Daily Archives: October 14, 2015

Nizral Shampoo meant to cure disease of dandruff is a medicament not a cosmetic preparation for use on hair

Issue Assessee manufactured ‘Nizral Shampoo’ containing 2 per cent Ketoconazole and classified same as ‘medicament’ under Heading 3003.10 (duty 16 per cent) . Department argued that it was a mere normal shampoo and ‘preparation for use on hair’ and therefore, liable to duty at 24 per cent under Heading 3305.99  HELD : Product was classifiable… Read More »

Time period to file declaration of Annual Return of Assets and Liabilities by public servants extended by 6 months

MINISTRY OF PERSONNEL, PUBLIC GRIEVANCES AND PENSIONS (Department of Personnel and Training) NOTIFICATION New Delhi, the 12th October, 2015 G.S.R. 776(E).––In exercise of the powers conferred by sub-section (1) read with clause (k) and clause (l) of subsection (2) of section 59 read with section 44 and section 45 of the Lokpal and Lokayuktas Act,… Read More »

SEBI issued Format of uniform Listing Agreement

Securities and Exchange Board of India CIRCULAR No. CIR/CFD/CMD/6/2015 Dated- October 13, 2015 To All Listed Entities All the Recognised Stock Exchanges Dear Sir/Madam, Sub: Format of uniform Listing Agreement 1. The requirement of executing a listing agreement with the Stock Exchange is specified under different regulations related with initial issuance of capital, the details… Read More »

BUSINESS PROCESSES FOR GST ON REFUND PROCESSES

REPORT OF THE JOINT COMMITTEE ON BUSINESS PROCESSES FOR GST ON REFUND PROCESSES Empowered Committee of State Finance Ministers New Delhi- – August, 2015 Contents of the Report/Index 1.0 Introduction 2.0 Situations where refund would arise (A) Excess Payment of Tax due to mistake or inadvertence (B) Export (including deemed export) (C) Finalization of Provisional… Read More »

BUSINESS PROCESSES FOR GST ON GST REGISTRATION

REPORT OF THE JOINT COMMITTEE ON BUSINESS PROCESSES FOR GST ON GST REGISTRATION Empowered Committee of State Finance Ministers New Delhi July, 2015 1.           Introduction 2.           Assumptions 3.           Structure of registration number 4.           Procedure for obtaining Registration 5.           Facilitation Centers and Tax Return Preparer Scheme 6.           New Applicants 7.… Read More »

Branding and advertisement Expenses should be expensed off

A company (say Company X) is a key player in media industry. The requirements of media industry is such that the company continuously needs to incur heavy amount on promotions, advertising, internal and external communications and promotions, incurring expenditure on campaigns such as save water, save energy, Green earth, etc. The company incurs substantial expenditure… Read More »