The government has sacked these officers ranging from the ranks of principal commissioner to assistant commissioner, some of whom were already under suspension.
The proposals under consideration include waiving the current 5 per cent Customs duty on naphtha and reducing the excise duty on mono ethyl glycol from 8 per cent to 4 per cent. The Cabinet secretariat has sought views from various ministries and departments for this package.
On the flipside, since 60-70 per cent of the costs pertain to raw material, which are mostly imported, currency fluctuation is a key risk for the segment.
Increase in first half of FY14 comes despite a fall in average crude prices; weak rupee helps.
Finance Minister Nirmala Sitharaman will be presenting her fifth Budget that may do a tightrope walk between staying fiscally prudent and meeting general public expectations of lower taxes and a wider social security net, while at the same time firing the engines of the economy.
The government on Saturday imposed a minimum export price (MEP) of $800 per tonne on onion exports till December 31 this year with a view to increase availability of the vegetable in the domestic market and contain prices. The decision will come into effect from October 29. Besides, the government has also announced the procurement of additional 2 lakh tonnes of onion for the buffer, over and above the 5 lakh tonnes already procured.
The government on Friday slashed the import tariff value on gold to $398 per ten grams while raising it marginally on silver to $643 per kg in line with global trends.
The windfall taxes on domestic crude oil production and fuel exports will generate close to $12 billion (Rs 94,800 crore) for the government in the remainder of the current fiscal while trimming profits of firms such as Reliance Industries Ltd and ONGC, Moody's Investors Service said Tuesday. On July 1, the government imposed windfall gain taxes on the export of petrol, diesel and aviation turbine fuel (ATF), and on the domestic production of crude oil. It has also mandated exporters to meet the requirements of the domestic market first.
The threshold limit for deduction of tax at source has been raised for unusual income such as winnings from horse race, commission
Following the Reserve Bank easing he 20:80 gold import norms, India Bullion & Jewellers Association (IBJA) said gold prices are likely to fall to Rs 23,000-24,000 per 10 grams by Diwali.
Association of Biotechnology Led Enterprises said customs duty at 12.5 per cent, excise/countervailing duty at 16.32 per cent, education cess at two per cent and additional duty on customs at four per cent result in 36.74 per cent increase in the price of cancer drugs, leading to cost to the patient going up.
Do you think Rs 25,000 worth of duty-free goods is a reasonable limit imposed upon air travellers by the Indian Government?
Mobile handsets could be marginally cheaper with the Finance Minister today announcing tax exemptions for chargers, batteries and accessories.
Almost 40 per cent of a durable company's sales are achieved during the festival season
The collection from borrowings and other liabilities will be 20 paise, while income tax will yield 17 paise to every rupee collection.
Thanks to an ambiguous law on the import of platinum alloys, some bullion importers are making big profits. A handful of them are importing refined gold cloaked as platinum alloy. Gold attracts 15 per cent import duty, as opposed to platinum alloy that invites a duty of 10.75 per cent. Industry sources say this is a case of mis-declaration and duty violation.
Santosh Kamath, partner (infrastructure and government services), KPMG in India, expects an extension of a tax holiday for the sector.
Excise duty on petrol will remain at Rs 14.35 a litre and diesel at Rs 4.60 per litre.
Finance Minister Arun Jaitley takes a protectionist stance in favour of domestic companies, increases customs duty on certain products.
Of the 11,000 kg imported between July 1 and August 9, around 90 per cent was brought in by two business groups which took advantage of the favourable reduction in tax incidence under GST, routing their imports through Korea.
The government can argue the change targets only those residing abroad but the fact remains that it does affect the kin and friends in India of non-residents.
'A change we have seen after the Russia-Ukraine war is the energy crisis in Europe.' 'Earlier, in Europe, people used to change their clothes after 5 washes, now they are using it till 15-20 washes.' 'They used to change their entire wardrobe after 2 months or so, but because of the economic conditions, it has changed.' 'It has affected exports as 40% of our exports is to Europe, 30% to the US and 10% to the UK.' 'The war has to end for better days to come.'
The Union government could target a fiscal deficit of 5.8-6 per cent of nominal GDP for 2023-24, and it should continue its capital expenditure push and look to simplify the personal income tax regime, economists recommended Finance Minister Nirmala Sitharaman and her team during their pre-Budget interaction on Monday. Starting last week, Sitharaman had eight pre-Budget consultations this time. More than 110 invitees representing seven stakeholder groups participated in these meetings, the finance ministry said in a statement. The stakeholder groups included representatives and experts from agriculture and agro-processing industry; industry, infrastructure & climate change; financial sector and capital markets; services and trade; social sector; trade unions and labour organisations; and economists.
Given the prevailing uncertainties, investors must maintain a 10-15 per cent allocation to gold in 2023.
An average Indian spends no more than Rs 1.3 lakh per year, according to official statistics. This is close to what an average Indian earns annually. At this level of per capita income today, one litre of petrol costs one-third of an average Indian's daily income (Delhi prices), making it highly unaffordable. People in most other Asian and emerging countries find it more affordable.
With the government clearing the decks for direct listing at the Gujarat International Finance Tec-City (GIFT City) International Financial Services Centre (IFSC), issuers will wait for the ecosystem to develop further before firming up their listing plans. In the meantime, most companies may continue to prefer listing in the onshore market, even as the new avenue provides key benefits such as tax waivers and reduced foreign exchange risk. Sources said that a few key things need to be ironed out further.
The Union government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record hike in excise duty on petrol and diesel that has pushed the total incidence of taxation on auto fuels to 70 per cent of the price. Late on Tuesday evening, the government hiked excise duty on petrol by Rs 10 per litre and that on diesel by Rs 13 a litre to mop up gains arising from international oil prices falling to a two-decade low.
The industry is estimated to have incurred a loss of Rs 10,000 crore (Rs 100 billion).
Ram Buxani said increase in the customs duty on gold will help Dubai's business.
The Trump administration wants Prime Minister Modi to lower the trade barriers and embrace "fair and reciprocal" trade.
The customs duty from gold imports could be approximately Rs 8,000 crore, about less than half of what was collected a year ago.
Over 300 associations, that consists of over 3 lakh manufacturers, retailers, wholesalers and artisans among others, are participating the nationwide stir.
Taking both direct and indirect taxes, the gross collection is expected to grow 10.45 per cent to Rs 33.61 trillion in 2023-2024.
The government believes that WTO's push for initiating negotiations on substantive obligations related to e-commerce will oblige India to permanently accept the current moratorium on imposing customs duties on products traded electronically.
Petrol and diesel prices will go up by Rs 2.67 a litre and Rs 2.58 per litre, respectively, after Finance Minister Pranab Mukherjee on Friday raised customs and excise duties on the two, virtually putting the Kirit Parikh Committee report on fuel price in cold storage.
Prime Minister Narendra Modi, who is in the United States for a three-day state visit, has gifted an eco-friendly lab-grown 7.5 carat diamond, placed in Kashmir's exquisite Papier mache box, to First Lady Jill Biden.
DRI seized contraband worth Rs 504.39 crore.
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