They are now scaling or shutting down their businesses because they can't compete with untaxed grey market gold. India's gold smuggling has increased significantly since the import duty was increased in the Union Budget 2019 in contravention with the broader market expectations of a cut.
'We have promised to ensure reduced tax rates.'
'This country today is demonstrating to the world the true meaning of federalism, the true meaning of working in partnership between the central government and the state governments.'
Good monsoon, farm loan waiver -- the two key reasons behind more customers in jewellery shops
Earlier in May, Ford India announced that it had dropped its plans to make electric vehicles (EVs) in India, which it intended to export, under the production-linked incentive scheme (PLI). Ford was among 20 companies that had signed a Champion OEM Incentive Scheme under the PLI project with the government in February this year. The decision comes as a blow for the 4,000-odd employees at Ford India's Maraimalai Nagar plant near Chennai and in Sanand, Gujarat. In September last year, the company had announced that it would exit the India market, which it had entered in 1995 through an on-again, off-again joint venture with Mahindra & Mahindra (they split in 1998, signed a JV in 2019 and split again in December 2020), retailing petrol and diesel brands such as the EcoSport, Figo, Aspire, and Endeavour.
The market sentiment was also impacted by mixed global cues as setbacks for a healthcare overhaul in the US raised doubts over prospects for a range of reforms backed by President Donald Trump.
Market breadth turned negative with 1,779 declines over 884 advances on the BSE
Measures may include tax slab and rate revisions for individuals, companies.
Given the many policy areas where the Centre and the states have not been seeing eye to eye in the last few years, it is time the Modi government convenes a meeting of the Inter-State Council, recommends A K Bhattacharya.
Prime Minister Narendra Modi on Thursday asked his Council of Ministers to make extra efforts for effective implementation of public welfare schemes at the ground level and work on new ideas in their ministries ahead of the budget.
'One way to deal with these is to address these quickly and have rapid reaction teams in New Delhi, the state capitals and wherever possible.'
With certain quarters demanding privatisation of public sector banks in the aftermath of the alleged fraud at Punjab National Bank (PNB), Economic Advisory Council to the Prime Minister chairman Bibek Debroy tells Sanjeeb Mukherjee, Ishan Bakshi and Indivjal Dhasmana that reducing government equity even to zero would not mean giving up of government control over these banks.
Banks should neither be timid nor adventurous while lending as the loans of today should not become NPAs of tomorrow, he said.
'The CEA suggested that could be as high as 19 per cent.'
The entire Budget-making exercise will be advanced by 3-4 weeks so as to complete the legislative part of financial business before April 1, the start of a financial year
The Sensex and the Nifty witnessed biggest one day loss in percentage terms since June 24
Finance Minister Piyush Goyal: 'I hope the Congress governments and other states like West Bengal, Odisha, Tamil Nadu, Andhra, Telangana will support our effort to bring petrol and diesel into the GST regime.'
CAIT has attributed its displeasure to the economic downturn, and indifferent attitude of ministers/officials towards domestic trade.
President Pranab Mukherjee addressed a joint session of Parliament ahead of the budget session which began on Tuesday. Here are the highlights of President Pranab Mukherjee's speech:
Experts consider Sebi's takeover code in its present form to be on a par with any foreign code governing public mergers and acquisitions.
'This year's Budget didn't give into populist measures everyone was expecting after demonetisation, so I think that was a positive step.' 'Hopefully the Budget will continue in the way it has been.'
Going by the number of changes Mr Jaitley's next Budget is likely to see, he will go down in the history of Budget-making as the finance minister who ushered in the largest number of changes in a single Budget, says A K Bhattacharya.
About 1,556 shares have advanced, 1,211 shares declined, and 182 shares are unchanged.
With exporters' claim for over five months still pending, liquidity has been wiped out and the process of finalising new contracts has been held up.
The Centre has projected reining in its fiscal deficit at 3.3 per cent of GDP in FY19.
IT majors weakened ahead of the September US jobs data and telecom stocks ended lower
While okra was being sold for Rs 100-120 a kg and cauliflower for Rs 120-140 a kg in Mumbai and its suburbs, all other vegetable prices have increased by almost 100 per cent since July 20.
To propel demand, one should concentrate on indirect taxes and bring down the goods and services tax (GST) rates to a uniform 12 per cent as the Vijay Kelkar panel had recommended, said Ajit Ranade, chief economist at Aditya Birla Group.
While the government has not made the report public, sources said the panel had recommended a sharp cut in all taxes on the gold business, including import duty and goods and services tax which amounts to over 13%.
This is good news for the central government at a time when crude oil prices are rising.
They were participating in a debate on the bill for giving effect to various compliance relief measures for taxpayers, including extending time limits for filing returns, in the wake of the coronavirus crisis and tax benefits for donations to PM CARES Fund.
Businesses are still taking time to adjust in the new tax regime, which would weigh on growth rates for the financial year closing today.
'The BJP certainly has an edge as the BJP has gone ahead of the Congress in pleasing the trading community.'
India's tennis players -- both current and former -- are not just counting financial losses as they cope with the fallout of the coronavirus pandemic. The closure of the Pro Tour means that doubles exponent Purav Raja is set to lose at least $50,000 in this lockdown period, according to his own assessment. Prajnesh Gunneswaran, Jeevan Nedunchezhiyan and Divij Sharan can't exactly tell how much they would lose but considering the fact that they are consistently in contention to be in Grand Slam main draws, the massive financial hit is not difficult to assess.
Hindi film industry hopes to get some tax relief from the upcoming Budget 2015-16.
Govt could cut the GST rate payable every time someone buys a health insurance product; or it could also provide a larger income tax set off for those who buy a health insurance product
The theatres will start functioning from Friday with the ticket prices set to go up from the present maximum of Rs 120 with the addition of 28 per cent of Goods and Services Tax.
Official sources say that the finance ministry is aware of the possible spike in smuggling activity and has already asked intelligence agencies to tighten their vigilance and come down on the unofficial entry of gold into India.
The proceedings of the House were almost washed out as it could not take up any legislative business.
He alleged that the people of Madhya Pradesh were 'befooled' by the saffron party as there was no council of ministers or a health or home minister in place in the state amid the crisis due to the coronavirus outbreak.
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