Tax relief for cos: SC says small coconut oil packs are edible oil
Mint Hyderabad|December 19, 2024
The Supreme Court (SC) on Wednesday ruled that coconut oil in small bottles of up to 200ml should be classified as edible oil for taxation purposes, resolving a 15-year-long legal dispute between the excise department and manufacturers.
Krishna Yadav

However, the court clarified that if coconut oil is packaged in small bottles and labelled for use on hair, it should be classified as hair oil under the Central Excise Tariff Act, 1985.

Currently, under the goods and services tax regime, edible oil is taxed at 5%, while hair oil attracts an 18% levy.

This decision came as a relief to both manufacturers and consumers, preventing potential price hikes and maintaining access to essential products like edible coconut oil.

Bu hikaye Mint Hyderabad dergisinin December 19, 2024 sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

Bu hikaye Mint Hyderabad dergisinin December 19, 2024 sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MINT HYDERABAD DERGISINDEN DAHA FAZLA HIKAYETümünü görüntüle
Mint Hyderabad

Fuel efficiency norms could accelerate clean mobility

Tighter carbon emission standards should push automakers to sell greener vehicles overall

time-read
3 dak  |
December 23, 2024
Mint Hyderabad

At long last, the UK is shooting for the moon on clean energy

An ambitious plan revives hope but it will be a race against time

time-read
3 dak  |
December 23, 2024
Mint Hyderabad

Rupee's managed float: Should RBI shift gear?

To Mint Street's credit, India resolved a macro trilemma in its own special way. Recalibrate it for a more market-priced rupee if the expected trade gains outweigh price-stability risks

time-read
2 dak  |
December 23, 2024
Mint Hyderabad

Can we use today's geopolitical chaos to uplift India's economy?

Successful economies have geopolitics to thank, but India may be letting its opportunity slip away

time-read
3 dak  |
December 23, 2024
Mint Hyderabad

FREELANCERS CAN AVOID HIDDEN FEES, MAXIMIZE EARNING

Being aware of payout options and financial solutions helps freelancers with smarter choices

time-read
2 dak  |
December 23, 2024
Mint Hyderabad

WHAT THE MARKET TAUGHT INVESTORS IN 2024

In multiple pockets of the market this year, new trend chasers learnt some very old lessons

time-read
6 dak  |
December 23, 2024
Mint Hyderabad

What you must know about rental agreements, registration process

According to the Registration Act, 1908, a rental agreement for less than 12 months need not be registered

time-read
4 dak  |
December 23, 2024
Mint Hyderabad

China says US is 'playing with fire' after latest aid for Taiwan

The Chinese government protested on Sunday the latest American announcements of military sales and assistance to Taiwan, warning the United States that it is \"playing with fire\".

time-read
1 min  |
December 23, 2024
Mint Hyderabad

India, Sweden to work on green tech

India and Sweden can deepen their collaboration in innovation and green technology with a focus on addressing global climate challenges through sustainable industrial practices and renewable energy solutions, Swedish officials said.

time-read
1 min  |
December 23, 2024
Mint Hyderabad

IOC probes bribery allegation of US cos

State-owned Indian Oil Corporation (IOC) has begun a probe into allegations of a US speciality chemicals firm bribing its officials 15 years ago to obtain contracts to supply catalysts, according to a company's regulatory filing.

time-read
1 min  |
December 23, 2024