Currently, the five-year FTP aims to raise total exports to $900 billion but targets may be reduced
The government is beefing up enforcement against tax cheats in real estate sector, says Panagariya
This will violate the time-honoured convention that a government elected for a five-year tenure presents only five full Budgets, but the NDA government will no doubt present it as yet another initiative of Mr Modi.
The Indian capital goods industry has not got the much needed import barriers especially for power equipments.
The only saving grace in indirect tax collection during the month was 29.6 per cent rise in service tax realisation.
While an import duty is ruled out, a small excise duty on jewellery manufacturing can be on the cards.
Even as the industrial cycle has ground to a halt during the 21-day lockdown, the industry has been hit hard by foreign orders from major clients in the US and Europe being cancelled. Also, a sudden lack of labour has crippled the sector because of a mass exodus of workers from industrial units to the hinterland.
'India's print media appears to be on the ventilator, gasping for breath, cutting staff, cutting salaries, cutting editions, cutting off its hands and legs,' notes Krishna Prasad.
The growth in imports was led by product categories such as diagnostic items, ultra-sonogram machines, MRI and ECG apparatus, syringes with needles, suture needles, digital thermometers, malaria diagnostic kits, and hearing aids.
Premium car makers which do not produce models locally, but assemble these in India are busy exploring ways to avoid a price rise in the wake of the government's new duty structure.
India's exports to the US in 2017-18 stood at $47.9 billion, while imports were $26.7 billion. The trade balance is in favour of India.
Actress Veena Malik, a Pakistani national and former Bigg Boss participant was detained at the Mumbai airport by the Air Intelligence Unit (AIU) of the customs on Wednesday for evasion of customs duty.
Bollywood celebrities and cricket stars are set to grace the inaugural Formula One Indian Grand Prix on Sunday but one dignitary who would be conspicuous by his absence would be sports minister Ajay Maken who has not yet been invited for the high-profile event by the organisers.
The banks used for the fraud include ING Vysya Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, IndusInd Bank, Dhanlaxmi Bank, YES Bank and DCB Bank.
While all champagnes are sparkling wines, not all sparkling wines are champagnes!, says Alok Chandra.
The Comprehensive Economic Partnership Agreement between India and Japan, negotiations for which concluded on Monday, necessitates the abolition of customs duties on 94 per cent of trade between the two nations over the next decade.
Misbah-ul-Haq's misfortunes with the Federal Board of Revenue and Taxation continued when his SUV vehicle was confiscated by authorities for non payment of taxes and duty.
The organisers of the Indian Grand Prix on Wednesday said they have 'in-principal approval' for custom exemption and they are even ready to pay whatever duty is required to hold the October 30 race.
The Union Budget 2011-12 was a low key affair for the Telecom sector. The Budget did not mention extension of fiscal benefits under the Sec 80IA from 5 years to 10 years.
The steel sector has plenty to cheer in the Budget 2012-13, as it has proposed increasing the import duty on flat-rolled steel to 7.5 per cent and reducing duty on plant and machinery imports for iron ore beneficiation to 2.5 per cent.
The increase in petrol prices from Saturday midnight has made the fuel more expensive than aircraft turbine fuel, used to power planes.
"At this point of time, our completely knocked down (CKD) operations are fully fulfilling the new regulations. We are paying 10 per cent duty... There will be no price hike," BMW India President Andreas Schaaf told reporters in New Delhi.
Finance Minister Arun Jaitley is expected to present the Budget for 2014-15 in July.
The producer was returning with undeclared items from Thailand.
In a pre-Budget meeting with Revenue Secretary Sunil Mitra, Ficci President Rajan Bharti Mittal said in view of the looming threat of a double-dip recession and another slowdown in western countries, the stimulus should not be rolled back in the Budget in February.
Petroleum Minister Jaipal Reddy said these measures would cost the government Rs 49,000 crore in the current financial year.
Mobile handsets could be marginally cheaper with the Finance Minister today announcing tax exemptions for chargers, batteries and accessories.
'The new government will have to contend with slowing economic growth, weak private investment, anaemic exports and vulnerable external imbalances, a stressed financial system, mounting fiscal pressures (including high government debt-to-GDP ratios) and an exceptionally bad employment situation,' says Shankar Acharya, former chief economic adviser to the Government of India.
NCAER said the monetary policy measures are unlikely to revive growth at this juncture and suggested providing fiscal stimulus, which too can be challenging unless it can be financed through better revenue generation.
The Finance Minister has withdrawn excise exemption on 130 items and a nominal central excise duty of 1 per cent is being levied on these 130 items that are mainly in nature of consumer goods.
Consumers during the quarter sold 37.9 tonnes of old gold, which is the highest quarterly sale after September 2016, when old gold sale, or scrap supply, was 39 tonnes.
Sources said much has been done to ease the tax burden of the middle classes in the last five years, and that such a measure affects only a limited segment of people when the focus should be to put money in rural areas. Archis Mohan reports.
Party leader Jayalalithaa said protests would also be held in states like Maharashtra, Delhi, Karnataka and Puducherry, where her party was functioning.
The Union Budget 2010-11 presented by the Finance Minister Pranab Mukherjee in the Lok Sabha on Friday, supports the strategy for the development of agriculture and related sectors.
The Union Budget 2010-11 seeks to address the needs of multi-service operators to invest in 'digital head end' equipment to adopt digital technology and keep pace with on-going transformation in infotainment sector.
The customs duty should be at a substantially lower rate for all types of imports i.e. consumables, pharmacy items, bio-medical equipments etc since this is the major cost factor of the patient's bill.
Presently, customs duty on natural rubber, the principal raw-material for tyres is 20 per cent, whereas the customs duty on tyres (the finished product) is 10 per cent, or even lower depending upon preferential/concessional tariff under various regional/bi-laterial trade agreements.
Surplus scenario emerges despite double digit growth in demand on accelerated capacity additions; seeks abatement of excise duty on cement, removal of customs duty on inputs.
Enforcement Directorate is jointly probing the case.
However, worries on inadequate import and issues for the FTA pacts.
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