365Telugu.com Online News, August 2nd, 2023: While the prices of essential commodities are increasing rapidly, on the other hand cosmetic products like lipsticks worth Rs.5 thousand crores have been sold in the last six months.
According to a report, it was spent on beauty products in top-10 cities of the country. All the women who shop for these products are working women.
Working women accounted for an average of 1.6 times the amount paid by cosmetic buyers. Online shopping accounts for 40 percent of total sales. 36 percent buy beauty products based on shopper recommendation.
A total of 3.1 crore lipsticks were sold.
Lipsticks accounted for the highest share of total purchases at 38 percent. In six months, 31 million lipsticks, 26 million nail polishes, 23 million eye products, 22 million facial products were purchased.
The study states that the beauty administration sector will grow rapidly due to the increasing participation of women.
Franklin Templeton returned over 27,000 crores
Franklin Templeton Mutual Fund on Tuesday offered unitholders of six closed schemes Rs. It said that it has returned more than 27,000 crores.
This amount is about 107.51% of total assets under management in 6 schemes as on April 23, 2020. Due to liquidity crunch in the bond market, the fund house canceled all the schemes.
No automatic refund on pan masala, tobacco..
Refund of IGST received through automatic route on exports of pan masala, tobacco and other products will be stopped from October 1.
Exporters will have to approach the tax authorities to claim tax exemption on all these products, the finance ministry said in a notice. Only after this they get refund.
The government has taken this step due to tax evasion in this sector. Apart from pan masala, tobacco, this rule applies to hookah, gutka, pipes for smoking mixture, cigarette, mentha oil.
All these products are subject to 28 percent GST and cess. Some exporters overvalue their exports to get more IGST refund.
Share transfer: Baiju sends notice to Akash..
Think and Learn, the parent company of Byjus, Akash Educational Services Limited. Due to reluctance to transfer shares. (AESL) sent a notice to the founders. As part of the sale of AESL, he was supposed to transfer the shares unconditionally, which did not happen.
Baiju will acquire 33-year-old coaching center AESL in 2021 in a cash and stock deal for around $940 million. After the deal, Think & Learn holds a 43 percent stake. Its founder Baiju Ravindran got 27 percent.
AESL founder Choudhary’s family owns 18 per cent while Blackstone owns 12 per cent. As per the agreement, AESL was to merge with TLPL.