Blog Posts
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Input Tax Credit under GST: The Misery of Innocent Buyers
[Yash More and Hitoishi Sarkar are II year students at Gujarat National Law University] In 2017, the Indian Parliament introduced the concept of Goods and Services Tax (“GST“). Designed to be a single, comprehensive, destination-based taxation system, it aimed to overhaul the existing indirect tax framework and unify the country in terms of how taxes…
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The Banking Regulation (Amendment) Ordinance 2020: A New Beginning?
[Manasvini Vyas is a 5th year student at National Law University Odisha] On 26 June 2020, the Banking Regulation Act, 1949 (“the Act”) was amended by way of a presidential ordinance (the Ordinance’). The amendment seeks to bring urban cooperative banks (‘UCBs’) and multi-state cooperative banks (‘MCBs’) under the complete regulatory control of the RBI.…
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Post-Resolution Determination of Claims: A Dilemma for Creditor Rights
[Anchit Jasuja is a 3rd year law student at Gujarat National Law University, Gandhinagar] Given, the limitations of the Insolvency and Bankruptcy Code, 2016 (‘IBC’) in determining the value of disputed claims during the resolution process, most resolution plans notionally admit the disputed claims with their repayment being dependent on the adjudication of the claim…
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India’s Equalisation Levy, Digital Services Trade, and the Evolutionary Approach – Part II
[Ayushi Singh is a 5th year student at National Law University, Jodhpur] As mentioned in the previous post, USA could challenge the equalisation levy and similar digital services taxes for violation of the most favoured nation [MFN] treatment under article I of the General Agreement on Trade in Services [GATS]. Before unpacking the possible arguments…
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India’s Equalisation Levy, Digital Services Trade, and the Evolutionary Approach – Part I
[Ayushi Singh is a 5th year student at National Law University, Jodhpur] Multilateral trade relations have suffered numerous blows from proponents of unilateral protectionism in the form of trade wars and economic warfare. The issue of digital taxation has the potential of becoming an additional blow. The United States Trade Representative [USTR] has announced the…
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The MSME Act and Arbitration Agreements: First Mover Advantage?
[Vaishnavi Chillakuru is a lawyer based in Mumbai] The primary objective of the Micro Small and Medium Enterprises Development Act, 2006 (“MSME Act”) is to “provide for facilitating the promotion and development and enhancing the competitiveness” of micro, small and medium enterprises. To further this objective, the MSME Act contains provisions for dispute resolution which…
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Permanent Establishments: A note on DIT v. Samsung Heavy Industries
[Pragya Kaushik was a Law Clerk-cum-Research Assistant to Hon’ble Justice Rohinton Fali Nariman in 2019-20 and is a graduate from National Law School of India University, Bangalore] The determination of Indian tax liability of a foreign enterprise is a deeply contentious topic plaguing the Indian tax law regime. It involves a lot of complicated issues,…
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Call for Blogs: HNLU Corporate and Commercial Law Blog
[Announcement on behalf of the HNLU Corporate and Commercial Law Blog] The HNLU Corporate and Commercial Law Blog (“CCLS Blog”) is established under the Corporate and Commercial Law Society of Hidayatullah National Law University, Raipur. The Society, created in 2017, is an independent, student-run body formed by corporate law enthusiasts of HNLU solely intending to…
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Disgorgement in India: Takeaways from a Recent US Supreme Court Ruling
[Shaivi Shah is a 3rd year student and Palash Moolchandani a 4th year student, both at National Law University, Odisha] The Black’s Law Dictionary defines disgorgement as “the act of giving up something (such as profits illegally obtained) on demand or by legal compulsion”. In India, since the enactment of the Securities and Exchange Board…
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SEBI Tightens Reins over the Proxy Advisory Industry
[Posted by Umakanth Varottil] Proxy advisory firms have acquired the status of an important corporate governance intermediary. This is not just globally, but also in India. They play a crucial role of providing voting advice to shareholders (particularly of the institutional variety). In India, the advent of the proxy advisory industry over the last year…