India's economic growth is likely to slow down to 6.5 per cent this fiscal and to 6 per cent in the subsequent year mainly due to high oil prices, which reactivated inflation, the Asian Development Bank said on Wednesday.
Electronics major Samsung has received orders for around 1.4 lakh units of its premium smartphone Galaxy S23 worth a total of Rs 1,400 crore on the first day of its pre-booking for the device, a senior company official has claimed. Samsung India, Senior Vice President for Mobile Business, Raju Pullan told PTI that the pre-booking for Samsung Galaxy S23 is almost twofold compared to the previous version of the smartphone Galaxy S22. "We have clocked almost 1.4 lakh units as pre-book in the first 24 hours and this is almost two times of Galaxy S22.
While the ratio determines the extent to which the government is able to finance its expenditure, it is also an indicator of tax compliance. Developed countries have a higher contribution of tax to their GDP.
India is expected to link drastic reduction of huge financial support given to their farm sector by many western countries to the reduction of customs duty on agri-products by developing nations, in the WTO mini-ministerial beginning in Tokyo.
European Commission asked India on Tuesday to address hindrances coming in the way of bilateral trade and favoured lowering of customs duties and doing away with non-tariff barriers to ensure level playing field for the importers.
The Vijay Kelkar task force on direct and indirect taxes, submitted its report to Finance Minister Jaswant Singh.
Agriculture Minister Ajit Singh said on Tuesday the interest of Indian farmers will be safeguarded at any cost in the negotiations on agriculture to begin soon at the World Trade Organisation.
The passage of the bill will pave the way for setting up of a GST council that will decide the tax rate, cess and surcharges.
Delhi-based Eli Lilly & Company (India) Pvt Ltd has cut by 40 per cent the price of 'Xigris,' used for treating food poisoning in line with reduced customs duty.
The US on Thursday raised concerns over India's Personal Data Protection (PDP) Bill and draft non-personal data governance framework, claiming these could potentially threaten innovation and economic growth. In its latest 'Special 301' Report, the US Trade Representative (USTR) kept India on the priority watch list, maintaining the country remains one of the world's most challenging major economies with respect to protection and enforcement of intellectual property (IP). In December 2021, a joint parliamentary committee released a report recommending changes to the PDP Bill, 2019, that could undermine important IP protections in India.
Hyundai Motor India Ltd reported a 17.84 per cent dip in its domestic car sales for February, and said it would soon reduce the price of its high import intensity models 'Elantra' and 'Sonata'.
Reflecting buoyancy in revenue sector, the central government's gross tax collection grew by over 18 per cent to Rs 1,94,231 crore (Rs 1942.31 billion) in the first nine months of this fiscal mainly due to robust growth in direct tax mop-up.
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