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Time Limit for Availing Transitional Input Tax Credit Under GST Mandatory: Madras HC

The Madras High Court has ruled that the time limit for availing Transitional Input Tax Credit (ITC) is mandatory in nature, not directory. The Court also observed that the ITC is a form of concession not a property, in which right can be vested. The time limit prescribed to avail such a concession under Rule 117 must be followed in a mandatory nature. The petitioner P.R.Mani Electronics, a retail merchant of electronic appliances, challenged the constitutional validity of Rule 117 of the Central Goods and Service tax Rules, 2017 (CGST Rules) as ultra vires to Section 140 of Central Goods and Service Tax Act, 2017 (CGST Act) and Articles 14 and 300 A of the Constitution.

Asia Law Offices advised a major transnational strategic collaboration between its client, UAE-Based Pharmax Pharmaceuticals, and Swiss pharma major Acino Pharmaceuticals.

ALO represented Pharmax in the structuring and closure of entire transaction documents of the significant collaboration.

The collaboration framework extends to licensing, manufacturing, and supply of Acino formulations within the gastroenterology and the cardiovascular space throughout the Middle East and Africa.