Lakshmikumaran and Sridharan attorneys

SHIVAM MEHTA, Executive Partner at LKS, shared expert views on the GST Council's recommendation to levy an 18% GST rate on the margin value of used cars, in an industry story published by The Economic Times. Shivam explained that if depreciation has been claimed on the vehicle, GST would be charged on the difference between the sale value and the depreciated value. For vehicles where depreciation has not been claimed, GST would apply to the difference between the sale value and the purchase value. He also clarified that if there is no margin, no GST would be applicable. The understanding is based on the assumption that no cenvat credit/ITC is availed on the vehicles purchased. Read the full story here - https://lnkd.in/giHZfdNb #GSTCouncilmeeting #GST #Taxation #depreciation #GSTonusedcars

Delhi High Court in the case of Indus Towers Limited/ ATC Telecom allowed the Writ Petition challenging the Pan India show-cause notices denying ITC on Passive infrastructure. Company is in the business of providing passive infrastructure services to telecommunication service providers. The show-cause notice sought to deny the input tax credit (ITC’) on inputs and input services used for setting up of passive infrastructure on the ground that same were used in ‘construction’ of telecommunication towers, consequently contravening Section 17(5)(c)/(d) of the CGST Act read with explanation of Section 17 of the CGST Act. The matter was led by V. Lakshmikumaran along with Mr. Yogendra Aldak, Mr. Agrim Arora and Mr. Sumit Khadaria, Advocates from Lakshmikumaran and Sridharan Attorneys. #CaseUpdate #taxation #CGST #Inputtaxcredit #ITC #showcausenotice

Our Executive Partner, Mr. SHIVAM MEHTA, shared his valuable insights on NDTV Profit, shedding light on the key highlights and gaps in the recent GST Council Meeting.   He pointed out several anticipated topics that were notably absent from the agenda, such as relief measures for food delivery platforms, rate rationalization, and the aviation sector’s long-pending request to bring ATF under the GST framework.   However, Mr. Mehta acknowledged the positive development on the significant relief in the compensation rate for merchant exporters.    Looking ahead, he emphasized the importance of addressing critical areas such as insurance reforms, rate rationalisation in a phased and regularised matter, and clarification on tax rates on delivery services in food delivery platforms in future deliberations, describing these as a missed opportunity in the current meeting. Watch this discussion below! #GSTCouncilmeeting #GST #ATF #GSTFramework #insurance #merchantexport

Our Executive Partner, SHIVAM MEHTA, shared insights in an industry story titled, ‘States block move on entry of aviation turbine fuel under GST framework’, published by The Telegraph.   Highlighting that “Many crucial decisions such as rate rationalisation, insurance tax cuts, and the inclusion of ATF under GST have remain unresolved in this council meeting. One will have to await for the forthcoming GST Council to get relief".   Read the full story here - https://lnkd.in/gEvGu3rx   #InsuranceTax #RateRationalisation #ATF #GST

LKS wishes everyone a Merry Christmas! 🎄✨ #festivegreetings #christmas

SHIVAM MEHTA, Executive Partner, shared his perspective on the GST Council's decision to nullify the Supreme Court's judgment in the Safari Retreats case. Shivam stated that the amendment will have a huge impact on the assessees who were benefitted from the said decision. Read the full story here - https://lnkd.in/g554ryKy The New Indian Express #GSTCouncilmeeting #Safariretreats #amendments #judgement

Our Executive Partner, SHIVAM MEHTA shared insights in an industry story on the GST Council’s recent amendment impacting sponsorship services taxation, published by Business Standard. The 55th GST Council meeting shifted sponsorship services from the Reverse Charge Mechanism (RCM) to the Forward Charge Mechanism (FCM), allowing event organizers to avail Input Tax Credit (ITC) for the first time. Shivam Mehta highlighted, since the definition of sponsorship services was vague earlier, the recipient of the services wasn’t clear whether they had to pay GST on such services. ‘’Meanwhile, the event organiser was of the view that s/he is providing sponsorship services and thus the recipient is liable to pay GST on it. In many cases, no tax was being paid either by suppliers or by recipients, leading to tax disputes. He also emphasised that earlier the event organisers were not eligible to avail ITC on sponsorship services provided by them since these services were taxable under RCM and thus were considered as exempt supplies. Read the full story below! #GSTCouncilmeeting #ITC #inputtaxcredit #Taxation #GST #Goodsandservicestax #transactions

LKS monthly newsletter, Direct Tax Amicus for December 2024, is live. #Newsletter #LinkedInNewsletter #DirectTax #Taxation

We are hiring for Short Term & Long-Term Law Interns for Prayagraj. To apply, please write to: Careers@lakshmisri.com.

Our Partner, Vindhya Srinivasamani, shared insights in an industry story on the India's innovation at risk: A cry for stronger trade-secret protection, published by MLex.   The story emphasis the urgent need for a dedicated trade-secret law in India, as current fragmented regulations hinder innovation and enforcement. The proposed 2024 Protection of Trade Secrets Bill aims to create a unified framework, defining trade secrets, preventing misappropriation, and aligning with international TRIPS standards.   Vindhya highlighted that the draft bill's compulsory-licensing provision aligns with Article 39.3 of the TRIPS Agreement, which allows for the disclosure of confidential information in the public interest.   However, she also pointed out that the TRIPS Agreement also doesn't mandate criminal penalties for trade secret theft. India's draft bill does indeed focus on civil remedies, the lawyer says, "with the Law Commission Report indicating that any criminal remedies could be dealt with through criminal laws.   Read the full story here - https://lnkd.in/gS4E2swB #TradeSecrets #InnovationProtection #IntellectualProperty #IndiaIPLaw #TradeSecretLaw #2024TradeSecretsBill #TRIPSAgreement #CivilRemedies #IPEnforcement #LegalFramework #InnovationEcosystem