Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
Employee conflict disclosures and investment restrictions expand with new recusal duties, post-employment limits, and compliance reporting requirement...
The AAR held that, on the presented facts and documentary evidence (FSSAI licence, trademark certificate and test report), the applicant's refined rice bran oil is of edible grade and, notwithstanding its marketing as lamp oil, classification must be governed by the product's composition rather than asserted end-use absent explicit tariff provision. Consequently, the oil, when supplied without additives or admixture of other oils, is classifiable under Tariff Heading 1515 90 40 of the Customs Tariff Act, 1975. The ruling denies reclassification based on commercial description and concludes that Sl. No. 87 of Schedule I to Notification No. 1/2017-Central Tax (Rate) is not applicable to alter this classification.
The AAR held that, on the presented facts and documentary evidence (FSSAI licence, trademark certificate and test report), the applicant's refined rice bran oil is of edible grade and, notwithstanding its marketing as lamp oil, classification must be governed by the product's composition rather than asserted end-use absent explicit tariff provision. Consequently, the oil, when supplied without additives or admixture of other oils, is classifiable under Tariff Heading 1515 90 40 of the Customs Tariff Act, 1975. The ruling denies reclassification based on commercial description and concludes that Sl. No. 87 of Schedule I to Notification No. 1/2017-Central Tax (Rate) is not applicable to alter this classification.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4800
Join Channel
TaxTMI 
