No longer a discretion of the tax administrator, the audit of returns filed by taxpayers is now based on a selection by algorithms, notes Tarun Bajaj.
Retailers, especially food and grocery chains, are clearly unhappy, saying the ban is impractical
The ED said its investigation also revealed that from 2019 to 2022, the sale of 'unaccounted illicit' liquor was almost 30-40 per cent of the total liquor sale in the state.
Naval Group's announcement comes a day before Prime Minister Narendra Modi's visit to Paris where he is scheduled meet recently re-elected French President Emmanuel Macron.
Exporters on Thursday demanded fiscal incentives, tweaking in customs duties on certain products and credit at affordable rates in the forthcoming Budget to boost exports and create jobs. In a pre-budget virtual meeting with Finance Minister Nirmala Sitharaman, the Federation of Indian Export Organisations (FIEO) said the depreciation of the rupee against the US dollar is affecting exports' competitiveness and the sector requires more support. "Creation of employment is the biggest challenge faced by the country...We would urge the government to provide fiscal support to units which provide additional employment in the export sector," the exporter's body said.
The two-day mega exercise is involving almost all its frontline fighter jets and other assets deployed in the region, people familiar with the drill said.
A knee-jerk reaction, they said, could be detrimental to the fortunes of an industry that is highly dependent on the country given the huge competitive advantage it offers, in terms of cost and speed.
The industry feels that prices of active pharmaceutical ingredients (APIs) can go up in the range of 5-15 per cent.
Special judge MK Nagpal will also hear arguments on Arora's plea to grant him pardon in the matter and allow him to become a witness in the matter.
A 15 per cent corporate tax rate for services companies in SEZs, setting up a fund for deep-tech startups and establishing clusters to demonstrate design-to-manufacturing capabilities of tech firms were some of the key demands made by the IT sector at the pre-Budget consultation on Monday. The participants shared their views and suggestions regarding Big Data, incentives for encouraging setting up of data centres, fiscal incentives for data localisation, incentives for pushing digital penetration in rural areas, and corporate guarantee to startups for competing with other nations.
The government on Monday extended the period of production-linked incentive scheme for large-scale electronics manufacturing with a focus on mobile phones by a year until 2025-26. The base year of the scheme 2019-20 remains the same but the companies will have the option to choose their five-year period either from the base year or the year 2020-21 for calculation of the incentives under the scheme. "Now we have extended the tenure of the scheme from 2020-21 to 2025-26. "Earlier, it would have ended in 2024-25.
In the quarter ending June 2022, the growth of Internet subscribers was less than one per cent of all of 2021.
India's medical devices imports surged 41 per cent to touch Rs 63,200 crore in 2021-22, led by a 48 per cent year-on-year (YoY) jump in imports from China to Rs 13,538 crore, the commerce ministry data analysed by the Association of Indian Medical Device Industry (AiMeD) has showed. Local industry players say this has led to several small and medium units to shut shop. Rakesh Vaid of Usha Fabs, a garments exporter, had started making N95 masks in his Gurgaon factory during the peak of the Covid-19 pandemic.
The town produces 85 per cent of the country's fireworks.
During the meeting with Finance Minister Nirmala Sitharaman, the auto industry broadly presented factors such as issues regarding availability and affordability of financing, increasing cost of acquisition of vehicles and change in axle load capacity for commercial vehicles that have hurt demand.
According to police, Lakhwinder Singh was nabbed from Sarai Kale Khan on September 24, and Gurjeet was apprehended near ISBT Kashmiri Gate on October 13.
A bench of the NGT, headed by its chairperson Justice Adarsh Kumar Goel, directed that the order will also apply to all cities and towns in the country where the average of ambient air quality during November (as per available data of last year) falls under 'poor' or worse category.
Panasonic India is set to increase the prices of its products by up to 7 per cent, while some others players have already increased it.
Reinvent and innovate will be the key mantra for the Indian pharma industry in the New Year as the 'pharmacy of the world' looks to move from volume to value leadership, amid emerging challenges of inflation and pricing pressures in the global markets. While R&D investment, market competitiveness, regulatory scrutiny, and domestic price regulations are expected to shape the growth of generics and injectable products, concerns such as price control and customs duties on medical equipment will continue to bother the healthcare industry in 2023. The industry believes that in view of India's G20 Presidency, digital health innovation, achieving universal health coverage, improving healthcare infrastructure and delivery will continue to be the key driving factors in 2023.
The exporters are optimistic that the industry will grow by 8-10 per cent and it can improve further if the government helps the industry.
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The Drug (Prices Control) Order implemented in May last year brought into its purview 652 packs of 348 formulations.
She alleged that today, the regime in power is misusing and subverting the institutions of the Constitution, and weakening its foundations of liberty, equality, fraternity and justice.
Open order books in February breach 700,000; wait period for some models exceed a year.
Honda Motorcycle and Scooter India (HMSI), the country's second-largest two-wheeler manufacturer, is planning to launch its first electric vehicle (EV) here by March next year, said CEO & MD Atsushi Ogata on Monday. The company would also enter the low-end motorcycle market in March by launching a 100cc engine bike at a price that will "positively shock" customers, he said while speaking with reporters, after launching the Activa with Honda Smart Key. HMSI's first EV, an electric scooter, will have a fixed battery and the second model will have two swappable batteries, Ogata explained.
The businessmen in the Maharashtra have given a cry of 'remove Ajit Pawar' against the high tariff of electricity.
The dinner Jill Biden and her husband US President Joe Biden hosted for Indian prime minister Narendra Modi, June 22, at the White House brought together, Indians and Americans from so many firmaments.
The Eknath Shinde-led Maharashtra government has come under fire following the Centre's announcement that Tata-Airbus C-295 transport aircraft project would be set up in Gujarat, with the opposition seeking to know why the project that was supposed to come up in Maharashtra went to the neighbouring state.
The move will primarily impact luxury car companies like Mercedes Benz, BMW, Audi and Volvo and bike brands like Triumph and Harley Davidson.
In a communication to the empowered committee on PLI recently, the Indian Cellular & Electronics Association (ICEA) has stated that except one player (Samsung), all the other eight players (which include vendors of Apple Inc) selected under the scheme were facing numerous challenges in fulfilling the qualification criteria.
How dominant are Chinese firms in India's sub-Rs 10,000 mobile device market? The question has become relevant as the government has been thinking of reserving this price segment for domestic players who have not been able to battle the Chinese onslaught. However, telecom firms and others are concerned that such a move could stymie the effort to build affordable 5G phones in the sub-Rs 10,000 category.
India's services sector activity expanded at the second-fastest pace in more than a decade during November, driven by sustained rise in new work and improvement in market conditions, a monthly survey said on Friday. The seasonally adjusted India Services Business Activity Index was at 58.1 in November, fractionally down from 58.4 in October. The November figure points to the second-fastest rise in output since July 2011. For the fourth straight month, the services sector witnessed an expansion in output.
The fourth annual survey of best employers in India by global human resource consultancy firm Hewitt Associates will also rank companies which employ blue collar workers.
Haryana's Additional Advocate General Jagbir Singh Malik said the State will be filing a Special Leave Petition (SLP) against the order before the Supreme Court. The interim order has come as a relief for companies in the state which feel that the Haryana State Employment of Local Candidates Act, 2020 would have a bearing on their future business operations and investment.
Over longer periods of three, five and 10 years, small-cap funds have rewarded their investors handsomely.
With the Covid-19 pandemic showing signs of ebbing and economic activity picking up, factory owners in Jalandhar had hoped that the worst was over. However, the heat wave in April and extensive power cuts that came with it, have crushed their hopes. The city's large number of micro, medium and small enterprises (MSMEs) are now gearing up for yet another struggle, this time to survive with the shortage of power that is severely impacting their operations.
Prime Minister Narendra Modi is likely to announce a host of initiatives for the health sector on Independence Day with the highlights being the 'Heal in India' and 'Heal by India' projects and a roadmap to eliminate sickle cell disease by 2047, official sources said.
'Promises of free vaccination, it appears, are good only for winning elections, and dumping the people thereafter'
Hemant Shivsaran lists the number of projects the Modi government has announced since August to woo Gujarat voters.
Cars and two-wheelers attract 28% GST and a cess in the range of 3-22%, taking the effective tax rate to up to 50%.
Large retailers are allegedly importing apparel made of Chinese fabric from Bangladesh at nil duty, under our free trade agreement with the latter country. However, the same agreement does not permit duty-free export from here.
