The Finance Ministry on Friday said indirect tax collections are likely to cross Rs 2,00,000 crore (Rs 2000 billion) this fiscal, well above the target of Rs 1,92,215 crore (Rs 1922.15 billion).
Sectors throw up a wishlist for the Finance Minister.
The Union Government has forgone a whopping Rs 39,704 crore (Rs 397.04 billion) duty under export promotion schemes during 2003-04, accounting for 82 per cent of customs duty collected in that year, a CAG report has said.
Self-employed Ramgobin is alleged to have defrauded two local businessmen of more than 11 million South African Rand (Rs 5.38 crore) by claiming that she had secured a tender to import bedding from India for the private hospital group Netcare.
While an official in the Commerce Department indicated a trade war was in the offing, till now the government has been in wait-and-watch mode.
If the government were to give heed to its fiscal imprudence, cut down on its 'extravagant' and non-productive expenditures, inflation could be controlled
Telecom Regulatory Authority of India has suggested reduction of customs duty on mobile phones to five per cent from 10 per cent
Business reacted with caution to the reforms of 1991, and demanded protection from multinationals and imports. Twenty-five years later, traces of that demand can still be found, reports Bhupesh Bhandari.
Particularly hit has been the apparel sector, where the time taken by the industry to adjust to the Goods and Services Tax regime, downward revision of export incentives, and a credit squeeze faced by small and medium scale enterprises, has pushed production downwards.
Stocks to watch: BHEL, L&T, IRB Infra and Suzlon
The government on Wednesday reduced the import tariff value on gold to $425 per 10 grams due to falling international prices.
The bowler England have pined for all summer is making his comeback from a horrific injury too late for this week's fifth Test against South Africa.
The amounts were transferred from HDFC Bank to BoB.
Excise duties on mobile phones to be 1% without CENVAT credit or 6% with CENVAT credit. This provision will have marginal impact on telcos.
There was no law that prevented the government from presenting a sixth full Budget, or something similar to it.
The DTH industry has to pay entertainment tax to state governments and service tax to the central government.
Unlike other countries, the US does not send its election observers to India because of the strong independent credentials of the Election Commission of India.
Four per cent countervailing customs duty on components for mobile phone manufacturing exempted.
The N K Singh task force on power sector reforms has proposed wide-ranging fiscal measures, including cut in customs duty, abolition of special ad valorem duty and tax holiday to step up investments in a bid to bring down tariffs.
India's economic growth is likely to slow down to 6.5 per cent this fiscal and to 6 per cent in the subsequent year mainly due to high oil prices, which reactivated inflation, the Asian Development Bank said on Wednesday.
. Going forward, if the government interference continues, oil-marketing companies will be at a disadvantage. \n\n
Gold imports surged by nearly four-fold to $4.17 billion in October to meet the festival season demand.
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