Higher excise duty at 12 per cent would have negative impact on pesticides manufacturers.
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.
A Rs 23,000-crore production-linked incentive (PLI) scheme for electronic components may boost margins and enable a broader product mix.
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.
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.
The exemption of the value of right to use packaged software would be beneficial to the gaming industry.
Audi plans to focus the Indian market, including deepening market penetration and increasing sales volume.
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.
Prices of scotch whiskey and wine may fall by a third on the low-end brands, while savings on premium brands like Johnnie Walker and Chivas Regal would be in the range of Rs 350-500 per bottle.
This gesture is 'in keeping with the spirit in which the gift was given', Fiat said in a statement in Mumbai.
India, the world's largest edible oil importer, on Wednesday slashed customs duty on RBD Palm oil to 70 per cent from 85 per cent but traders here said it is unlikely to have any significant impact on imports.
Actress Veena Malik, a Pakistani national and former Bigg Boss participant was detained at the Mumbai airport by the Air Intelligence Unit (AIU) of the customs on Wednesday for evasion of customs duty.
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.
Air travellers currently can bring a flat screen television for personal use without paying any duty.
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 United States has approached the World Trade Organisation against India over the high customs duty it imposes on import of wine and distilled spirits.
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.
Excise duty on most products has been capped at 12.5 per cent
The government expects indirect tax collection to be lower than the Budget Estimate (BE) of Rs 13.38 trillion this fiscal year, despite prospects of netting goods and services tax (GST) in large amounts, Revenue Secretary Tarun Bajaj has said. "Indirect tax collection may see lower realisation than budgeted on account of cuts in excise and customs duties. "We could see a shortfall of about Rs 1.5 trillion on account of those," he told Business Standard.
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.
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.
The government is beefing up enforcement against tax cheats in real estate sector, says Panagariya
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.
The government has reduced the tariff value for import of edible oil, including palm oil, by up to $112 per tonne, a move which experts said can lead to lower domestic prices. The Central Board of Indirect Taxes and Customs (CBIC), through a notification, has cut the tariff import value of crude palm oil by $86 per tonne, and of RBD and crude palmolein by $112 per tonne each. It also reduced the base import price of crude soyabean oil by $37 per tonne. The changes in tariff value of edible oil are effective from Thursday (June 17).
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.
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.
Telecom service providers have doubled down on their demands for a proposed fair-share charge (FSC) to be levied on major over-the-top (OTT) service providers, opening up the 6 GHz spectrum band and increasing the number of testing labs for telecommunication products. Telecom industry body Cellular Operators Association of India (COAI) on Wednesday said these were the topmost demands for Prime Minister Narendra Modi-led National Democratic Alliance (NDA) government. The industry body wants this additional capital expenditure to be borne by these Large Traffic Generator (LTGs) OTTs as a proposed fair-share charge.
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 .
India, the world's largest gold consumer, is unlikely to announce a cut in customs duty on gold in its annual budget on Friday, despite demands by a leading industry body, traders said on Monday.
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
Only borrow an amount that can be repaid comfortably. The ratio of total EMI to take-home salary should not exceed 40 per cent.
'He needs to see results while he is in office.'
It will be the second Budget of the Modi 3.0 government and eighth straight Budget for Nirmala Sitharaman, rare in Indian polity.
Most investors should have a 5% to 10% allocation to gold for diversification. They should stagger their investments to mitigate timing risk.
