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Set up in 2001 with the aim of bringing together a diverse set of professionals to deliver effective solutions for clients, Economic Laws Practice…
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Economic Laws Practice | India | 17 Jul 2015

Royalty not included in assessable value of CDs duplicated by workers

The Supreme Court recently held that, for the purpose of central excise duty, royalty charges payable by distributors and copyright owners to artists and production houses should not be included in the assessable value of compact discs (CDs) which had been duplicated by workers using master CDs supplied to them.
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Economic Laws Practice | India | 14 Jul 2015

Royalty not included in assessable value of CDs duplicated by workers

The Supreme Court recently held that, for the purpose of central excise duty, royalty charges payable by distributors and copyright owners to artists and production houses should not be included in the assessable value of compact discs (CDs) which had been duplicated by workers using master CDs supplied to them.
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Economic Laws Practice | India | 30 Jun 2015

Supreme Court rules on customs valuation

The Supreme Court recently ruled that fees for technical services in relation to projects involving imported goods are not includable in the assessable value of the imported goods under Rule 9(1)(e) of the Customs Valuation Rules 1988. As such, they are not liable to customs duty in India. In this context, the court held that the charges in question related to post-import activities and were......
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Economic Laws Practice | India | 23 Jun 2015

Fixing handling charges when actual cost is ascertainable

The Supreme Court recently declared that Rule 9(2)(ii) of the Customs Valuation (Determination of Price of Imported Goods) Rules 1988 is arbitrary to the extent it seeks to introduce a fiction for arriving at the purported cost of loading, unloading and handling charges, even where the actual charges paid are available and ascertainable. The rule is applicable only where the actual cost of......
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Economic Laws Practice | India | 19 Jun 2015

A guide to excise duty changes

Recent amendments to excise duty rates and policies include legislative changes (eg, amendments to the Central Excise Act in relation to penalties), changes to non-tariff notifications – including those which cover abatements in relation to products covered under retail sale price valuation – and changes to excise duty rates on items such as cigarettes and petrol.
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Economic Laws Practice | India | 1 May 2015

A guide to service tax changes

Among other things, proposed amendments to the Finance Act will increase the rate of service tax from 12.36% to 14%, which is in line with the government's objective to introduce goods and services tax in April 2016. Other legislative changes include changes to the negative list, the introduction of the Swachh Bharat cess and amendments to the Service Tax Rules.
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Economic Laws Practice | India | 27 Mar 2015

New goods and services tax regime

The importance of the introduction of goods and services tax (GST) was effectively demonstrated in the finance minister's recent speech, which highlighted that – along with a revamped direct tax regime – GST will bring greater transparency and investments. As such, it is expected to be a game-changing tax reform. The minister also announced that a political agreement to pass the bill which......
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Economic Laws Practice | India | 13 Mar 2015

Exemptions and incentive schemes under GST regime

The various laws on the principal taxes which will be replaced by the goods and services tax (GST) regime provide exemptions and concessions from GST. Although under the GST regime exemptions are distortionary and affect the free flow of tax credits, some of these are expected to continue, at least until their sunset clauses expire. This update provides insight into the impact of the new......
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Economic Laws Practice | India | 13 Mar 2015

CENVAT credits under GST regime

Under the current taxation system, businesses face two issues with regard to credits – the inability to avail of credits for all taxes paid on sourcing and the accumulation of credits. The credit mechanism under the goods and service regime is therefore a key issue for businesses as, in theory, it should facilitate the transfer of all credits, allowing tax to be passed on to the consumer......
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Economic Laws Practice | India | 6 Mar 2015

Interstate transitions in GST regime

Under the proposed goods and services tax (GST) regime, the intrastate GST model has been accepted for interstate transactions. Within this model, the central government has the right to levy intrastate GST at a rate likely to be equivalent to the applicable state GST rate and central GST rate. One significant advantage of the interstate GST model is that the input tax credit chain will be......
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