None of the demands of the industry were met.
The government on Friday slashed the import tariff value of gold to $535 per 10 gram and reduced the rate for silver marginally to $1,003 per kg due to weakening global prices of precious metals.
The principal commissioner has been made responsible for developing and approving any intelligence, conducting search, and completing investigations and relevant subsequent actions, including at the lower field formations, points out T N C Rajagopalan.
A three judge bench headed by Justice Altamas Kabir said the main object of Custom and Excise Acts was the recovery of excise duties and not really to punish for infringement of its provisions.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
The finance ministry is looking at a reworked proposal from mobile device makers on how to fight the rampant and growing smuggling of very high end phones. The proposal suggests reducing the basic customs duty (BCD) on phones which have a CIF (cost, insurance and freight or price at landing in the port) value of over Rs 35,000-Rs 40,000. The retail value of these phones is upwards of Rs 70,000.
The steel sector has plenty to cheer in the Budget 2012-13, as it has proposed increasing the import duty on flat-rolled steel to 7.5 per cent and reducing duty on plant and machinery imports for iron ore beneficiation to 2.5 per cent.
The tariff value of silver has, however, been hiked marginally to $1062 a kg
India has allocated Rs 1.72 trillion, or 27.67 per cent of the total defence budget to cater to modernisation of the country's arsenal. Modern militaries spend up to 50 to 60 per cent of their total defence budget so that they go into combat with superior weaponry and equipment.
The tariff value, which is released every fortnight, is the base price on which the customs duty is determined to prevent under-invoicing.
The Indian capital goods industry has not got the much needed import barriers especially for power equipments.
Oil and gold had accounted for 45 per cent of India's imports bill in 2012-13.
India has raised tariffs on 28 items, including almond, pulses and walnut, exported from the US in retaliation to America's withdrawal of preferential access for Indian products.
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.
At a time of falling GDP growth, the case for boosting revenue by increasing the tax rates is weak.
Imports are down also because local traders are clearing unaccounted stock after introduction of 1 per cent excise duty
Finance Minister Arun Jaitley is expected to present the Budget for 2014-15 in July.
Jewellery traders said the exemption of branded jewellery from excise duty will have a marginal effect on the traders as only few customers buy\nbranded jewellery.
Participating in the debate on the budget, leaders of parties like the Congress, Bahujan Samaj Party, Aam Aadmi Party and Left launched an all-out attack on the BJP government for allegedly selling off the country's assets and PSUs to big industrialists.
More than half of the retail selling price of petrol and one-third of the selling price of diesel is made up of central and state duties, Petroleum Minister Mani Shankar Aiyar said on Tuesday.
The government on Friday slashed import tariff value of gold to $507 per 10 grams and of silver to $871 a kg following fall in global prices of the precious metals.
In the wake of rising global prices of precious metals, the government on Thursday hiked import tariff value of gold to $531 per 10 grams, while the value was kept unchanged at $899 per kg for silver imports.
Finance Minister Nirmala Sitharaman on Friday hiked tax on petrol and diesel, raised import duty on gold, levied additional surcharge on super rich and brought a tax on high value cash withdrawals as she sought to spur growth with reduction in corporate tax and sops to housing sector, startups and electric vehicles.
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Sitharaman said surcharges on individuals having taxable income of Rs 2 crore to Rs 5 crore; and Rs 5 crore and more have been raised.
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 government on Friday slashed the import tariff value on gold and silver to $405 per ten gram and $642 per kg, respectively, in line with global trends.
'Wine is an indicator of the quality of life,' says Alok Chandra.
The government on Thursday slashed the import tariff value on gold for the second straight day to $ 414 per 10 grams and silver to $672 per kg, in line with weak global prices of the precious metals.
France on Friday warned India that the proposal to replace additional customs duty on wines and spirits with countervailing excise duty at the state level will weaken New Delhi's position
The judge gave the ruling while dismissing a petition filed by the Commissioner of Customs. The court upheld the Customs, Excise and Services Tax Appellate Tribunal's earlier judgement, stating that the interpretation by the tribunal was in consonance with the Computers (Additional Duty) Rules, 2004.
Justice S Srimathy of the HC's Madurai Bench gave the judgement while hearing a plea from D Senthilkumar, who sought directions to the respondents to permit Hindus alone to the Arulmigu Palani Dhandayuthapani Swamy temple and its sub-temples.
Anil Ambani Group company has offered a bank guarantee and indemnity bond for the aircraft, but the Customs officials have that said that it is not possible without the seizure notice.
The increase in petrol prices from Saturday midnight has made the fuel more expensive than aircraft turbine fuel, used to power planes.
"At this point of time, our completely knocked down (CKD) operations are fully fulfilling the new regulations. We are paying 10 per cent duty... There will be no price hike," BMW India President Andreas Schaaf told reporters in New Delhi.
If Nirmala Sitharaman does indeed present a 'never-before' like Budget on February 1, going by her promise, she would create a new benchmark for post-contraction Budgets, observes A K Bhattacharya.
