The other two components of indirect tax collections -- excise and customs duties -- were already in negative territory since October 2008. In particular, excise -- a levy on factory production levied at the gates - has started declining from September.
The Centre and states are likely to budget for higher market borrowings to the tune of Rs 2.3 lakh crore next fiscal even though the Union budget may peg a lower-than-expected fiscal deficit for the Centre at 5.8 per cent of GDP, says a report. Icra Ratings anticipates higher redemptions will lead to gross market borrowings of the Centre to rise to Rs 14.8 lakh crore and of the states to jump by Rs 1.6 lakh crore to Rs 9.6 lakh crore, taking the combined borrowings (of the Centre and the states) to Rs 24.4 lakh crore in FY2024, up by 2.3 lakh crore from FY23 combined. In FY23, the Centre's gross borrowings are budgeted at Rs 14.1 lakh crore and of the states at Rs 8 lakh crore, or a combined borrowing of Rs 22.1 lakh crore, according to the agency.
In 2007, India slashed the additional customs duty it charged on imported (which were up to 150 per cent of value of imports depending on the spirits), but simultaneously hiked the basic customs duties to 150 per cent from 100 per cent.
India's biggest carmaker Maruti Udyog Ltd on Thursday launched a variant of premium mid-size sedan Baleno and announced a price cut on its existing versions.
Sectors throw up a wishlist for the Finance Minister.
As a measure to pre-empt dumping from China, the government has slapped restrictions on imports of specific steel items used widely in the automobile, oil and construction industries.
In 2020 a round of hikes in customs duty on components like compressors, motors and printed circuit boards aggravated the situation, coronavirus crisis is now leaving manufacturers with no option but to hike prices despite fall in sales.
With the scope of expanding excise and customs duties getting increasingly limited, the government would turn to service tax for widening the tax base, mop up from which is expected to fetch over Rs 10,000 crore by 2005.
Though a range of essential items still continue to be expensive, the rate of price rise has been falling for some time now.
Import duty on PVC, at 7.5%, is far lower than that prevailing in comparable economies.
A 'green' tax aimed at discouraging high consumption of petroleum products may be in the offing, a government official said on Wednesday. The tax, perhaps in the form of a cess on consumption, would also check vehicular pollution to some extent and also help in controlling the high oil subsidy burden.With no sign of moderation in demand for petroleum products, government officials feel that a 'green' tax should be levied on automobiles, on the lines of similar taxes in UK.
The bandh 'business' in Bengal is growing daily because it is the easiest way for the party to get free publicity without any capital investment.
American cult bike maker Harley Davidson, which last week criticised the 'daunting trade barriers' imposed by India, said on Tuesday it was still keen on entering the country but wanted some tax concessions.
The proposed bullion bank can help settle gold loan accounts in gold terms, and promote existing gold schemes, along with launching schemes including gold-recurring deposits.
Apple sought exemption from mandatory local sourcing of components for its products
Insurance company will bear the cost of digitising. It will in turn benefit from lower expenses on servicing policies.
India's exports to the US in 2017-18 stood at $47.9 billion, while imports were $26.7 billion. The trade balance is in favour of India.
The Chinese dependence is far from over, industry players are also citing a shortage of electronic toys in the country.
It is now becoming increasingly clear that rising imports have played a significant role in sustaining the buoyancy in revenues from GST, notes A K Bhattacharya.
'Indian families' needs and expectations have gone through a revolution across economic demographics.' 'As this latest Modi-Sitharaman Budget demonstrated, politicians have understood this change. They are responding to it,' points out Shekhar Gupta.
Re-instatement of 5% custom duty on crude imports will help.
The Supreme Court has dismissed the appeal of ACC Cement, ruling that if a product is manufactured by one firm and sold by another with the latter's brand name, that sale would attract sales tax, not the first transaction.
As the FM said, this is a Budget that lays the foundation for the next 25 years, observes Kumar Mangalam Birla.
Economic offender Narendra Kumar Rastogi was on Friday extradited from the United States to India to face charges in a custom duty evasion case to the tune of Rs 54 crore for exporting scrap to various countries.
Sputnik V is the third vaccine India has given the go-ahead to after 'Covishield', developed by Oxford University and AstraZeneca and 'Covaxin', the indigenous vaccine manufactured by Bharat Biotech. Covishield is manufactured by the Serum Institute of India.
All competitors who shoot the Minimum Qualification Score at the National Shooting Championship competitions will be exempted from customs duty on import of equipments.
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The interest on foreign currency non-resident accounts has been liberalised to attract more deposits.
The Foreign Trade Policy Supplement released by the commerce ministry on Friday extended the (Duty Entitlement Pass book) DEPB scheme till May 2009. The exports for 2007-08 will exceed $155 billion, Commerce and Industry Minister Kamal Nath said. The government has set an export target of $200 billion for the year 2008-09.
GST, which will replace almost all central and state taxes, could have two components of 8 per cent each -- one will go to the Centre and the other to the states, according to sources familiar with the talks between the Centre and the states. However, it will not cover tax on petroleum products and Customs duty.
The government raised import tariff value on gold to $385 per 10 grams.
International automakers have supported the Hyundai Motor's demand for a two-year notice period before any changes are made by the Indian government with regard to excise or custom duties for the auto sector.
This will violate the time-honoured convention that a government elected for a five-year tenure presents only five full Budgets, but the NDA government will no doubt present it as yet another initiative of Mr Modi.
The first consignment of 75,000 vials will reach India on Friday, it added.
This follows a widespread criticism of its pricing policy as it sold Covaxin to the central government at Rs 150 per dose.
The airline industry remained largely undecided on the exact quantum of increase in fares following the hike in ATF prices. Industry sources, however, said the prices might increase by Rs 150 for short haul routes and Rs 300 for long haul routes.
With the Centre allowing the states to impose a host of local taxes on imported wines and spirits, the euphoria over the prospects of buying foreign liquor at cheaper rates may fizzle out.
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