The Union Government has forgone a whopping Rs 39,704 crore (Rs 397.04 billion) duty under export promotion schemes during 2003-04, accounting for 82 per cent of customs duty collected in that year, a CAG report has said.
Prices of scotch whiskey and wine may fall by a third on the low-end brands, while savings on premium brands like Johnnie Walker and Chivas Regal would be in the range of Rs 350-500 per bottle.
For the first time in history, the luxury car market is poised to cross the sales mark of 50,000 units in 2024, with Mercedes leading the way
'He needs to see results while he is in office.'
This gesture is 'in keeping with the spirit in which the gift was given', Fiat said in a statement in Mumbai.
Actress Veena Malik, a Pakistani national and former Bigg Boss participant was detained at the Mumbai airport by the Air Intelligence Unit (AIU) of the customs on Wednesday for evasion of customs duty.
India, the world's largest edible oil importer, on Wednesday slashed customs duty on RBD Palm oil to 70 per cent from 85 per cent but traders here said it is unlikely to have any significant impact on imports.
Air travellers currently can bring a flat screen television for personal use without paying any duty.
Telecom service providers have doubled down on their demands for a proposed fair-share charge (FSC) to be levied on major over-the-top (OTT) service providers, opening up the 6 GHz spectrum band and increasing the number of testing labs for telecommunication products. Telecom industry body Cellular Operators Association of India (COAI) on Wednesday said these were the topmost demands for Prime Minister Narendra Modi-led National Democratic Alliance (NDA) government. The industry body wants this additional capital expenditure to be borne by these Large Traffic Generator (LTGs) OTTs as a proposed fair-share charge.
It will be the second Budget of the Modi 3.0 government and eighth straight Budget for Nirmala Sitharaman, rare in Indian polity.
The government expects indirect tax collection to be lower than the Budget Estimate (BE) of Rs 13.38 trillion this fiscal year, despite prospects of netting goods and services tax (GST) in large amounts, Revenue Secretary Tarun Bajaj has said. "Indirect tax collection may see lower realisation than budgeted on account of cuts in excise and customs duties. "We could see a shortfall of about Rs 1.5 trillion on account of those," he told Business Standard.
Only borrow an amount that can be repaid comfortably. The ratio of total EMI to take-home salary should not exceed 40 per cent.
The United States has approached the World Trade Organisation against India over the high customs duty it imposes on import of wine and distilled spirits.
Most investors should have a 5% to 10% allocation to gold for diversification. They should stagger their investments to mitigate timing risk.
Excise duty on most products has been capped at 12.5 per cent
Finance Minister Nirmala Sitharaman will present her 8th straight Budget and all eyes will be on the much-expected tax relief for the middle class. Sitharaman had in her first Budget in 2019 replaced the leather briefcase -- which had been in use for decades for carrying Budget documents -- with a traditional 'bahi-khata' wrapped in red cloth.
The government is beefing up enforcement against tax cheats in real estate sector, says Panagariya
The government has reduced the tariff value for import of edible oil, including palm oil, by up to $112 per tonne, a move which experts said can lead to lower domestic prices. The Central Board of Indirect Taxes and Customs (CBIC), through a notification, has cut the tariff import value of crude palm oil by $86 per tonne, and of RBD and crude palmolein by $112 per tonne each. It also reduced the base import price of crude soyabean oil by $37 per tonne. The changes in tariff value of edible oil are effective from Thursday (June 17).
BMW Group India recorded its highest annual sales on the back of strong demand for its top-end ICE (internal combustion engine) and electric vehicles (EVs). The German luxury automaker on Thursday announced that its domestic car sales jumped 18 per cent year-on-year (Y-o-Y) to 14,172 units in calendar year 2023 (CY23). This mirrored a trend in the luxury space, with its peers also reporting record numbers.
The Assam Cabinet on Sunday had decided not to register any case against the Congress MP or his British spouse, who the BJP has accused of having ISI links, but instructed the DGP to file an FIR against Pakistani national Ali Tauqeer Sheikh.
From November 12, Vistara aircraft will be operated under Air India's banner, identifiable by a special four-digit flight code beginning with '2'. For example, flight UK 955 will become AI 2955, making it easier for customers to recognise when booking on airindia.com after this date.
India, the world's largest gold consumer, is unlikely to announce a cut in customs duty on gold in its annual budget on Friday, despite demands by a leading industry body, traders said on Monday.
India should convert the Trump threat to an India opportunity, re-embracing a more liberal trade regime as a way of reviving manufacturing output and exports.
'We are not incentivising the old tax scheme. These taxpayers will also shift to the new regime after comparison.'
The government should bring natural gas under the Goods and Services Tax (GST) regime to realise Prime Minister Narendra Modi's vision for a gas-based economy and raising the share of the environment-friendly fuel in India's energy basket, an industry body that represents the likes of Reliance Industries as well as state-owned firms, has said. Natural gas is currently outside the ambit of GST, and existing legacy taxes -- central excise duty, state VAT, central sales tax -- continue to be applicable on the fuel. In its pre-Budget memorandum to the finance ministry, Federation of Indian Petroleum Industry (FIPI), which boasts of members from across the oil and gas spectrum, also demanded rationalisation of GST on transportation of natural gas through pipeline as well as on re-gasification of imported LNG to help bring down cost of the environment friendly fuel.
The tech community, which was getting ready to use the ChatGPT fever and raise unlimited capital for their businesses, is going to face tougher obstacles now, predicts Ajit Balakrishnan.
Virat Kohli, struggling for form, will be playing in Delhi's last league game against Railways at the Kotla from January 30.
India's leading steel companies hope the Modi 3.0 Budget will continue the massive capital expenditure currently underway, focusing on infrastructure development, manufacturing, and fair trade. The infrastructure segment is the largest steel user, and the government's focus has fuelled steel consumption even as international markets have underperformed. According to provisional statistics, steel consumption grew 13.6 per cent in FY24, reaching 136 million tonnes (mt), according to a CRISIL report.
SAIL and Essar are understood to have agreed on slashing prices on some steel products by up to Rs 2,000 a tonne.
The impact of fiscal measures announced by the government to contain inflation will be seen in the next few months because of the base effect, reports Indivjal Dhasmana.
Granting SCS to the state has been a long-pending demand of the JD-U supremo and Bihar chief minister Nitish Kumar, whose Bihar cabinet had even passed a resolution last year requesting the Centre to grant SCS to the state.
Petroleum industry Friday demanded abolition of 5 per cent customs duty on imported LNG and a uniform 4 per cent sales tax on LNG throughout the country to promote its use.
The deficit stood over Rs 8 trillion in the first seven months of the current financial year. Non-tax revenues, comprising transfers from the RBI and dividends of the public sector units, shored up the Centre's revenues.
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