Recently, world headlines buzzed with Elon Musk's announcement that he was shelving his audacious bid for social media platform Twitter. Away from the media spotlight, questions are being asked about the maverick billionaire's plans in India, too. A few days ago, a Reuters report said Musk's flagship Tesla had put on hold its plan to launch electric cars in India.
DRI seized contraband worth Rs 504.39 crore.
In a relief to two-wheeler major Hero Honda Motors, a tax tribunal has ruled in favour of the company in a case filed by the Excise department for alleged duty evasion to the tune of Rs 2 crore (Rs 20 million).
The government on Tuesday announced the reduction in duty drawback rates for 403 items from April 7, but kept the rates same for 401 other items.
The collection from borrowings and other liabilities will be 20 paise, while income tax will yield 17 paise to every rupee collection.
Fertilizer demand is set to get a boost on account of cheaper credit availability to farmers. Reduction in basic customs duty on some water-soluble fertilizers and liquid fertilizers may increase their usage, resulting in a positive impact on revenues and profitability of fertilizer players.
The tariff value on imported gold earlier stood at $398 per 10 grams, while on silver at $643 per kg.
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.
The Trump administration wants Prime Minister Modi to lower the trade barriers and embrace "fair and reciprocal" trade.
The impact of the Union Budget 2012-13 on the Media & Entertainment sector is neutral. The Budget did not address the issues of digitization, as the country shift from analog cable TV to digital. The budget has nothing to say for the Industry in general.
Oil and gas exploration policy will be reviewed to move from profit sharing to revenue sharing contracts.
India, the world's largest consumer of gold, has imported 393.68 tonnes of the yellow metal during the April-September period of this year
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.
The framework governing customer protection should consist of fairness and transparency of rule.
The auto industry body has been lobbying hard with the government for extension of the reduced excise rates.
Finance Minister Nirmala Sitharaman will present the Union Budget for 2023-24 in Parliament on February 1. The Budget is a statement of the government's estimated receipts and expenditures for a fiscal year (April 1 to March 31). It's divided into Revenue and Capital Budget. The Revenue Budget includes the government's revenue receipts and expenditures while the Capital Budget includes its capital receipts and payments.
The Indian crude mix is currently hovering at a record high of $42 per barrel as against an average price of $29 per barrel in FY04
India's gross tax collections soared to a record high of Rs 27.07 lakh crore in the fiscal year ended March 31, led by impressive growth in corporate tax and customs, taking the tax-to-GDP ratio to an over two-decade high of 11.7 per cent, Revenue Secretary Tarun Bajaj said on Friday.
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
However, the tariff value for silver has been lowered to $920 per kg, according to a notification released by the Central Board of Excise and Customs on Tuesday.
Natural gas/Liquefied Natural Gas imported for power generation by a power generation company is being fully exempted from basic customs duty Budget provisions.
It, however, does not manufacture devices on its own and rather does it through contract manufacturers.
Union Budget 2013-14 was positive for the Aluminium products sector.
5 MMTPA LNG terminal in Dabhol will be fully operational in 2013-14
Contrary to expectations of the chemical sector, Budget turned non event.
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.
On its part, the Reserve Bank of India tried to help exporters by easing some restrictions imposed on holders of Exchange Earners Foreign Currency accounts and by giving effect to the commerce minister's announcements regarding extension of the interest subvention scheme for one more year and for more items.
All households are entitled to get 12 cylinders of LPG or liquefied petroleum gas.
The government has banned exports of onion till March next year with a view to increase domestic availability and to keep prices in check. "Export policy of onions... is amended from free to prohibited till March 31, 2024," the Directorate General of Foreign Trade (DGFT) said in a notification. Local vendors in the national capital are selling onions at Rs 70-Rs 80 per kg.
Tariff value is the base price on which the customs duty is determined to prevent under -- invoicing.
Tariff value is the base price on which the customs duty is determined to prevent under -invoicing.
The police want to trace the youths as well as a minor seen in the viral video, it said in court.
Petrol will cost less than Rs 18 a litre but for the duties levied by central and state governments, Petroleum Minister Mani Shankar Aiyar said on Tuesday.
India has scrapped import duty on more than 4,800 items from four neighbouring countries and reduced customs tariff on these products from Pakistan and Sri Lanka as part of efforts to boost trade in South Asia.
Addressing the 'Namaste Trump' event at the Motera Stadium in Ahmedabad, Trump said that both the countries are in the early stages of discussion for an 'incredible' trade agreement to reduce barriers of investments.
Firms also said the excise duty hike by two per cent will be passed on to consumers and it may hurt sales further.
External commercial borrowings to the extent of USD 1 billion to be allowed for aviation sector for next year.
Can lead to imprisonment up to seven years.
Petroleum subsidy for 2013-14 budget estimates is Rs 64,998 crore.
