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Mumbai Centre for International Arbitration (MCIA) is sector specific arbitral institution which is poised to give Arbitration a new dimension under Alternative Dispute Resolution framework.
It is welcome move by Government of Maharashtra to have come up with MCIA in joint initiative with international & domestic business & legal community which is going to have a positive effect on International businesses foraying into India, who usually prefer arbitration over local litigation proceedings.
It is poised to streamline arbitration proceedings at par with Dubai International Arbitration Centre (DIAC), Singapore International Arbitration Centre (SIAC) and The London Court of International Arbitration (LCIA) which also has an office in India.
The much-awaited GST, the biggest reform to
India’s Indirect Tax regime, since the liberalization of economy in early 90’s,
which will be implemented from April 1,
2017, is expected to make lives easier as it will eradicate 17 indirect taxes
and also give a boost to Indian economy, manufacturing sector as well as consumers.
Indirect Taxes are administered by Central
Board of Excise and Customs (CBEC) under Department of Revenue, Ministry of
Finance of Govt. of India.
In GST System both Central GST and State GST
will be charged on manufacturing cost and will be collected on point of sale. An
Integrated GST (IGST) will be levied on inter-state supply of Goods &
Services and will be collected by centre. This will benefit people as prices
will come down which in turn will help companies as consumption will increase.
Doing Business now will be easier as multiple
layers of taxation like: Service Tax, Value Added Tax, Central Sales Tax, Entry
Tax, Luxury Tax, license fee etc., will merge with GST. This will further bring
more transparency & convenience in ease of doing business.
GST is a transparent Tax and also reduces
number of indirect taxes within the taxing territory. Once GST is implemented,
a business entity on its premises can show the tax applied in the sales
invoice. Customer will know exactly how much tax they are paying on the product
they bought or services they availed.
As goods will move in and out of
states without any hurdle, it will lower down the logistics and inventory
management costs of corporates, which is quite high in India.
Since there will be a uniform tax structure for
them, many double taxation rules will be removed. They will save costs and the
benefits will be passed on to the consumer. Make in India will get a boost as
cascading of tax, inter-tax will be weeded out.
Manufacturing will get more competitive as GST
addresses cascading of tax, inter-state tax, high logistics costs and
fragmented market b) Increased protection from imports as GST provides for appropriate
countervailing duty.
The current 2% inter-state levy means
production is kept within a state. Under the GST national market, this can be
dispersed creating opportunities for others.
To Access The Real Estate (Regulation and Development) Act, 2016, visit