The Reserve Bank of India on Friday said fiscal deficit situation would be better than the budget estimate of 5.6 per cent of GDP for 2003-04, while inflation rate will start falling in the coming days.
The government may advance its annual Exim Policy outlining sops to boost exports to $80 billion by 2006-07
The finance ministry is believed to have objected to some provisions of the policy.
Tobacco will be subjected to the highest tax slab of 28 per cent and an additional cess. The current rates of taxation on cigarettes and chewing tobacco are about 64 per cent and 81 per cent, respectively.
Interestingly, PM Modi had thanked his UAE counterpart Sheikh Mohammed bin Rashid Al Maktoum for offering the support to the rain-battered state on August 18.
Petroleum industry Friday demanded abolition of 5 per cent customs duty on imported LNG and a uniform 4 per cent sales tax on LNG throughout the country to promote its use.
This gesture is 'in keeping with the spirit in which the gift was given', Fiat said in a statement in Mumbai.
With the scope of expanding excise and customs duties getting increasingly limited, the government would turn to service tax for widening the tax base, mop up from which is expected to fetch over Rs 10,000 crore by 2005.
ONGC is the country's most profitable PSU.
A corpus of Rs 20,000-30,000 crore is under consideration, to narrow the input tax credit cycle and facilitate their working capital requirements.
FM Arun Jaitley says I-T dept's capacity to access information and apply technology driven analytical tools to expose evasion has been enhanced
India, the world's largest edible oil importer, on Wednesday slashed customs duty on RBD Palm oil to 70 per cent from 85 per cent but traders here said it is unlikely to have any significant impact on imports.
The Lok Sabha approved the Union Budget for 2003-04 with some minor changes on Wednesday.\n\n\n\n
Indian Airlines is likely to suffer a loss of Rs 98.90 crore (Rs 989 million) in 2002-2003 due to increase in the price of aviation turbine fuel and hike in insurance premium, landing and navigational charges and levy of customs duty.
Public sector Petronet LNG Ltd will deliver liquefied natural gas imported from Qatar at $3.6-37 per million BTU, matching the prevailing price of domestic natural gas.\n\n
Also, the import tariff value -- the base price at which customs duty is determined to prevent under-invoicing -- in case of silver has been reduced to $644 per kg from $694 per kg earlier, a notification by the Central Board of Excise and Customs said.
India, the world's largest gold consumer, is unlikely to announce a cut in customs duty on gold in its annual budget on Friday, despite demands by a leading industry body, traders said on Monday.
Dealers with turnover of Rs 2 crore and above covered; industry says threshold too low
'If you do quick back-of-the-envelope calculation, someone earning Rs 10 lakh can get a benefit of anywhere between Rs 35,000 and Rs 45,000, even if s/he is availing exemptions.' 'A large proportion of people do not avail full exemptions as they don't have money to invest in those schemes.'
On one hand, Operation Greens should help to smoothen volatility in the prices of vegetables, whereas the proposal to enhance and extend minimum support prices to augment farmer incomes, may emerge as an inflation risk.
Oil explorer ONGC again emerged as the highest profit-making PSU of the country during 2012-13 while telecom major BSNL turned out to be the biggest loss-making enterprise, says the Economic Survey.
BC Tripathi, who helms India's largest natural gas marketer and transporter -- GAIL, discusses last-mile connectivity to homes with Jyoti Mukul and Shine Jacob.
Tax collections surged by 12 per cent to Rs 1,14,414 crore till October this fiscal due to robust corporate tax mop-up and significant improvement in excise and customs duties.
The government on Monday slashed import tariff value on gold and silver to $408 per 10 grams and $617 per kg respectively, in view of weakness in bullion prices globally.
If oil prices stay at their new level of $72 or drop further, India will be in the happy position next year of enjoying a surplus on the trade account.
In Singapore, gold prices have risen by 0.46 per cent to $ 1,294.20 from $ 1,288 per ounce in last one fortnight.
The Commerce and Industry Ministry is pitching for easing of the gold import restrictions to boost gems and jewellery exports
Imports of gold and silver in February 2013 stood at $5.24 billion. In January this year, they were $1.72 billion.
Gold imports, which peaked at 162 tonnes in May, came down to 19.3 tonnes in November.
'If we cannot conclude a trade deal, both sides are likely to take trade actions that will further impair our government-to-government ties.'
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