The two leaders also agreed that bilateral trade will be conducted on Most Favoured Nation basis.
'In the months of January and February, China bought 18 times more amount of masks'
The new mantra was to align Apple's ambition with the government's, focusing on Modi's favourite themes of Make in India, employment generation and India as a high-tech export hub.
Softening the demonetisation blow, the Budget for 2017-18 on Wednesday halved the tax to 5 per cent on incomes up to Rs 500,000 but proposed a new surcharge of 10 per cent on incomes between Rs 50 lakh and Rs 1 crore and raised duties on cigarettes and pan masala while stepping up allocations for infrastructure, rural, agriculture and social sectors.
India, the world's biggest consumer of gold, imported 967 tonnes of gold in 2011.
Justifying the hike in customs duty on gold in the Budget, Finance Minister Pranab Mukherjee today said its huge imports cause strain on the balance of payment and affect exchange rate, but it does not have any direct bearing on the forex reserve.
Macroeconomic management is usually a lot more comfortable with lower fiscal deficits. The sooner we get there, the better for the economy, says former Chief Economic Adviser to the Government of India Shankar Acharya.
In a pre-Budget meeting with Revenue Secretary Sunil Mitra, Ficci President Rajan Bharti Mittal said in view of the looming threat of a double-dip recession and another slowdown in western countries, the stimulus should not be rolled back in the Budget in February.
Customs and excise duty rates have been amended mainly to promote Make in India.
The government will have to get projects moving.
Bollywood celebrities and cricket stars are set to grace the inaugural Formula One Indian Grand Prix on Sunday but one dignitary who would be conspicuous by his absence would be sports minister Ajay Maken who has not yet been invited for the high-profile event by the organisers.
Though FDI inflow has been on the rise in the past three years, it is mostly on account of services
Buoyed by the success in a tiny but exclusive market, Lamborghini India, which operates dealerships in Mumbai, New Delhi and Bengaluru, is going to roll out another two, in Kolkata and Chennai, in the near future.
The Finance Ministry on Friday said indirect tax collections are likely to cross Rs 2,00,000 crore (Rs 2000 billion) this fiscal, well above the target of Rs 1,92,215 crore (Rs 1922.15 billion).
Lata Ramgobin, who is the daughter of noted rights activists Ela Gandhi and late Mewa Ramgobind, was also refused leave to appeal both the conviction and the sentence by the Durban Specialised Commercial Crime Court.
Party leader Jayalalithaa said protests would also be held in states like Maharashtra, Delhi, Karnataka and Puducherry, where her party was functioning.
The Union Budget 2010-11 presented by the Finance Minister Pranab Mukherjee in the Lok Sabha on Friday, supports the strategy for the development of agriculture and related sectors.
The customs duty should be at a substantially lower rate for all types of imports i.e. consumables, pharmacy items, bio-medical equipments etc since this is the major cost factor of the patient's bill.
A Dubai trip plus Apple iPhone 12 is cheaper than buying the phone in India. Various models of the iPhone 12 Pro and Max are cheaper in Dubai by up to Rs 35,000 owing to higher GST, Customs duty in India.
The government on Thursday banned exports of non-basmati white rice to boost domestic supply and keep retail prices under check during the upcoming festive season. There would be no change in export policy of par-boiled non-basmati rice and basmati rice, which forms the bulk of exports, the food ministry said in a statement. Non-basmati white rice constitutes about 25 per cent of total rice exported from the country.
From road transport to health insurance, tax rules have changed from October 1.
It was one of the toughest times in history to announce a budget, says Harsh Goenka, chairman of RPG Enterprises.
Incidents in his life that Sachin Tendulkar would rather forget.
The high tax regime makes aircraft service above 50 per cent more expensive than international rates and might spell trouble for over a dozen MRO projects -- several of them involving foreign direct investment that have been announced so far.
The Union Budget 2011-12 was a low key affair for the Telecom sector. The Budget did not mention extension of fiscal benefits under the Sec 80IA from 5 years to 10 years.
Issues raised by the industry, like rationalisation of the eight per cent central excise on jet fuel, still remain to be addressed. As a result of the government abolishing five per cent customs duty on aviation turbine fuel from Tuesday, state-run oil firms have cut jet fuel prices by Rs 2,100 per kilo litre, on top of the 17 per cent price reduction announced late last week.
The country's exports grew 5.37 per cent year-on-year to $27.24 billion in January 2021, mainly driven by healthy growth in pharma and engineering sectors, according to provisional data of the commerce ministry. Trade deficit during the month narrowed to $14.75 billion from $15.3 billion in January 2020. It was $15.44 billion in December 2020. Imports in January 2021 rose 2 per cent to $42 billion.
Indirect tax collections saw only a meagre 3.5 per cent growth, as mop-up from Customs fell sharply on account of a drop in imports.
'Government's focus should be on the expenditure side in this Budget, not so much on the taxation side.'
Admitting that rising prices of essential commodities like pulses and edible oils have affected the common people, government said on Friday that measures already initiated will be intensified to ease the situation.
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