The project import status for set up of head-ends and lower customs duty and nil SAD would be a booster for the multi service operators.
Union Finance Minister Nirmala Sitharaman, along with her team of bureaucrats, delved into the fine print of the 2024-25 Budget documents in a press conference, detailing the government's road map on bringing down the debt-to-GDP ratio and bold tax measures.
The Vivad Se Vishwas scheme provides for settlement of disputed tax, disputed interests, disputed penalty or disputed fees in relation to an assessment or reassessment order on payment of 100 per cent of the disputed tax and 25 per cent of the disputed penalty or interest or fee.
A rise in import duty could be a reason for increase in illegal consignments, say experts.
Apart from them, consignments of 11 top importers, including LG, Samsung, Toyota, Honda, and Siemens, will also be allowed entry, relieving them of the 100 per cent inspection rule.
India has demanded resumption of export benefits to certain domestic products under GSP, and greater market access for its products from sectors like agriculture, automobile, auto components and engineering. On the other hand, the US wants greater market access for its farm and manufacturing products, dairy items and medical devices, data localisation, and import duties cut on some ICT products.
The reason? Price of open cell panels has gone up 15%. One of the main components in the manufacturing of TV sets, open cells contribute to 60%-65% of the manufacturing cost.
'Developers are into profit-making. And there's not too much money in the affordable segment.' 'So, they don't do affordable housing.'
The government had set a budgetary target of over Rs 1.87 lakh crore for collection from customs duty in current fiscal
The issue is set to be discussed early next week as the commerce department meets with industry bodies to discuss the widening supply gap for key imports.
Mumbai, infamous for its voter apathy, stepped out to exercise its franchise on Wednesday.
Consumer durables firms on Monday hailed Finance Ministry's proposal to reduce customs duty on flat panels to five per cent from 10 per cent, saying that the move will reduce LCD TV prices and boost demand.
The government could look at providing deductions for expenses incurred by salaried employees while working from home in the upcoming Budget as it looks to boost demand, consulting firm PwC India said on Thursday. Addressing a pre-Budget session, Pwc India senior tax partner Rahul Garg said demand creation is particularly focussed on money being given or left in the hands of the individuals.
The auto major is not just looking at domestic sales, but also planning to ramp up exports to key markets from here, like the Middle East, North Africa and Australia.
'Today, let us reaffirm our commitment to strive to realise Gandhiji's dreams. His watchwords, truth and nonviolence, will continue to remain relevant for the whole world. He also taught us that rights and duties are but the two sides of the coin - indeed, the true source of rights is duty. Today we recall his lessons in compassion too - compassion not only for our human neighbours but also for our other neighbours, namely, flora and fauna, rivers and mountains.'
Huge gold imports have put pressure on the country's Current Account Deficit, which in turn is affecting the value of rupee.
The government has revised gold import data, bringing down numbers for November by $5 billion to $9.84 billion, possibly to rectify double accounting of inbound shipments. According to revised data of the commerce ministry arm Directorate General of Commercial Intelligence and Statistics (DGCIS), gold import numbers have been slashed since April 2024, revealing excess imports of about $11.7 billion during the first eight months of 2024-25.
India's gross tax revenue, comprising both direct and indirect taxes between April and July, reported a growth rate of merely 2.8 per cent to Rs 8.9 trillion compared to the same period a year ago, as shown by government data on Thursday. This growth was dampened by direct tax figures, offsetting the healthy growth in goods and services tax collections and Customs duties. While net tax revenue contracted by 12.6 per cent to Rs 5.8 trillion up to July, accounting for 25 per cent of the Rs 23.3 trillion full-year target, this could be attributed to the increased tax devolution to states during the period.
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.
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.
According to exporters, withdrawal of incentives under GSP would impact India's export worth $5.6 billion to the US.
But it may come with a downside risk of further rise in prices of several products.
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.
'Our attempt to honour the taxpayer has been since 2014 and more actively since 2019-2020 onwards.'
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.
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.
The government has slashed by up to 20 per cent the supplies of cheaper domestically produced natural gas to city retailers -- a move that may result in Rs 4-6 per kg hike in the price of CNG sold to automobiles, unless excise duty on the fuel is cut, sources said. Natural gas pumped from below the ground and from under the seabed from sites ranging from the Arabian Sea to Bay of Bengal within India is the raw material that is turned into CNG for sale to automobiles and piped cooking gas to households.
It is a Budget with a strong emphasis on agriculture, education, healthcare and infrastructure.
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.
The government is also looking to earn 8 paise for every rupee from Union excise duty and 3 paise from customs duty. While, income tax will yield 14 paise to every rupee collection.
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.
After facing significant flight disruptions recently, Vistara CEO Vinod Kannan on Thursday told the airline staff that the "worst is behind us" and operations have already stabilised. Pilot woes have forced the Tata Group airline to temporarily cut down capacity by 10 per cent or 25-30 flights daily. While acknowledging that things should have been planned better, Kannan said it has been a "learning experience".
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.
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 Union Budget on Wednesday outlined several initiatives to drive India's technology agenda and boost digital infrastructure, including new centres of excellence for artificial intelligence, National Data Governance Policy, and Entity DigiLocker.
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.
