Product name should be registered under Trade Marks Act

The Ministry of Finance on Wednesday clarified that for the purposes of Goods and Services Tax (GST) applicability, an item will be deemed to be ‘branded’ if it carries a brand name or trade name that is registered under the Trade Marks Act, 1999.

The Ministry was trying to allay the confusion around the definition of a branded product, since several unbranded food items are exempt from GST while their branded variants fall in the 5% tax bracket.

“Doubts are being raised as to the meaning of registered brand name,” an official statement said. “In this context, the notification… clearly defines ‘registered brand name’ as brand name or trade name, which is registered under the Trade Marks Act, 1999. In this regard, Section 2 (w) read with section 2 (t) of the Trade Marks Act, 1999 provide that a registered trade mark means a trade mark which is actually on the Register of Trade Marks and remaining in force.”

“Thus, unless the brand name or trade name is actually on the Register of Trade Marks and is in force under the Trade Marks Act, 1999, CGST rate of 5% will not be applicable on the supply of such goods,” the statement added.

The GST rate on the supply of certain food items, such as chena or paneer, natural honey, wheat, rice and other cereals, pulses, and the flour of cereals and pulses, is nil. The rate on these items, when put in a unit container and bearing a registered brand name, is 5%.

Comments

Post a Comment

Popular posts from this blog

Amendment of Non-Core Fields in GST Registration is now available

Image
For Amendment of Non-Core Fields in GST Registration: First login into www.gst.gov.in  then click "Services"  then click on "Registration" and  then Choose " Amendment of Registration Non-Core Fields " Amendment can be done in respect of :  i) Addition of Registration Nos of Pre-GST Act,  ii) Modification of Mobile Number and E-mail ID,  iii) Modification or addition of Authorized Signatory,  iv) Addition or modification in Goods and Services,  v) Addition or modification of bank details,  vi) Modification of personal details of Proprietor
Read more

India is a nice house on a bad street - J.P. Morgan

An introductory 5-minute speech was recently given in London at an event, by a young professional of Indian origin. His name is Dhritiman Biswas.   He spoke, extempore,  and the points are reproduced here. The topic was a round-table debate on: "India - is it a gigantic success or a colossal failure?"   This is what he said:  "Ladies and Gentleman,  I am glad I am merely introducing the debate and not participating in it as, in my humble opinion, the question itself is wrong.   India, unlike, many western paradigms cannot be analysed in black and white, in linear equations or algorithms such as this. We hate Test Cricket yet we are the No.1 Test Cricket ranked country;Our ranking in gender diversity is 134, yet the majority of our bank CEOs - the most misogynistic yet of industries -  are women;Our health services creak and crumble, yet 36% of all the UK's NHS consultants are Indians;We love Bollywood tamashas(shows), yet the New York Philharmonic concert sold
Read more

BALANCE SHEET FINALISATION CHECKLIST

Given below is the checklist for finalisation of Balance sheet hope this will help you for sure in finalising the balancesheet of all organisations. Must check the following things before finalising . 1. No Entry On National Holiday. 2. Confirmation of Secured Loans. 3. Confirmation of Unsecured Loans. 4. Confirmation of S.Creditors (Specialy Those With Debit Balance.) 5. Confirmation of S.Debtors (Specialy Those With Credit Balance) 6. Bonus Sheet To Be Tallied With Bonus Paid In Cash And By Cheque. 7. Check Cash For Negative Balance. 8. Electricity Charges For 12 Months Entered Or Not. 9. Salary Sheet – Tally With Salary Paid In Cash+Cheque. Salary of Employees Who Have Not Signed Salary Sheet Should Reflect As Payable. Tally With Salary Summary For Whole Year. 10. Copy of All Full & Final A/C Papers Required. 11. Insurance Exp. – Pre-Paid Entries To Be Done. Copy of All Cover Notes To Be Kept In Balance Sheet File. 12. Other Pre-Paid Exp. Entries Like Licence Fee, AM
Read more