In a major relief to small companies, the government on Thursday relaxed Cenvat Credit Rules to exempt manufacturers paying excise duty of less than Rs 1 crore (Rs 10 million) from filing a declaration on the main inputs going into the finished goods
At present, 70% of the mobile handsets sold in India are imported.
Stocks to watch: Videocon, Blue Star, Hitachi, MIRC Electronics, BPL, Whirlpool, Gitanjali, Titan Group
The doubling of Clean Energy Cess from Rs 200 to 400 per tonne would further increase the input cost for domestic producers.
Ministry will give relief to exporters through a mechanism that will enable a timely refund of credit balance and time-bound refund of additional duty of customs.
Inputs by the Petroleum Ministry were found among stolen documents.
Customs and excise duty rates have been amended mainly to promote Make in India.
Petrol attracts a total excise duty of Rs 17.46 per litre.
Encouraged by signs of growth revival and desperate to reduce the fiscal deficit Union finance minister Pranab Mukherjee is expected to take this step when he presents his Budget to parliament on 26 February.
Skoda India launched on Wednesday an exclusive showroom at Faridabad in the National Capital Region. Besides, to expand its product portfolio in the domestic market, the company would launch two new models next year, apart from introducing new variants of the existing cars.
Steel prices have come down by around 40 per cent since July this year. At present, prices of hot-rolled coil are ruling at Rs 30,000-32,000 a tonne. Ispat Industries director (finance) Anil Sureka said ex-factory prices of hot rolled coils were even lower.
After Multi Fiber Arrangement is phased out, the textile industry of developing economies like India will have a reason to be optimistic about the long-term growth opportunity.
Excise duties on mobile phones to be 1% without CENVAT credit or 6% with CENVAT credit. This provision will have marginal impact on telcos.
Experts said the rate hike would improve working capital position of the manufactures as it would correct the inverted duty structure but may lead to increase in price of the finished goods.
Move seen as prelude to GST rollout; rules for Cenvat credit also likely to be simplified.
TDS on health insurance claim payments reimbursed to hospitals should be NIL
Industry body Assocham has asked the government to retain both excise duty and service tax at existing rate of 10 per cent in the Budget for 2012-13.
Millions of "input" tax credits are taken every day by manufactures and traders under the Cenvat Credit Rules for the purpose of paying and adjusting duty.
Official sources said such norms form the benchmark of costing, which helps in working out the price of inputs required for manufacturing or producing a certain quantity of output.
Meru Cabs, one of the first radio taxi services in the country, is contesting service tax notices sent to it since 2010 in the Bombay High Court.
The state of the economy did not deteriorate so sharply in the last eight days that the principles behind not announcing changes in tax rates in an Interim Budget had to be set aside. Nor can it be argued that the demand from industry and members of Parliament for some stimulus measures became so irresistible that the finance minister had to announce the tax rate changes in his reply to the Interim Budget debate.
Auto companies are looking forward to the continuation of incentives, including excise duty cuts, given in the two stimulus packages in the Budget 2009-10.
In a major relief, information technology hardware industry has decided to pass on the 4 per cent across-the-board excise duty cut to consumers which will help bring down the prices of IT products like TFT monitors, printers and projectors and computers and notebooks.
The government on Sunday announced major tax cuts across the board to boost demand and allocated additional funds and incentives for exports, housing, textile and infrastructure to stimulate the economy, hit by the global financial crisis.
The Institute of Chartered Accountants of India has shortlisted the changes it hopes to see in Budget 2017.
Buyers prefer to wait on expectation of better bargains.
Forget about the Tata Nano for Rs 100,000. Or buying a sleek Yamaha R15 for over Rs 97,000. An array of car models is now available at prices under Rs 100,000, thanks to an expected 20 to 25 per cent fall in used-car prices on certain models, in response to the government's decision to reduce Central value added tax (Cenvat) four percentage points for new cars.
Heralding the government's package to stimulate the economy, major auto companies, including the market leader Maruti Suzuki, on Sunday announced to cut prices of its vehicles by up to 4 per cent.
A day after Minister for Steel, Chemicals and Fertiliser Ram Vilas Paswan told Parliament that steel prices would come down by Rs 500 a tonne on account of the 2 percentage point reduction in Cenvat, makers of flat and long products quietly raised prices by Rs 1,500 to Rs 3,000 a tonne on March 4.
Your visit to the neighbourhood beauty parlour, dry cleaner or a cyber cafe may become cheaper in the next financial year.
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To get what it thinks are its dues, its brass have directed; construction, realty, renting of property, personnel supply, security & goods transport among those under lens
The company's largest selling sedan 'City' will be cheaper by Rs 19,000-Rs 21,000, while 'Civic' will cost Rs 29,000-Rs 31,000 less, an HSCI statement said. Top-end sedan 'Accord' will be cheaper between Rs 27,000 and Rs 28,000, it added.
'i10', the company's latest offering to the market, would now be available between Rs 3.26 lakh and Rs 5.25 lakh, cheaper by up to Rs 18,381. HMIL also said its premium hatchback 'Getz' would be cheaper by Rs 13,413-Rs 19,422 across different variants.
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