A World Trade Organization dispute settlement panel has dismissed the United States' complaint against India over the excise duties on foreign wines and spirits, according to sources.
The regulatory burden is the highest on small cars, a key segment of the Indian automobile industry and having a uniform tax structure across all segments of vehicles will not augur well for the sector growth, according to Maruti Suzuki India chairman RC Bhargava. He also said India's economic growth rate could be higher if the manufacturing sector grows fast, which 'unfortunately' has remained a laggard despite the best efforts of the Narendra Modi-led government at the Centre due to implementation gaps at the ground level. "The burden of regulatory changes on the small cars is far higher than the regulatory burden on big cars and that is changing the whole market behaviour.
The outlay for defence sector almost remained unchanged compared to what was allocated in the interim budget on February 1.
'We expect the new government to look into the issue of penalties imposed on technology firms involved in UID related projects.'
The case relates to alleged wrong classification of mixed xylene
Housing prices increased by up to 11 per cent annually across eight major cities during January-March period of this year due to a rise in demand for residential properties and a sharp hike in rates of construction raw materials, according to a joint report by CREDAI, Colliers and Liases Foras. Delhi-NCR witnessed highest rise in housing prices by 11 per cent to Rs 7,363 per sq ft during January-March 2022 as compared to the year-ago period, as per the first edition of Housing Price-Tracker report by realtors body CREDAI, real estate consultant Colliers and data analytics firm Liases Foras. Hyderabad witnessed 9 per cent increase in housing prices to Rs 9,232 per square feet, while Ahmedabad saw a 8 per cent appreciation to Rs 5,721 per square feet and Kolkata 6 per cent to Rs 6,245 per square feet.
The Union Budget 2010-11 seeks to address the needs of multi-service operators to invest in 'digital head end' equipment to adopt digital technology and keep pace with on-going transformation in infotainment sector.
Tax experts say one of the most dispute-prone proposals is making "fraudulent availing" of input tax credit (ITC), without an invoice or bill, a cognizable and non-bailable offence.
'We can go somewhere between 35 per cent and 40 per cent.'
'If this had happened anywhere else, Indians would have been desperate to leave. But not in Israel.'
India's tax pie seems to have undergone a subtle change with a sharp drop in direct tax collections resulting from a disproportionate impact of the COVID-19 carnage on incomes. The share of indirect taxes, which mainly comprise of levy on goods and services as well as import duty, has risen while that of direct taxes - made up of corporate and personal income tax - has gone down in 2020. In an interview with PTI, finance secretary Ajay Bhushan Pandey said in a pandemic like this where the economy has been impacted, any large scale changes impact direct taxes more severely, whereas indirect tax collection is mostly proportional to business turnover and compliance.
A change that the Budget proposes to make could end up helping Indians who might have laundered their ill-gotten money, says M R Venkatesh.
A proposal for creation of seven Customs Overseas Intelligence Network units is pending with the Ministry of External Affairs.
Mukherjee said he had not fully rolled back the excise duty as the industry was still in the process of recovery.
They will be honoured for showing exceptional commitment and devotion to duty on a sustained basis while achieving goals set for their organisations.
RBI has permitted Axis Bank, Kotak Mahindra Bank, IndusInd Bank and Yes Bank to import gold.
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Inflow down in December month-on-month; jewellers demand cut in Customs duty rates
The DTH industry in India is likely to witness a price cut in its services in near future, with the government proposing a cut customs duty to zero per cent from the existing 7.5 per cent on specified parts of set top boxes.
In a setback to NALCO and Hindustan Lever Ltd, a tax tribunal has quashed their plea challenging the government's decision to impose anti-dumping duty on imports of caustic soda.
Citing unviable duty structure on key components like flat panels and open cell parts, Samsung had shuttered its TV assembly lines in Tamil Nadu in 2018.
Most of the jewellers who had reopened their showrooms in confusion on Monday, kept shutters down today at Mumbai's Zaveri Bazar and several other places, demanding rollback of the proposal.
As of now, the custom duty on gold is 10 per cent.
Huge margins, high custom duty and increasing demand among youngsters have led to exponential increase in smuggling of foreign cigarettes.
A day after the finance ministry cut import duties on a variety of product categories, top manufacturers of zinc -- Hindustan Zinc and Binani Zinc -- slashed prices.
The government took steps to curb imports of gold after concerns about the country's current account deficit.
It appears that the focus of commerce minister Anand Sharma, when he unveils the new foreign trade policy, will be to eliminate unnecessary paperwork and thereby help reduce transaction costs for exporters, while retaining the basic framework of the present FTP.
The central government will lose about Rs 24,000 crore (Rs 240 billion) of revenue during the current fiscal on account of reduction in customs and excise duties on petroleum goods.
Customs collections are six per cent higher during April-June this year over the previous quarter, mainly on account of higher imports of raw materials and capital goods, Central Board of Excise and Customs chairman P C Jha told PTI. Stating that collections are higher on account of improved imports of raw materials and capital goods, he said, this certainly would lead to improvement in manufacturing sector, though the results would be seen 2-3 months later.
The Budget should look at giving suitable fiscal incentives both under direct and indirect tax proposals such as accelerated depreciation and nil customs/ excise levies on capital goods, say experts on the industry.
Finance Minister Pranab Mukherjee seems to have stuck to increasing income for the government as the sole focus of the Budget 2010. The key problem faced by people -- inflation has been thrown out of the window of consideration.
The finance ministry is considering raising import duty on gold by two percentage points to six per cent, as the surge in demand for the yellow metal threatens to further widen India's current account deficit.
The growth of exports to India stood out, with value up 28 per cent to 43 million pounds
Tax auditors plan to down tools every Tuesday and Thursday until the government issues a decree to raise their wages.
Computers, mobile phones, tractors and gas stoves will become cheaper with the lowering of duties proposed in the Union Budget 2004-05 while imitation jewellery, steel, cakes and pastries and scented supari will become costlier.
These offer great scope and flexibility when you fall upon hard times, says Harjot Singh Narula
Budget proposal increased Customs duty on imported vehicles.
Custom duties, a major concern for the oil sector.
Four per cent countervailing customs duty on components for mobile phone manufacturing exempted.
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