhauls its tax regime with the introduction of a goods and service tax in 2017
Rebecca Abraham reports
India’s notoriously difficult to navigate tax regime is to get a much needed...
Blazing a trail
The Indian Corporate Counsel Association pays tribute to the leading lights of India’s in-house legal community in its new book, Trailblazers, writes Vandana Chatlani
Not long ago, India’s in-house lawyers were the legal community’s forgotten children;...
One nation, one tax: But not one taxable person
Last month, the 122nd Constitution Amendment Bill was passed in the Rajya Sabha, India’s upper house of parliament. This has been a historic amendment and the most significant step in the progress towards a...
Fake in India
Bharat Dube and Frank Rittman discuss the menace of counterfeiting in India and provide tips for brand owners and general counsel on how to fight it
In June, Jack Ma, chairman of the Alibaba Group, infamously stated at...
Indian residents permitted to sell options against contracted exposures
The Reserve Bank of India has permitted resident exporters and importers of goods and services to write (sell) standalone plain vanilla European call and put option contracts against their contracted (i.e. covered call and...
Chawla leaves MPC to launch ASC Legal
Aseem Chawla, one of the founding partners of MPC Legal, has left the firm and set up ASC Legal. Chawla said the move was “a transformational step” and that lessons learned while promoting MPC...
Pushing boundaries
India’s performance at the Olympics provides valuable insights
Two medals in total – a silver in badminton and a bronze in wrestling – won by the world’s second most populous country. A fact that has...
Laying down laws
Mandira Kala, Aravind Gayam and Vatsal Khullar analyse the key bills pending in India’s parliament that would impact domestic and international businesses
The recently concluded session of the Indian parliament was highly productive. In addition to debating the budget and...
Inevitable battles
Pushed to the wall by a scarcity of resources, ingenious people up and down India have long slapped together odd bits and pieces to create and extend the life of essentials. Ultra-low-cost solar lamps,...
Press Note 3 of 2016: A level playing field?
On account of a legal vacuum on the permissibility of foreign direct investment (FDI) in e-commerce activities being undertaken using a marketplace model, many entities with foreign investment have been operating on the “view”...
GST casting a cloud over rising ‘green energy’ sun
The Indian renewable energy sector is experiencing a new-found euphoria with the central government’s keen focus on it. Given the government’s commitment to the sector and international and domestic investors’ interest, “green energy” is...
DIPP releases guidelines for FDI in e-commerce
The Department of Industrial Policy and Promotion (DIPP) has released press note 3 (2016 series) in order to provide clarity on the existing policy. The press note sets out guidelines for foreign direct investment...
Brooding over Brexit
Would a decision by Britain to leave the European Union deter future investments from India? Vandana Chatlani reports
On 23 June, Britain will hold a referendum to decide whether to leave or remain within the European Union....
Time to make in India?
“Nobody gave us a chance but every game somebody stepped up and took responsibility”
Words spoken in victory by Darren Sammy, captain of the West Indies cricket team, at the recently concluded World T20 tournament...
A view to the East
India’s desire to strengthen trade ties with its Asian neighbours may bear fruit as investment channels open up, but some legal and cultural hurdles need to be cleared. Vandana Chatlani reports
Speaking in November 2014 at...
Budget bulletin
What are the practical implications of the budget for businesses in India? Rohan Shah and Darshan Bora highlight the key changes
Finance Minister Arun Jaitley presented his third budget on 29 February against the backdrop...
Promissory estoppel found in concessions denial case
Amidst the ongoing debate regarding the fate of various tax incentives and area-based exemptions under the coming goods and services tax (GST) regime, the recent ruling of Karnataka High Court in the case of...
Cooking up a storm?
Many will be unimpressed by the cacophony of voices that accompany the budget
But what of the halwa-making ritual that kicks off the process? This curious culinary exercise, which is presumably held deep in the...
Sea change
The world of offshore opportunities for India-related business is undergoing a transformation that may set tried and tested relationships adrift, writes John Church
It used to be that when you mentioned India and offshore investment...
GST model law: Long way to go to meet expectations
A sub-committee of the Empowered Committee of State Finance Ministers has released a model law for the goods and services tax (GST) and the integrated goods and services tax. This model law would form...
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India in 2016
Four in-house counsel and the president of the Society of Indian Law Firms share their views on the developments that are likely to shape India's business and legal climate in the coming year.
The international...
Foreign direct investment policy liberalized
The Department of Industrial Policy and Promotion issued Press Note 12 of 2015 on 24 November to liberalize the foreign direct investment (FDI) regime. The key changes are as follows:
Particulars
Earlier provision
Revised position
FDI in...
2015 rulings clarify taxation of software-related services
Taxation of software is one of the most debated issues of indirect taxation. With the rapid digitalization and the constant quest of the central and state governments to get a bigger slice of the...
State charge struck down in ongoing ‘tax’ or ‘fee’ debate
While both “taxes” and “fees” are compulsory contributions towards government revenue, a tax is a part of a common exaction while a fee is towards specific services rendered. However, the dispute whether a charge...
A triumph of price over quality?
How the government selects law firms for infrastructure Projects. By Vandana Chatlani
The Indian government is often described by infrastructure lawyers as a poor paymaster. In line with its lowest bidder wins (L1) policy, it tends...
Prepaid transit instruments: Step to a ‘less-cash society’
Following up on the government’s initiative to encourage Indians to move to electronic payment methods, the Reserve Bank of India (RBI) has issued guidelines on the use of “prepaid payment instruments” (PPIs). A PPI...
E-commerce investment: Treading in the dark?
E-commerce is one of the fastest growing sectors in India in recent years. Technology, favourable demographics, and increasing use of the internet have been major drivers for the rapid growth of the sector. As...
Bill offers new lease of life for arbitration in India
On 26 August, India’s cabinet announced it had approved the Arbitration and Conciliation Bill, 2015, which appears to reflect suggestions and amendments proposed by the Law Commission in its reports of August 2014 and...
A bit of bother
India needs to get to grips with the regulation of cryptocurrencies such as bitcoin. Chetan Tripathy and Roochi Tripathy explore the options
Cryptocurrencies such as bitcoin aim to accelerate the process of integrating people into...
Is ‘inverted duty structure’ impeding ‘Make in India’?
While the globally accepted norm is that customs duty rates on final products are always equal to or higher than the rates on components or raw materials used for the manufacture of the final...
Joining the dots
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Goods and services tax: Barriers on the road ahead
Victor Hugo once said “no one can resist an idea whose time has come”. Introducing GST in India was mooted way back in 2000 but it was only last month (on 6 May) that...
Looking beyond the big names
50+ small and mid-size Indian law firms you should know about. By Rebecca Abraham
As any in-house lawyer will know, hiring an external legal adviser in India is often more about finding a lawyer who can...
Delhi High Court rules on marketing intangibles
Delhi High Court delivered a much awaited judgment on the transfer pricing implications of advertisement, marketing and sales promotion (AMP) expenses on 16 March. The judgment ushers in clarity on the issue, to resolve...
Budget: No ‘big bang’ but progress for financial sector
With the growing integration of India into the global economy and with the sheer size of the Indian economy, the country’s budget speech has become a keenly anticipated event. Rating agencies, multinational companies and...
Exposing India’s dark underbelly
Is business driven by innovation or ill-gotten gains?
According to Rajeev Chandrasekhar, the former owner of BPL Mobile and a respected commentator on corporate affairs in India, it is the latter. His comment about the...
Time for action
Companies should prepare now for the introduction of the goods and services tax, which is scheduled to take effect a year from now. Girish Vanvari and Santosh Dalvi explain
An immediate concern for anyone contemplating an...
Making sense of the budget
Rohan Shah, Rohit Jain and Divya Jeswant outline the key developments, their implications and action points for in-house counsel
The 2015-16 budget was expected to be a landmark event and finance minister Arun Jaitley announced several...
Special additional duty refund for ‘deemed sales’
Importation of goods into India attracts customs duties including special additional duty (SAD). This is in lieu of central sales tax/value-added tax (VAT) levied on the sale of goods in India. Notification 102/2007-Customs, dated...
Is fair market value fitting for valuation of services?
Fair market value (FMV) is generally understood as the price for which a specified asset or property would be sold in the market and that a knowledgeable, willing, and unpressured buyer would pay to...
Transfer pricing and marketing intangibles
Substantial transfer pricing adjustments made by India’s Tax Department in the recent past have led to litigation concerning advertising, marketing and sales promotion (AMP) expenses and the creation of marketing intangibles for foreign associated...
Implantation in the UK: Thoughts & procedures
The UK is Europe’s No. 1 destination for foreign direct investment and, given the historical and cultural links between the UK and India, it is not surprising that Indian companies and individuals have been...
Deals of the Year 2014
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India in 2015
Six prominent figures from India’s in-house counsel community share their views on the legal developments that will shape domestic and international business in the coming year
The Indian economy is expected to witness accelerated growth...
Trade tonic
Regulatory changes have given India’s pharmaceutical trade with Latin American countries a shot in the arm. Gains in other areas may soon follow. By Sergio Held
Long in the background of international commerce, trade between India and...
The saga of set-off of duty paid on telecom towers
Rendering telecom services involves two types of infrastructure – active and passive. Active infrastructure involves base stations, receivers, etc., that are positioned to create the network enabling transmission of data/voice; passive infrastructure denotes towers,...
Issuance of shares against legitimate dues permitted
In what may be seen as yet another move towards easing India’s foreign direct investment (FDI) regime, the Reserve Bank of India (RBI) has recently issued a notification broadening the categories of non-cash consideration...
Khaitan & Co recruits tax ace
Hormaz Daruwalla, previously an independent counsel, has joined Khaitan & Co as a partner in its indirect tax practice.
Daruwalla brings over 27 years of experience in indirect tax and constitutional law matters and has...
Survey of law firm billing rates
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Case clarifies VAT aspects vis-à-vis BOOT contracts
Governments across the globe enter into public-private partnerships for the development, financing, operation and maintenance of public infrastructure (both moveable and immoveable). Some such partnerships are in the nature of build, own, operate, transfer...
Finance Act introduces changes to tax regimes
The Finance (No. 2) Act, 2014 (Finance Act), includes the following provisions:
Corporate tax rates remain constant at around 30% for residents and 40% for non-residents, with a few additional incentives and allowances for...
India’s annual budget and goods and services tax
India’s annual budget included a mixed bag of tax measures, but not the hoped-for repeal of retrospective tax amendments
Rohan Shah and Anay Banhatti report
The finance minister’s presentation of India’s annual budget generally draws an...
In the limelight
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Modi’s landslide
What now for the laws of business and the business of law? Fourteen members of the legal community discuss what to expect from India’s new government
Narendra Modi is a “wildcard”, an “unknown quantity” to...
Falling foul?
A proposal to widen the ambit of the UK Bribery Act could spell trouble for Indian companies. Vandana Chatlani reports
In August 2013, the UK’s Serious Fraud Office (SFO) began investigating a £23 million (US$38 million)...
Case offers clarification on marketing intangibles issue
BMW India imports completely built units (CBUs) of BMW motor vehicles, related spare parts and accessories from its associated enterprises (AEs) and resells these in the Indian market. The company also assembles completely knocked...
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Deals of the Year 2013
India Business Law Journal identifies and analyses the standout deals and disputes of 2013 and reveals the lawyers who guided them. By Nandini Lakshman
The past year was one of the worst for the Indian economy...
India in 2014
In-house lawyers from nine companies and a senior advocate foretell the challenges and opportunities that lie in store for India-focused general counsel
I hope that 2014 will herald a period of calm following the volatility...
Free supplies to be free of service tax?
In a recent ruling in Bhayana Builders Pvt Ltd, while deciding whether the value of goods supplied free of cost by the service recipient for use in the provision of service by the service...
Getting on top of tax issues
Uncertainties on the tax front can be daunting for investors in India. Abhishek Dutta and Rashmi Chaudhury at HSA Advocates explain what it takes to overcome the challenges
Finland recently explored business opportunities in India,...
Revitalizing India
Ten legal thought leaders talk candidly about India’s economic woes and outline a series of bold measures to put the shine back into the country’s economy
The odds appear to be stacked against India at...
A new world order
Indebted and weakened by a falling rupee, Indian companies have taken a more strategic approach to outbound investment. Nandini Lakshman reports from Mumbai
A few years ago, corporate India embarked on a global acquisition spree, buying...
Drilling into oil and gas contracts
Rajdeep Choudhury explains the legal ins and outs of hydrocarbon exploration and production in India
In 2012, India was the world’s fourth largest consumer of crude oil and petroleum products, with crude oil demand at 3.59...
Horror stories
India’s complex and unpredictable tax regime continues to spook investors. Rebecca Abraham recalls some of the nightmares and asks how domestic and foreign companies can reduce the uncertainties surrounding taxation
In November 2006, Mérieux Alliance, a French...
Intellectual property: Does service tax or VAT apply?
The 46th amendment to India’s constitution, in 1982, inserted article 366(29A), which defined purchase/sales of goods and extended the scope for levy of value-added tax (VAT)/central sales tax (CST) to the “transfer of right...
The pioneers
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Punching above its weight
India’s competition watchdog may be the new kid on the block, but it has already been flexing its muscles. Is it up to the challenges it has set for itself?
Rebecca Abraham reports
Levelling the playing...
Wheels in motion?
Vishnu Padmanabhan examines the key bills passing through India’s parliament that may affect domestic and international businesses
As India’s economic growth slows, almost everyone is clamouring for reforms. In India’s parliamentary democracy, any reform or...
A continent awakening
Africa is a land not to be ignored, particularly by Indian companies that know how to thrive in chaos, argues Sanjeev Gupta at Emerging Opportunity Consulting
Ruling powers over time have exploited Africa in varying...
A world of IP challenges
Burgeoning exports of services have put a spotlight on safeguarding Indian intellectual property rights abroad. George W Russell assesses the key risks that Indian IP owners face in other jurisdictions and introduces some of...
Reimbursements outside the reach of service tax
With revenue authorities pushing to garner greater taxes, Delhi High Court, in its recent decision in Intercontinental Consultants and Technocrats Pvt Ltd v Union of India & Anr, has ruled that taxing reimbursements for...
A rich tapestry
50+ small and mid-size Indian law firms you should know about
By Rebecca Abraham
Four years of working with tight budgets have made in-house counsel at companies both inside and outside India acutely aware of the...
Deals of the Year 2012
India Business Law Journal celebrates 50 of the most significant deals and disputes of 2012 and reveals the legal architects that guided them to fruition
Nandini Lakshman reports from Mumbai
The global financial crisis threw up...
India in 2013
Legal practitioners and in-house counsel share some of their predictions for the year ahead
Bhavna Thakur, director, capital markets origination equities, Citigroup Global Markets India: For the Indian economy and capital markets, 2012 has been...
Problems undermine aims of special economic zones
Created as open markets within an economy that is dominated by distortionary trade, exchange regulation and other regulatory governmental controls, India’s special economic zones (SEZs) are seen as an instrument to stimulate economic growth...
Any takers?
A package of reforms aimed at whetting investors’ appetites may be too little too late
Vandana Chatlani reports
“Please remember, when the investment was not there, we did not eat lizards,” the former finance minister,...
A guide to doing business in the Czech Republic
The Czech Republic is a full-fledged parliamentary democracy and among the emerging democracies in central and eastern Europe, it has one of the most developed industrialized economies. The Czech koruna (CZK) is a fully...
India Business Law Directory 2012
India Business Law Journal presents its annual legal market report and directory of Indian law firms
Legal market report by Rebecca Abraham
Sitting at the Gurgaon office of the 240-lawyer, five-office law firm that he has...