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.
The IMD has warned of heatwave to severe heatwave conditions in parts of West Bengal, Odisha, Bihar, Jharkhand, Andhra Pradesh, Telangana, Karnataka and Uttar Pradesh during the next five days.
As of now, the custom duty on gold is 10 per cent.
A day after the finance ministry cut import duties on a variety of product categories, top manufacturers of zinc -- Hindustan Zinc and Binani Zinc -- slashed prices.
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.
It appears that the focus of commerce minister Anand Sharma, when he unveils the new foreign trade policy, will be to eliminate unnecessary paperwork and thereby help reduce transaction costs for exporters, while retaining the basic framework of the present FTP.
Huge margins, high custom duty and increasing demand among youngsters have led to exponential increase in smuggling of foreign cigarettes.
Most of the jewellers who had reopened their showrooms in confusion on Monday, kept shutters down today at Mumbai's Zaveri Bazar and several other places, demanding rollback of the proposal.
The central government will lose about Rs 24,000 crore (Rs 240 billion) of revenue during the current fiscal on account of reduction in customs and excise duties on petroleum goods.
The government took steps to curb imports of gold after concerns about the country's current account deficit.
Customs collections are six per cent higher during April-June this year over the previous quarter, mainly on account of higher imports of raw materials and capital goods, Central Board of Excise and Customs chairman P C Jha told PTI. Stating that collections are higher on account of improved imports of raw materials and capital goods, he said, this certainly would lead to improvement in manufacturing sector, though the results would be seen 2-3 months later.
The Budget should look at giving suitable fiscal incentives both under direct and indirect tax proposals such as accelerated depreciation and nil customs/ excise levies on capital goods, say experts on the industry.
Finance Minister Pranab Mukherjee seems to have stuck to increasing income for the government as the sole focus of the Budget 2010. The key problem faced by people -- inflation has been thrown out of the window of consideration.
India's tax pie seems to have undergone a subtle change with a sharp drop in direct tax collections resulting from a disproportionate impact of the COVID-19 carnage on incomes. The share of indirect taxes, which mainly comprise of levy on goods and services as well as import duty, has risen while that of direct taxes - made up of corporate and personal income tax - has gone down in 2020. In an interview with PTI, finance secretary Ajay Bhushan Pandey said in a pandemic like this where the economy has been impacted, any large scale changes impact direct taxes more severely, whereas indirect tax collection is mostly proportional to business turnover and compliance.
The finance ministry is considering raising import duty on gold by two percentage points to six per cent, as the surge in demand for the yellow metal threatens to further widen India's current account deficit.
'We can go somewhere between 35 per cent and 40 per cent.'
Housing prices increased by up to 11 per cent annually across eight major cities during January-March period of this year due to a rise in demand for residential properties and a sharp hike in rates of construction raw materials, according to a joint report by CREDAI, Colliers and Liases Foras. Delhi-NCR witnessed highest rise in housing prices by 11 per cent to Rs 7,363 per sq ft during January-March 2022 as compared to the year-ago period, as per the first edition of Housing Price-Tracker report by realtors body CREDAI, real estate consultant Colliers and data analytics firm Liases Foras. Hyderabad witnessed 9 per cent increase in housing prices to Rs 9,232 per square feet, while Ahmedabad saw a 8 per cent appreciation to Rs 5,721 per square feet and Kolkata 6 per cent to Rs 6,245 per square feet.
The growth of exports to India stood out, with value up 28 per cent to 43 million pounds
Computers, mobile phones, tractors and gas stoves will become cheaper with the lowering of duties proposed in the Union Budget 2004-05 while imitation jewellery, steel, cakes and pastries and scented supari will become costlier.
Tax auditors plan to down tools every Tuesday and Thursday until the government issues a decree to raise their wages.
Budget proposal increased Customs duty on imported vehicles.
Four per cent countervailing customs duty on components for mobile phone manufacturing exempted.
Custom duties, a major concern for the oil sector.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
These offer great scope and flexibility when you fall upon hard times, says Harjot Singh Narula
The regulatory burden is the highest on small cars, a key segment of the Indian automobile industry and having a uniform tax structure across all segments of vehicles will not augur well for the sector growth, according to Maruti Suzuki India chairman RC Bhargava. He also said India's economic growth rate could be higher if the manufacturing sector grows fast, which 'unfortunately' has remained a laggard despite the best efforts of the Narendra Modi-led government at the Centre due to implementation gaps at the ground level. "The burden of regulatory changes on the small cars is far higher than the regulatory burden on big cars and that is changing the whole market behaviour.
Citing unviable duty structure on key components like flat panels and open cell parts, Samsung had shuttered its TV assembly lines in Tamil Nadu in 2018.
The 2013-14 Budget continues to focus on growth in predominantly primary sectors like agriculture, infrastructure and education. This growth will in turn support the growth in other sectors including the automobile industry.
The 2013-14 Budget continues to focus on growth in predominantly primary sectors like agriculture, infrastructure and education. This growth will in turn support the growth in other sectors including the automobile industry.
The excise authorities of some states are playing spoilsport by subjecting imported beverages to the same levies as the domestic drop without application of mind.
Misbah-ul-Haq's misfortunes with the Federal Board of Revenue and Taxation continued when his SUV vehicle was confiscated by authorities for non payment of taxes and duty.
After the government backtracked on its plan to impose Customs duty on pricier components, Samsung has decided to begin production of key mobile parts in Noida from April.
On October 31, the government exempted jet fuel from 5 per cent import duty. Indian Oil, Bharat Petroleum and Hindustan Petroleum cut jet fuel or aviation turbine fuel price from November 1 in Delhi by Rs 9,429.87 per kl to Rs 47,017.93 per kl, in line with fall in international oil prices.
The delivery of Freedom251 smartphones is expected to start in April after which the company will start the second round of bookings.
Ministry wants to abolish 2.5 per cent customer duty on petrol and diesel.
. Going forward, if the government interference continues, oil-marketing companies will be at a disadvantage. \n\n
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