We don't expect any big changes in on excise duty and custom duty rates, except in life saving drugs.
Premium car makers which do not produce models locally, but assemble these in India are busy exploring ways to avoid a price rise in the wake of the government's new duty structure.
In its first official engagement with the Indian government, Elon Musk-led Tesla and other global automotive (auto) manufacturers sought clarification on the new electric vehicle (EV) policy, specifically regarding investment guidelines and the timeline for the domestic value addition (DVA) requirement. Officials who attended the meeting told Business Standard that the original equipment manufacturers (OEMs) tried to understand whether the complete investment would be made within three or five years and the duration they would have to achieve the 50 per cent DVA. "The consultation meeting was convened to address queries from auto OEMs.
With the new government taking charge in Britain, senior officials of India and the UK will hold the next round of talks this month for the proposed free trade agreement to resolve the pending issues and close the negotiations, an official said. The India-UK talks for the proposed free trade agreement (FTA) began in January 2022. The 14th round of talks stalled as the two nations stepped into their general election cycles.
Import duty on diamonds may be scrapped
Petroleum Minister Ram Naik sought, on Thursday, excise duty cut on petroleum products to check adverse impact of excessive volatality in international crude oil prices on domestic prices
The trade referee is already reviewing a European legal challenge of wine and liquor restrictions in a number of Indian states.
The country's leading steel companies were considering a price increase of Rs 1,000-2,000 per tonne from April 1, despite a partial rollback last month.
This will also give an impetus to the National Manufacturing Policy.
US President Donald Trump has proposed a deal to China that would see the sale of TikTok's US operations to an American buyer in exchange for a reduction in tariffs on Chinese exports to the US. The proposal comes amid a trade war between the two countries and follows China's retaliation of Trump's tariffs on Chinese goods. Trump has also said that tariffs are a powerful economic tool and that he is determined to ensure fair trade between the US and China.
Telecom Regulatory Authority of India has suggested reduction of customs duty on mobile phones to five per cent from 10 per cent
Surging global crude oil prices failed to shore up customs revenue substantially as India Inc resorted to advance licence scheme, which allows duty-free imports for value-added exports.
On the 134th birth anniversary of the chief architect of the Indian Constitution, Utkarsh Mishra revisits three incidents from Dr B R Ambedkar's life that lay bare the deeply entrenched nature of caste prejudice.
With Donald Trump all set to become US president, Indian exporters may face high customs duties for goods like automobiles, textiles and pharmaceuticals if the new US administration decides to pursue the 'America First' agenda, opined trade experts. Experts also said that Trump could also tighten H-1B visa rules, impacting costs and growth for Indian IT firms. Over 80 per cent of India's IT export earnings come from the US, making it vulnerable to changes in visa policies.
The producer was returning with undeclared items from Thailand.
Move after spurt in shipments from the south-east Asian country Thai govt response awaited.
Air India has been a subject of its passengers' ire this week as more than half of its flights have been delayed, primarily because of an old crew rostering system. Due to the existing system, the airline has not been able to handle the disruption created by cyclone 'Biparjoy' on India's western coast. The sudden grounding of two planes also added to the carrier's woes.
HP has been charged with underpaying customs duties while importing products and spare parts.
Raheja, who was returning from London, was arrested on Wednesday night at the Mumbai International airport for evading payment of customs duty.
The N K Singh task force on power sector reforms has proposed wide-ranging fiscal measures, including cut in customs duty, abolition of special ad valorem duty and tax holiday to step up investments in a bid to bring down tariffs.
However, worries on inadequate import and issues for the FTA pacts.
Presently, customs duty on natural rubber, the principal raw-material for tyres is 20 per cent, whereas the customs duty on tyres (the finished product) is 10 per cent, or even lower depending upon preferential/concessional tariff under various regional/bi-laterial trade agreements.
The Indian Textile Industry is currently one of the largest and most important industries in the Indian economy in terms of output, foreign exchange earnings and employment.
Under pressure from the United States and the European Union, which have dragged it to the World Trade Organisation over high duties on wines and spirits
Vistara's aircraft, having better interiors, will replace Air India's planes on major metro-to-metro routes between Delhi, Mumbai and Bengaluru after merger of both the carriers next month, sources privy to the development said on Thursday. "Air India aircraft are being refurbished one by one. Until that process is complete, it makes sense to deploy Vistara planes on our high-revenue metro-to-metro routes between Delhi, Mumbai and Benglauru," a source said.
Higher excise duty at 12 per cent would have negative impact on pesticides manufacturers.
Mohammed Shami has conceded that operating as India's lone front-line pacer after coming back from a lengthy injury layoff is a heavy "responsibility", even as he tries to regain his "rhythm" to suit the team's needs in the ongoing Champions Trophy .
Mohammed Shami's much-awaited return to top-flight cricket did not receive too many supporting signals during the seasoned pacer's nearly hour-long stint of varying intensity at the India nets here on Friday. Despite working hard on finding his bowling rhythm, Shami never really hit his flowing peak. While he was expected to feature in the playing 11 during India's first T20I against England at Kolkata on Wednesday, the management decided to delay his comeback. Shami's rhythm and sharpness gradually hit a higher gear but the whole picture was one of rustiness, raising questions about his current form and the decision to select him for the series against England and the Champions Trophy.
American tech billionaire Elon Musk on Saturday said his proposed visit to India has been postponed due to "very heavy Tesla obligations". The electric carmaker Tesla CEO -- who was expected to be in India on April 21 and 22 and scheduled to meet Prime Minister Narendra Modi -- wrote on X that he is looking forward to coming to India later this year.
Private and public sector oil firms have opposed levy of five per cent customs duty on crude saying this would make import of products like jet fuel cheaper than manufacturing them in the country.
Gold, a safe-haven bet, is likely to continue its record-smashing journey in the New Year, rising to Rs 85,000 per 10 grams and even Rs 90,000 level in domestic markets if geopolitical tensions and global economic uncertainties continue.
In a major development, India and the US have agreed to end six trade disputes at the WTO through mutually agreed solutions, while New Delhi will remove retaliatory customs duties on certain American products such as almonds, walnuts, and apples.
The exemption of the value of right to use packaged software would be beneficial to the gaming industry.
'He needs to see results while he is in office.'
For the first time in history, the luxury car market is poised to cross the sales mark of 50,000 units in 2024, with Mercedes leading the way
The Union Government has forgone a whopping Rs 39,704 crore (Rs 397.04 billion) duty under export promotion schemes during 2003-04, accounting for 82 per cent of customs duty collected in that year, a CAG report has said.
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