Contrary to expectations of the chemical sector, Budget turned non event.
Petrol and diesel prices will go up by Rs 2.67 a litre and Rs 2.58 per litre, respectively, after Finance Minister Pranab Mukherjee on Friday raised customs and excise duties on the two, virtually putting the Kirit Parikh Committee report on fuel price in cold storage.
Most of the scanty 6.35% rise in the defence budget is accounted for by manpower and running expenses.
Anil Ambani Group company has offered a bank guarantee and indemnity bond for the aircraft, but the Customs officials have that said that it is not possible without the seizure notice.
'Willing to spend is different from when to spend and how much to spend'
A 'green' tax aimed at discouraging high consumption of petroleum products may be in the offing, a government official said on Wednesday. The tax, perhaps in the form of a cess on consumption, would also check vehicular pollution to some extent and also help in controlling the high oil subsidy burden.With no sign of moderation in demand for petroleum products, government officials feel that a 'green' tax should be levied on automobiles, on the lines of similar taxes in UK.
The judge gave the ruling while dismissing a petition filed by the Commissioner of Customs. The court upheld the Customs, Excise and Services Tax Appellate Tribunal's earlier judgement, stating that the interpretation by the tribunal was in consonance with the Computers (Additional Duty) Rules, 2004.
Admitting that rising prices of essential commodities like pulses and edible oils have affected the common people, government said on Friday that measures already initiated will be intensified to ease the situation.
Excise duty on most products has been capped at 12.5 per cent
'The world's patience on terrorist safe havens is running thin and that is not good for Pakistan'
GST, which will replace almost all central and state taxes, could have two components of 8 per cent each -- one will go to the Centre and the other to the states, according to sources familiar with the talks between the Centre and the states. However, it will not cover tax on petroleum products and Customs duty.
Indirect tax collections saw only a meagre 3.5 per cent growth, as mop-up from Customs fell sharply on account of a drop in imports.
The import tariff value is the base price at which the customs duty is determined.
The trend is expected to gain momentum as global vehicle makers in India, particularly from Japan, ride on hybrids to meet the more stringent fuel efficiency norms that take effect in 2022.
A World Trade Organization dispute settlement panel has dismissed the United States' complaint against India over the excise duties on foreign wines and spirits, according to sources.
Economic offender Narendra Kumar Rastogi was on Friday extradited from the United States to India to face charges in a custom duty evasion case to the tune of Rs 54 crore for exporting scrap to various countries.
On October 31, the government exempted jet fuel from 5 per cent import duty. Indian Oil, Bharat Petroleum and Hindustan Petroleum cut jet fuel or aviation turbine fuel price from November 1 in Delhi by Rs 9,429.87 per kl to Rs 47,017.93 per kl, in line with fall in international oil prices.
The Foreign Trade Policy Supplement released by the commerce ministry on Friday extended the (Duty Entitlement Pass book) DEPB scheme till May 2009. The exports for 2007-08 will exceed $155 billion, Commerce and Industry Minister Kamal Nath said. The government has set an export target of $200 billion for the year 2008-09.
American cult bike maker Harley Davidson, which last week criticised the 'daunting trade barriers' imposed by India, said on Tuesday it was still keen on entering the country but wanted some tax concessions.
It said the money supply recovered to its pre-demonetisation level in mid-2017 and is now increasing steadily, similar to the previous trend.
Increase in tax exemption limit by Rs 50000 is positive for the FMCG sector, as it will leave more discretionary income in the hands of consumers.
The airline industry remained largely undecided on the exact quantum of increase in fares following the hike in ATF prices. Industry sources, however, said the prices might increase by Rs 150 for short haul routes and Rs 300 for long haul routes.
The excise authorities of some states are playing spoilsport by subjecting imported beverages to the same levies as the domestic drop without application of mind.
All competitors who shoot the Minimum Qualification Score at the National Shooting Championship competitions will be exempted from customs duty on import of equipments.
The government introduced the 122nd Constitution amendment Bill.
Jaitley said direct tax collection was up 12.01 per cent at Rs 5.53 lakh crore in April-December 2016 as compared to revenue in the year-ago period, while indirect tax receipts soared 25 per cent to Rs 6.30 lakh crore.
With cement companies refusing to cut prices, the government on Tuesday abolished all duties on import of portland cement
The DTH industry in India is likely to witness a price cut in its services in near future, with the government proposing a cut customs duty to zero per cent from the existing 7.5 per cent on specified parts of set top boxes.
France on Friday warned India that the proposal to replace additional customs duty on wines and spirits with countervailing excise duty at the state level will weaken New Delhi's position
The United States has approached the World Trade Organisation against India over the high customs duty it imposes on import of wine and distilled spirits.
The government will have to get projects moving.
International automakers have supported the Hyundai Motor's demand for a two-year notice period before any changes are made by the Indian government with regard to excise or custom duties for the auto sector.
With the Centre allowing the states to impose a host of local taxes on imported wines and spirits, the euphoria over the prospects of buying foreign liquor at cheaper rates may fizzle out.
Prices of scotch whiskey and wine may fall by a third on the low-end brands, while savings on premium brands like Johnnie Walker and Chivas Regal would be in the range of Rs 350-500 per bottle.
The Budget may see new rural schemes and stepping up of funding towards existing programmes like MNREGA, rural housing, irrigation projects and crop insurance.
Wine aficionados have taken heart from the news that the GoI has 'decided' to remove additional customs duties on imported alcoholic beverages from July.
The trade referee is already reviewing a European legal challenge of wine and liquor restrictions in a number of Indian states.
Under pressure from the United States and the European Union, which have dragged it to the World Trade Organisation over high duties on wines and spirits
The government on Tuesday slashed the import tariff value on gold and silver to $59 per 10 grams and $ 470 per kg respectively, following weak global cues.
The country's leading steel companies were considering a price increase of Rs 1,000-2,000 per tonne from April 1, despite a partial rollback last month.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances