With cement companies refusing to cut prices, the government on Tuesday abolished all duties on import of portland cement
The government is looking to plug loopholes in the Indian customs law provision that allows tax exemptions for gifts up to Rs 5,000 and trade samples up to Rs 10,000 sent to India from abroad.
India will not tailor its policies to suit US EV maker Tesla, and its laws and tariff rules will be formulated to attract all-electric vehicle manufacturers from across the world to set up a base in the world's fastest-growing economy, Commerce and Industry Minister Piyush Goyal said. Tesla has been seeking an initial tariff concession that would allow it to offset 70 per cent customs duty for cars priced less than $40,000, and 100 per cent for cars of higher value.
Petroleum Minister Jaipal Reddy said these measures would cost the government Rs 49,000 crore in the current financial year.
Finance Minister P Chidambaram on Monday exempted scented supari from excise duty if it does not exceed 50 paise a packet.
The new four-wheeler (4W) electric vehicle (EV) policy may spur the entry of global majors. The manufacturing policy cuts Customs duty to 15 per cent, given a minimum investment commitment. It calls for a minimum investment of Rs 4,150 crore (about $500 million) for making electric four wheelers (e-4Ws), with manufacturing to commence within three years of approval.
Mohammed Shami has conceded that operating as India's lone front-line pacer after coming back from a lengthy injury layoff is a heavy "responsibility", even as he tries to regain his "rhythm" to suit the team's needs in the ongoing Champions Trophy .
With the new government taking charge in Britain, senior officials of India and the UK will hold the next round of talks this month for the proposed free trade agreement to resolve the pending issues and close the negotiations, an official said. The India-UK talks for the proposed free trade agreement (FTA) began in January 2022. The 14th round of talks stalled as the two nations stepped into their general election cycles.
With Donald Trump all set to become US president, Indian exporters may face high customs duties for goods like automobiles, textiles and pharmaceuticals if the new US administration decides to pursue the 'America First' agenda, opined trade experts. Experts also said that Trump could also tighten H-1B visa rules, impacting costs and growth for Indian IT firms. Over 80 per cent of India's IT export earnings come from the US, making it vulnerable to changes in visa policies.
Urban markets account for the major share of total revenues.
In its first official engagement with the Indian government, Elon Musk-led Tesla and other global automotive (auto) manufacturers sought clarification on the new electric vehicle (EV) policy, specifically regarding investment guidelines and the timeline for the domestic value addition (DVA) requirement. Officials who attended the meeting told Business Standard that the original equipment manufacturers (OEMs) tried to understand whether the complete investment would be made within three or five years and the duration they would have to achieve the 50 per cent DVA. "The consultation meeting was convened to address queries from auto OEMs.
Mohammed Shami's much-awaited return to top-flight cricket did not receive too many supporting signals during the seasoned pacer's nearly hour-long stint of varying intensity at the India nets here on Friday. Despite working hard on finding his bowling rhythm, Shami never really hit his flowing peak. While he was expected to feature in the playing 11 during India's first T20I against England at Kolkata on Wednesday, the management decided to delay his comeback. Shami's rhythm and sharpness gradually hit a higher gear but the whole picture was one of rustiness, raising questions about his current form and the decision to select him for the series against England and the Champions Trophy.
'He needs to see results while he is in office.'
Gold, a safe-haven bet, is likely to continue its record-smashing journey in the New Year, rising to Rs 85,000 per 10 grams and even Rs 90,000 level in domestic markets if geopolitical tensions and global economic uncertainties continue.
The organisers of the Indian Grand Prix on Wednesday said they have 'in-principal approval' for custom exemption and they are even ready to pay whatever duty is required to hold the October 30 race.
The Finance Minister has withdrawn excise exemption on 130 items and a nominal central excise duty of 1 per cent is being levied on these 130 items that are mainly in nature of consumer goods.
Vistara's aircraft, having better interiors, will replace Air India's planes on major metro-to-metro routes between Delhi, Mumbai and Bengaluru after merger of both the carriers next month, sources privy to the development said on Thursday. "Air India aircraft are being refurbished one by one. Until that process is complete, it makes sense to deploy Vistara planes on our high-revenue metro-to-metro routes between Delhi, Mumbai and Benglauru," a source said.
While duty on products such as methyl alcohol (methanol) and acetic acid has been brought down to 2.5 per cent and 5 per cent, respectively from the existing 10 per cent.
Surplus scenario emerges despite double digit growth in demand on accelerated capacity additions; seeks abatement of excise duty on cement, removal of customs duty on inputs.
For the first time in history, the luxury car market is poised to cross the sales mark of 50,000 units in 2024, with Mercedes leading the way
Ahead of the meeting of jewellers with Gandhi, the Congress had asked the government to look into the demands of jewellers, who have been agitating for more than 20 days.
Restoration of Customs duty on crude oil & rollback of exemptions likely.
We don't expect any big changes in on excise duty and custom duty rates, except in life saving drugs.
Premium car makers which do not produce models locally, but assemble these in India are busy exploring ways to avoid a price rise in the wake of the government's new duty structure.
It will be the second Budget of the Modi 3.0 government and eighth straight Budget for Nirmala Sitharaman, rare in Indian polity.
Air India has been a subject of its passengers' ire this week as more than half of its flights have been delayed, primarily because of an old crew rostering system. Due to the existing system, the airline has not been able to handle the disruption created by cyclone 'Biparjoy' on India's western coast. The sudden grounding of two planes also added to the carrier's woes.
American tech billionaire Elon Musk on Saturday said his proposed visit to India has been postponed due to "very heavy Tesla obligations". The electric carmaker Tesla CEO -- who was expected to be in India on April 21 and 22 and scheduled to meet Prime Minister Narendra Modi -- wrote on X that he is looking forward to coming to India later this year.
Finance Minister Nirmala Sitharaman will present her 8th straight Budget and all eyes will be on the much-expected tax relief for the middle class. Sitharaman had in her first Budget in 2019 replaced the leather briefcase -- which had been in use for decades for carrying Budget documents -- with a traditional 'bahi-khata' wrapped in red cloth.
Import duty on diamonds may be scrapped
Petroleum Minister Ram Naik sought, on Thursday, excise duty cut on petroleum products to check adverse impact of excessive volatality in international crude oil prices on domestic prices
The trade referee is already reviewing a European legal challenge of wine and liquor restrictions in a number of Indian states.
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.
The Assam Cabinet on Sunday had decided not to register any case against the Congress MP or his British spouse, who the BJP has accused of having ISI links, but instructed the DGP to file an FIR against Pakistani national Ali Tauqeer Sheikh.
This will also give an impetus to the National Manufacturing Policy.
India should convert the Trump threat to an India opportunity, re-embracing a more liberal trade regime as a way of reviving manufacturing output and exports.
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