Latest Blogs from SBS and Company LLP

    Industrial Disputes Act, 1947 

    Termination of non-workman 

    • Thetermination of a ‘non-workman’ is covered under The Indian Contract Act. That is to say, the termination can be made in accordance with the terms of the contract.
    • Theappointment order is nothing but a contract 
    • Fornonfulfillment of the conditions of the contract by an employer, the employee can claim only compensation / damages and not re-instatement and back wages. 


    Proposals for changes in SEZ and Allied Laws


    SBS and Company LLP

    Chartered Accountants

    It gives me immense pleasure to congratulate your good self on being elected as member of committee responsible for recommending changes to the SEZ legislation. I am sure that this is one of the important mile stone in your efforts to make Sri City attain much brighter spot on the globe.

    On behalf of our firm, I am herewith submitting certain issues which the firm encounters while helping our SEZ clients. The probable ways of addressing such issues were also detailed. I wish the committee will take the issues into consideration and deliberate on them and make recommendations for making the SEZ space more vibrant.

    I once again on behalf of our firm congratulate your good self and submit our recommendations for due consideration. I shall assure that our team will be available at any time for discussion of the issues submitted hereunder. I shall also assure that our team can provide any technical or professional support required in this connection.



    Under the erstwhile regime, levy of VAT on sale of goods is applicable only when such sale has been undertaken in the course of business. On the contrary, levy of excise duty or service tax are not connected with the existence of business. Under GST laws, the phrase ‘business’ assumes a lot of significance, for the reason that levy in general is on supply of goods or services while the definition of ‘Supply’ as given in Section 7 of Central Goods & Services Tax Act, 2017 (for brevity CGST Act) provides that they should be undertaken in the course of or furtherance of business. In this backdrop, let us analyse the term ‘Business’ in connection with supply and try to understand the possible scope for ambiguity and litigation.


    The taxation of charitable activities is quite an interesting area. This further assumes significance when the said taxation is studied from both income tax and goods and services tax laws. In this article, the authors dwell upon the basics of taxation of charitable institutions under income tax and goods and services tax laws, then proceed with taking up certain issues of significance to understand the interplay.

    Taxation of Charitable Institutions under Income Tax Act, 1961:

    An entity can claim exemption under the Income Tax Act, 1961 (Income Tax Act) under Section 11 or Section 10(23C) or Section 10(223BBA) depending upon the purpose of the trust or institution or by whatever name called.



    The modern pharmaceutical industry can be traced back to the discoveries of insulin and penicillin in the early 20th century. These products began to be mass manufactured, particularly in European countries, with other developed countries following close behind. The implementation of scientific processes to the research and discovery of new medicines has led to the industry that exists today, with companies constantly searching for new products that heal, prevent, and cure consumers.

    Back in 2014, the total pharmaceutical revenues worldwide had exceeded one trillion U.S. dollars for the first time. Increased competition owing to the growing size of the industry has noticeably increased the complexities of operations, sales and marketing, which in turn have led to an alarming spike in malpractices by stakeholders involved at various levels in the industry.