Incidents in his life that Sachin Tendulkar would rather forget.
Jaitley's fifth Budget has provided little relief to the middle class.
Excise duty on petrol will remain at Rs 14.35 a litre and diesel at Rs 4.60 per litre.
The government raised import tariff value on gold to $385 per 10 grams.
A change that the Budget proposes to make could end up helping Indians who might have laundered their ill-gotten money, says M R Venkatesh.
The government on Friday hiked the import tariff value on gold to $363 per 10 gram in line with global prices.
Panasonic India is set to increase the prices of its products by up to 7 per cent, while some others players have already increased it.
Mukherjee said he had not fully rolled back the excise duty as the industry was still in the process of recovery.
Fiscal deficit in first half of FY19 has already reached 95.3 per cent of full-year budget estimates.
Association of Biotechnology Led Enterprises said customs duty at 12.5 per cent, excise/countervailing duty at 16.32 per cent, education cess at two per cent and additional duty on customs at four per cent result in 36.74 per cent increase in the price of cancer drugs, leading to cost to the patient going up.
Banerjee, also the TMC supremo, said in a sarcastic way that personnel of security forces such as the CRPF, BSF, CISF and the Army are present at convoys of every BJP leader visiting West Bengal.
Gold prices were ruling at Rs 26,385 per ten gram at the bullion market while silver was quoted at Rs 34,000 per kg.
We don't expect any big changes in on excise duty and custom duty rates, except in life saving drugs.
Exemption of excise and customs duty on liquid fuels, abolition of service charge, rescheduling of loans for all textiles and clothing units will reduce pressure on the industry and will help to improve liquidity.
Forget about interim Budgets, one cannot easily recall even a full Budget of any government in recent times having rolled out benefits of this order to such a large number of people, says A K Bhattacharya.
Import duty on PVC, at 7.5%, is far lower than that prevailing in comparable economies.
Modi campaigned on the issue of national security, which cannot be ensured without a strong economy.
Re-instatement of 5% custom duty on crude imports will help.
Though a range of essential items still continue to be expensive, the rate of price rise has been falling for some time now.
Private and public sector oil firms have opposed levy of five per cent customs duty on crude saying this would make import of products like jet fuel cheaper than manufacturing them in the country.
The government on Wednesday increased the import tariff value on gold and silver to $408 per 10 gram and $520 per kg, respectively in line with global prices.
Finance Minister Pranab Mukherjee seems to have stuck to increasing income for the government as the sole focus of the Budget 2010. The key problem faced by people -- inflation has been thrown out of the window of consideration.
In 2007, India slashed the additional customs duty it charged on imported (which were up to 150 per cent of value of imports depending on the spirits), but simultaneously hiked the basic customs duties to 150 per cent from 100 per cent.
Issues raised by the industry, like rationalisation of the eight per cent central excise on jet fuel, still remain to be addressed. As a result of the government abolishing five per cent customs duty on aviation turbine fuel from Tuesday, state-run oil firms have cut jet fuel prices by Rs 2,100 per kilo litre, on top of the 17 per cent price reduction announced late last week.
It appears that the focus of commerce minister Anand Sharma, when he unveils the new foreign trade policy, will be to eliminate unnecessary paperwork and thereby help reduce transaction costs for exporters, while retaining the basic framework of the present FTP.
The proposals under consideration include waiving the current 5 per cent Customs duty on naphtha and reducing the excise duty on mono ethyl glycol from 8 per cent to 4 per cent. The Cabinet secretariat has sought views from various ministries and departments for this package.
The bandh 'business' in Bengal is growing daily because it is the easiest way for the party to get free publicity without any capital investment.
Custom duties, a major concern for the oil sector.
Customs collections are six per cent higher during April-June this year over the previous quarter, mainly on account of higher imports of raw materials and capital goods, Central Board of Excise and Customs chairman P C Jha told PTI. Stating that collections are higher on account of improved imports of raw materials and capital goods, he said, this certainly would lead to improvement in manufacturing sector, though the results would be seen 2-3 months later.
The Budget should look at giving suitable fiscal incentives both under direct and indirect tax proposals such as accelerated depreciation and nil customs/ excise levies on capital goods, say experts on the industry.
The other two components of indirect tax collections -- excise and customs duties -- were already in negative territory since October 2008. In particular, excise -- a levy on factory production levied at the gates - has started declining from September.
GST impact: Higher lease payouts may hit airlines, cab aggregators.
The report by the High Level Advisory Group said India stands to benefit even more when the US and China are locked in a global trade war.
The high tax regime makes aircraft service above 50 per cent more expensive than international rates and might spell trouble for over a dozen MRO projects -- several of them involving foreign direct investment that have been announced so far.
The terrorist attacks on Mumbai pose fresh challenges for the Customs. Rethinking on all the customs clearance procedures is now necessary with a view to eliminate all risks of any untoward incidence that can jeopardise the lives of people. The present approach of looking only at revenues and trade facilitation alone will not be enough.
As a measure to pre-empt dumping from China, the government has slapped restrictions on imports of specific steel items used widely in the automobile, oil and construction industries.
Air travellers currently can bring a flat screen television for personal use without paying any duty.
The exemption of the value of right to use packaged software would be beneficial to the gaming industry.
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