None of the demands of the industry were met.
At a time when the role of corporate boards is once again under the scanner, independent directors on the Paytm Payments Bank board have indicated that red flags were raised over regulatory issues but they may have been late in doing so. "As independent directors, we asked questions and monitored responses to the Reserve Bank of India (RBI). Many changes were made on compliances. "Obviously, in retrospect, it was not found to be enough," said one of the independent directors on the condition of anonymity.
Firms also said the excise duty hike by two per cent will be passed on to consumers and it may hurt sales further.
External commercial borrowings to the extent of USD 1 billion to be allowed for aviation sector for next year.
As soon as the House met at 2 pm, papers were laid on the table and two resolutions adopted amid slogan shouting and protest by Congress members.
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 import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
'Wine is an indicator of the quality of life,' says Alok Chandra.
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.
Petrol will cost less than Rs 18 a litre but for the duties levied by central and state governments, Petroleum Minister Mani Shankar Aiyar said on Tuesday.
The country's exports are expected to contract by 5.8 per cent and imports by 11.3 per cent during the second half of the current financial year, though implementation of several measures by the government would help support exports going forward, according to the Economic Survey 2021. With gradual recovery of economic activities, the survey said that imports and exports have picked up. During the first half of 2020-21 (April-September), exports dipped by 21.31 per cent to $125.25 billion while imports declined by 40 per cent to $148.69 billion.
The tariff value of silver has, however, been hiked marginally to $1062 a kg
India has scrapped import duty on more than 4,800 items from four neighbouring countries and reduced customs tariff on these products from Pakistan and Sri Lanka as part of efforts to boost trade in South Asia.
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, which is released every fortnight, is the base price on which the customs duty is determined to prevent under-invoicing.
Imports are down also because local traders are clearing unaccounted stock after introduction of 1 per cent excise duty
The Indian capital goods industry has not got the much needed import barriers especially for power equipments.
'Commentators have said that dealing with allies as equals will make Modi more sensitive.' 'Remember that the people Modi is dealing with are equally autocratic in their own lairs.' 'Further, Modi always has handy the threat of dissolving Parliament and calling for fresh polls.' 'Most of his own party, and certainly his allies and opponents having blown their budgets of efforts and resources in the just concluded elections, have no stomach for this.' 'They are all greatly looking forward to the loaves and fishes of office on offer.' 'That gives Modi an unbeatable advantage in any push-comes-to-shove situation,' explains Shreekant Sambrani.
At a time of falling GDP growth, the case for boosting revenue by increasing the tax rates is weak.
Finance Minister Arun Jaitley is expected to present the Budget for 2014-15 in July.
The government on Tuesday raised the deposit threshold limit to Rs 5 lakh per annum in provident fund for which interest would continue to be tax-exempt.
Oil and gold had accounted for 45 per cent of India's imports bill in 2012-13.
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.
Google's premium smartphone series Pixel 7 and Pixel 7 Pro will be around 15-21 per cent costlier in India compared to other countries, according to the prices revealed by the company. The company has started pre-booking the Pixel 7 at Rs 59,999 ($729.36) and Pixel 7 Pro at Rs 84,999 ($1033.27) on the e-commerce portal Flipkart. The devices would be available from October 13.
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.
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 came out with Foreign Trade Policy (FTP) 2023 which seeks to boost the country's exports to $2 trillion by 2030 by shifting from incentives to remission and entitlement based regime. Unlike the practice of announcing 5-year FTP, the latest policy has no end date and will be updated as and when needed, said Director General of Foreign Trade (DGFT) Santosh Sarangi while briefing media about FTP 2023. Earlier, Commerce and Industry Minister Piyush Goyal unveiled FTP 2023 which will come into effect from April 1, 2023.
Per capita income has more than doubled to Rs 1.97 lakh in around nine years. Indian economy has increased in size from being 10th to 5th largest in the world in the past nine years. Seven priorities of the Budget, 'Saptarishi', are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector.
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.
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
In July alone, 2.5 tonnes of gold coins were imported so far from South Korea under zero-duty facility
Before 2019, an estimated 22 million individual income-tax returns did not have to pay any taxes. But after the change in the exemption level, another 13 million individual tax returns did not require to pay taxes. Thus, of about 58 million returns, as much as 63 per cent or 35 million went out of the direct tax net, A K Bhattacharya points out.
The increase in petrol prices from Saturday midnight has made the fuel more expensive than aircraft turbine fuel, used to power planes.
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.
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