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.
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.
Taking both direct and indirect taxes, the gross collection is expected to grow 10.45 per cent to Rs 33.61 trillion in 2023-2024.
With the government clearing the decks for direct listing at the Gujarat International Finance Tec-City (GIFT City) International Financial Services Centre (IFSC), issuers will wait for the ecosystem to develop further before firming up their listing plans. In the meantime, most companies may continue to prefer listing in the onshore market, even as the new avenue provides key benefits such as tax waivers and reduced foreign exchange risk. Sources said that a few key things need to be ironed out further.
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 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.
India's national security focus has shifted from the western border to the eastern one. But our trade with China keeps rising. This trade is against our interest, because most of it comprises of Chinese imports, argues Aakar Patel.
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
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.
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.
The increase in petrol prices from Saturday midnight has made the fuel more expensive than aircraft turbine fuel, used to power planes.
"At this point of time, our completely knocked down (CKD) operations are fully fulfilling the new regulations. We are paying 10 per cent duty... There will be no price hike," BMW India President Andreas Schaaf told reporters in New Delhi.
In July alone, 2.5 tonnes of gold coins were imported so far from South Korea under zero-duty facility
Anil Ambani Group company has offered a bank guarantee and indemnity bond for the aircraft, but the Customs officials have that said that it is not possible without the seizure notice.
While an import duty is ruled out, a small excise duty on jewellery manufacturing can be on the cards.
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.
DRI had last month issued the notice to Samsung India for allegedly evading duty worth about Rs 70 crore (Rs 700 million) while importing the tablets from South Korea between April 2012 and February 2013, the sources said.
India's export basket for Pakistan has a limited portfolio as Pakistan has not given 'most favoured nation' status to New Delhi and such goods have ready market in South Asia and the Middle East.
'We expect the new government to look into the issue of penalties imposed on technology firms involved in UID related projects.'
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.
Lamborghini, which expects 60% growth this year has priced Huracan Evo at Rs 3.73 crore, also said in the next five years India will be one of the top 15 markets for the company.
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 case relates to alleged wrong classification of mixed xylene
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.
The outlay for defence sector almost remained unchanged compared to what was allocated in the interim budget on February 1.
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.
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.
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.
A proposal for creation of seven Customs Overseas Intelligence Network units is pending with the Ministry of External Affairs.
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Inflow down in December month-on-month; jewellers demand cut in Customs duty rates
RBI has permitted Axis Bank, Kotak Mahindra Bank, IndusInd Bank and Yes Bank to import gold.
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 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.
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.
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