The government has slapped a tax notice of Rs 1,450 crore on the computer-maker Hewlett Packard India for allegedly evading Customs duty, a charge which was refuted by the company.
Can this growth in GST collection be sustained in the coming years? asks A K Bhattacharya.
Select life saving drugs, LCD TVs, mobile phones, branded jewellery, sports and leather products, packaged software and footwear are among items that would cost less, while gold bars and coins, silver, set-top boxes and cosmetic surgery would turn costlier after the Budget.
The government on Monday reduced basic customs duty on influenza vaccine and nine other specified life-saving drugs used for treating breast cancer, hepatitis-B, rheumatic arthritis, etc.
Huge gold imports have put pressure on the country's Current Account Deficit, which in turn is affecting the value of rupee.
Tata Motors owned Jaguar Land Rover will start producing its Range Rover and Range Rover Sport in India, marking a first for the iconic models in their 54-year long history, to be rolled out from a country outside of the UK. Till now the two models were only produced in Jaguar Land Rover's Solihull plant in the UK and then exported to around 121 markets globally, including India.
In order to check the abnormal surge in edible oil prices during Diwali festivities, as many as 18 states are in the process of imposing stock holding limits on oilseeds and edible oils after being empowered by the Centre for doing so. Of the 18 states that are in the process of imposing stock limit on my edible oils apart from UP, include Rajasthan, Gujarat, Maharashtra, Odisha, Kerala, Jharkhand, Chhattisgarh, Andhra Pradesh, Tamil Nadu, Tripura and the Union Territory of Chandigarh. Of the 18, Uttar Pradesh, has already imposed stock limits on edible oils, the Centre was informed with as many as 23 states to discuss ways and means to ensure further easing of edible oil prices.
If the United States has its way in the World Trade Organisation, Indians may soon be able to savour the famed Californian wine for a much lesser price.
Sitharaman raised excise duty and road and infrastructure cess on the auto fuels by Rs 2 per litre each to raise over Rs 28,000 crore.
Prices of thin flat screen televisions and monitors will come down as the government on Monday lowered the basic customs duty on LCD panels used in manufacturing of such electronic goods to five per cent from 10 per cent.
It is the season for submitting 'wish lists' to the finance minister. Let me make only one point today, which is to simplify the duty rate structure.
Apple Inc has announced the India prices of the new variants of its bestselling smartphones - launched on Tuesday - as it assembles the device in the country. The new iPhone 15 range starts at Rs 79,900 for the 128 GB variant (the same price as the iPhone 14 when it was launched last year) and goes up to Rs 199,900 for the top-end Pro Max with a 6.7 inch screen and 1 TB (terabyte) storage. The world's most valuable company also launched three new upgraded Apple watches, starting with the SE at Rs 29,900 and going up to Ultra 2 at Rs 89,900.
'We are going to need more technical people in government.' 'You can't expect a generalist to understand the complicated world of financial engineering.' 'I regret to say that most of our politicians have no competence to deal with these things. Nor is there a willingness to learn.'
It is a Budget with a strong emphasis on agriculture, education, healthcare and infrastructure.
A top Republican lawmaker has welcomed India signing a trade deal with Australia, and urged the Biden administration to enter into a similar arrangement with New Delhi that can advance Washington's strong economic agenda in the strategically vital Indo-Pacific region. "I'm pleased to see #Australia & #India sign a strong trade deal," Senate Foreign Relations Committee Ranking Member Jim Risch said in a tweet. "The US needs to do the same and advance a strong economic agenda in the #IndoPacific. "The Biden Admin's failure to lead hurts US growth and our partnership in the region," Risch said in another tweet.
All eyes will be on whether Sitharaman provides the much-expected tax relief for the middle class, leaving more money in their hands, as there is tax buoyancy
The announcement left many importers and exporters wondering what he intended, when the practice in most EDI Customs stations is to carry out assessments on selected bills of entry based on risk parameters and to allow the other consignments to be cleared on the basis of the declarations of the importer or exporter.
The government on Tuesday hiked the import tariff value on gold to $388 per 10 grams and that on silver to $487 per kg taking cues from global market.
The Central Board of Excise and Customs has put in place a comprehensive mechanism for verification and monitoring of exports made under various duty exemption or reward schemes.
Union Minister Nitin Gadkari on Friday said he has asked US-based Tesla several times to manufacture its iconic electric vehicles in India, while assuring that all support will be provided by the government to the company. Addressing 'India Today Conclave 2021', Gadkari further said electric cars manufactured by Tata Motors are not less good than electric cars manufactured by Tesla. "I have told Tesla that don't sell electric cars in India which your company has manufactured in China.
The government has fixed the target of indirect tax collection, comprising customs, excise and service tax, at Rs 5.65 lakh crore for 2013-14.
Increasing the duties on auto parts and putting an additional cess on petrol and diesel could drive up costs of vehicles, specially where volumes are low and localisation is not viable.
India is unlikely to join the ongoing negotiations for a plurilateral deal on e-commerce at the World Trade Organization (WTO), notwithstanding a change in stance on data localisation and cross-border flow of data. Under the new draft digital personal data protection (DPDP) Bill, put out on Friday for public consultation, the government has proposed free cross-border flow of data with 'friendly' nations, significantly easing its earlier stance on data localisation. India has so far stayed out of a group of 87 countries, including the US, European Union, China, and Japan that are negotiating trade-related aspects on e-commerce since December 2017.
Airports have been asked to ensure that information relating to the use of Indian currency should be displayed at all the duty-free shops.
Unlike the finance ministry which takes a larger view, the commerce ministry only looks at exporters' interests.
The rising goods and services tax (GST) and personal income-tax collections may bolster the Narendra Modi government's ability to announce new schemes or enhance existing ones.
Investors pumped Rs 491 crore in gold exchange traded funds (ETFs) in February as they seem be taking advantage of the lower domestic prices caused due to declining international rates, appreciating rupee and reduction in custom duty. This came following a net investment of Rs 625 crore in January and Rs 431 crore in December. Prior to this, gold ETFs had seen an outflow of Rs 141 crore in November, data available with Association of Mutual Funds in India showed.
The police want to trace the youths as well as a minor seen in the viral video, it said in court.
India's economy could also suffer some ill-effects without necessarily triggering retaliation via higher tariff barriers against Indian goods, says Devangshu Datta.
It has been stranded in Lahore since November 23 over payment of customs duties.
Passengers coming to India and not carrying dutiable goods will not have to fill up customs declaration form from Friday.
In an interview to Business Standard, Rangarajan says CAD will be brought under control at around two per cent of the gross domestic product.
Petrol will cost Rs 17.46 per litre and diesel Rs 18.07 in Delhi if all duties and taxes on the two fuels are removed, Petroleum Minister Mani Shankar Aiyar said on Tuesday.
India is the UK's second-largest market by volumes for Scotch, importing the equivalent of 136 million bottles, worth £146.2 million, in 2021.
Officers across departments and ministries have been asked to speak to people across sectors for 'SWOT' analysis of issues for revival of the economy.
Reversing a concession given by the commerce ministry to the embattled exporters in the midst of recession in the West last year, the Central Board of Excise and Customs has directed chief commissioners of customs and excise to recover the drawbacks from exporters who have not realised their proceeds.
