Seeks removal of custom duty on commodity polymers and cut in others, but also seeks hike in customs duty on plastic products
The tyre industry has urged the Central Government for recast of India's Free Trade Agreements
The Supreme Court has said that selling land or property is not a service under the Finance Act, 1994, so such sales cannot be charged with service tax.
The comments come ahead of Trump's high-profile meeting with Russian President Vladimir Putin, scheduled for Friday in Anchorage, Alaska.
The government on Wednesday slashed customs duties on petrol and diesel by 5.0 per cent while cutting excise duties by 3.0 per cent, as part of efforts to check inflation that crossed 7.6 per cent.
Almost 30 per cent of Maruti's auto-component exports are to the US, and about half of that is facing a duty of 25 per cent and the other half 50 per cent.
As the 50 per cent US tariffs on the Indian imports came into effect on Wednesday, the stakeholders of the diamond industry in Surat believe that the market will be affected due to US' decision only for a short period of time as India controls 90% of diamond production.
The only saving grace in indirect tax collection during the month was 29.6 per cent rise in service tax realisation.
US President Donald Trump on Wednesday slapped an additional 25 per cent tariff on goods coming from India as penalty for New Delhi's continued buying of Russian oil.
With lower GST rates taking effect, fast-moving consumer goods players face challenges in setting reduced prices for their products in round figures, but expect the magical price points to be restored within two months.
Bollywood actor Shah Rukh Khan and five members of his team were stopped for an hour at the Mumbai airport by customs officials for not paying customs duty for six luxury watches as the payment facility was not operational in the early hours of Saturday, an official said.
Lower rates effectively increase disposable income, strengthen purchasing capacity, and support broader consumption growth.
The Cabinet Committee on Economic Affairs may consider slashing customs duty on petrol and diesel from 15 per cent to 10 per cent.
'In case a particular industry has not passed on the benefits and if we receive complaints, we will take up the matter with the industry body concerned.'
In a move to boost trade with India, the Pakistan cabinet has approved an additional list of over 200 Indian products for customs duty concession under South Asian Preferential Trading Arrangement.
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Mobile phones and TV sets manufactured in India would become cheaper with Finance Minister Nirmala Sitharaman announcing cuts in Basic Customs Duty (BCD) on import of their components but smokers would have to pay more as the government has increased taxes.
Adding petrol and diesel to GST was a challenging task due to their significant role as revenue generators for both the central and state governments.
An Indian official team is likely to visit Washington next week to iron out differences on certain issues before formally launching negotiations for the proposed India-US bilateral trade agreement (BTA), an official said. The visit, which comes within weeks of a high-level US team visiting India, indicates that the talks for the BTA are gaining momentum.
The probe agency is learnt to have taken possession of multiple physical and digital records during a search operation conducted on the premises of the South Korean firm in Delhi and Mumbai this week.
Merely saying merely 'I am bored' may be a weak reason for a transfer. Your reason to switch should be stronger and purposeful, advises Shruti Swaroop, founder of Embrace Consulting and co-founder of International Inclusion Alliance.
In 2015, India chemicals industry had a market size of $144 billion.
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.
With cement companies refusing to cut prices, the government on Tuesday abolished all duties on import of portland cement
We propose an expert group be set up to form a national strategy on digital fraud. This group would bring together skills in financial regulation, security economics, cyber defence, and public communications, and an understanding of the Indian financial and security systems. It should lay the foundations of a coordinated approach by the Indian State in fighting digital fraud, suggest Ajay Shah and Nandkumar Saravade.
Industry associations and companies in the United States, including the US Chamber of Commerce, Coalition of Services Industries and the iconic bike company Harley Davidson have called on the Donald Trump dispensation to push India to reduce tariffs, non-tariffs, and regulatory barriers to boost American exports.
Issues related to the proposed free trade agreement (FTA) and bilateral investment treaty between India and the UK are expected to figure during the three-day visit of Finance Minister Nirmala Sitharaman to London from April 8-10, official sources said. The minister will attend a host of meetings, including the India-United Kingdom Economic and Financial Dialogue, in London.
Finance Minister P Chidambaram on Monday exempted scented supari from excise duty if it does not exceed 50 paise a packet.
Petroleum Minister Jaipal Reddy said these measures would cost the government Rs 49,000 crore in the current financial year.
India will never provide company or enterprise-specific incentives in the electric vehicle sector, a top government official said on Friday, amid a push from American electric carmaker Tesla for special sops to set up its factory in the country. If the government has to consider providing incentives then it will only be for all EV makers and entrants who want to come to India, the official said. The official added that inter-ministerial discussions have happened on the customs duty concession demand of the US-based electric car maker Tesla, but "we never" came to any conclusion on those.
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The Indian automotive market offers around 1 million units annual volume opportunity at a price above $23,000.
