Our Bi-Monthly Tax Newsletter provides insight on recent judgments, circulars, notifications covering Direct and Indirect tax laws for the month of July and August.
Read MoreIn the recent judgment of Sundaresh Bhatt, Liquidator of ABG Shipyard v. Central Board of Indirect Taxes and Customs1, the Supreme Court observed that once the moratorium is introduced, either under Section 14 or Section 33(5) of the Insolvency and Bankruptcy Code, 2016 ("IBC"), the authorities under the Customs Act, 1961 (“Customs Act”) have limited powers to the extent that they can only initiate assessment or re-assessment of the duties and other levies and cannot initiate recovery proceedings.
Read MoreIn a recent judgement in the matter of Union of India v Bharat Forge Ltd, Civil Appeal No. 5294/2022, the Supreme Court (SC) set aside the decision of Allahabad High Court (HC), wherein the HC had directed that, in order to provide a level playing field to all, the public sector unit should clearly indicate HSN code of the product sought to be procured through a public tender. The SC has held that it is not a statutory duty of the State to provide such a clarification while inviting the tender and it is the duty of the bidder to ascertain the correct HSN code and the applicable GST rate.
Read MoreWhich are the key ports in your jurisdiction and what sort of facilities do they comprise? What is the primary purpose of the ports?
Read MoreThe Ministry of Health and Family Welfare (MoHFW) introduced a draft of the Drugs, Medical Devices and Cosmetics Bill, 2022 (Draft Bill) on July 08, 2022. The Draft Bill seeks to replace the existing law i.e., the Drugs and Cosmetics Act, 1940 (Act). The suggestions, comments and objections, if any, can be forwarded to the MoHFW within 45 days from the notice of the Draft Bill.
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