CBEC has said a duty-free shop in a Customs area should not be treated as a warehouse.
The revenue from GST for the current fiscal has been pegged at over Rs 4.44 lakh crore, while for next fiscal it is Rs 7.43 lakh crore.
Excise duty on formulations has increased from 4 per cent to 5 per cent.
India has demanded resumption of export benefits to certain domestic products under GSP, and greater market access for its products from sectors like agriculture, automobile, auto components and engineering. On the other hand, the US wants greater market access for its farm and manufacturing products, dairy items and medical devices, data localisation, and import duties cut on some ICT products.
Apart from them, consignments of 11 top importers, including LG, Samsung, Toyota, Honda, and Siemens, will also be allowed entry, relieving them of the 100 per cent inspection rule.
Proposal to provide weighted deduction at 150 per cent of expenditure incurred on skill development in manufacturing sector.
A rise in import duty could be a reason for increase in illegal consignments, say experts.
Excise duty cut of Rs 6,000 on big cars to be passed to customers; LCDs cheaper by Rs 3,500.
Tata Motors owned Jaguar Land Rover will start producing its Range Rover and Range Rover Sport in India, marking a first for the iconic models in their 54-year long history, to be rolled out from a country outside of the UK. Till now the two models were only produced in Jaguar Land Rover's Solihull plant in the UK and then exported to around 121 markets globally, including India.
The Union Budget on Wednesday outlined several initiatives to drive India's technology agenda and boost digital infrastructure, including new centres of excellence for artificial intelligence, National Data Governance Policy, and Entity DigiLocker.
Once customs duties are slashed, your dream to own a luxury car may become a reality.
Textile stocks have exhibited a mixed performance so far this calendar year (CY23), amidst higher domestic cotton prices and tepid global demand. Shares of Page Industries, Dollar Industries, Lux Industries, and VIP Clothing have declined up to 13 per cent so far in CY23, as against a 9 per cent jump in the S&P BSE Sensex. On the contrary, shares of Arvind, Welspun India, Raymond, and Gokaldas Exports have gained up to 51 per cent, during the same period.
The government could look at providing deductions for expenses incurred by salaried employees while working from home in the upcoming Budget as it looks to boost demand, consulting firm PwC India said on Thursday. Addressing a pre-Budget session, Pwc India senior tax partner Rahul Garg said demand creation is particularly focussed on money being given or left in the hands of the individuals.
All eyes will be on whether Sitharaman provides the much-expected tax relief for the middle class, leaving more money in their hands, as there is tax buoyancy
The issue is set to be discussed early next week as the commerce department meets with industry bodies to discuss the widening supply gap for key imports.
The interim free trade agreement between India and Australia will come into force on Thursday, providing duty-free access to thousands of domestic goods such as textiles, and leather in the Australian market. The agreement will help almost double the bilateral commerce to $45-50 billion in around five years, according to exporters and industry players. The Economic Cooperation and Trade Agreement (ECTA), which was signed on April 2, would provide duty-free access to Indian exporters of over 6,000 broad sectors, including textiles, leather, furniture, jewellery and machinery in the Australian market.
The project import status for set up of head-ends and lower customs duty and nil SAD would be a booster for the multi service operators.
Can this growth in GST collection be sustained in the coming years? asks A K Bhattacharya.
The government had set a budgetary target of over Rs 1.87 lakh crore for collection from customs duty in current fiscal
Apple Inc has announced the India prices of the new variants of its bestselling smartphones - launched on Tuesday - as it assembles the device in the country. The new iPhone 15 range starts at Rs 79,900 for the 128 GB variant (the same price as the iPhone 14 when it was launched last year) and goes up to Rs 199,900 for the top-end Pro Max with a 6.7 inch screen and 1 TB (terabyte) storage. The world's most valuable company also launched three new upgraded Apple watches, starting with the SE at Rs 29,900 and going up to Ultra 2 at Rs 89,900.
The police want to trace the youths as well as a minor seen in the viral video, it said in court.
But it may come with a downside risk of further rise in prices of several products.
Consumer durables firms on Monday hailed Finance Ministry's proposal to reduce customs duty on flat panels to five per cent from 10 per cent, saying that the move will reduce LCD TV prices and boost demand.
The government is also looking to earn 8 paise for every rupee from Union excise duty and 3 paise from customs duty. While, income tax will yield 14 paise to every rupee collection.
According to exporters, withdrawal of incentives under GSP would impact India's export worth $5.6 billion to the US.
In order to check the abnormal surge in edible oil prices during Diwali festivities, as many as 18 states are in the process of imposing stock holding limits on oilseeds and edible oils after being empowered by the Centre for doing so. Of the 18 states that are in the process of imposing stock limit on my edible oils apart from UP, include Rajasthan, Gujarat, Maharashtra, Odisha, Kerala, Jharkhand, Chhattisgarh, Andhra Pradesh, Tamil Nadu, Tripura and the Union Territory of Chandigarh. Of the 18, Uttar Pradesh, has already imposed stock limits on edible oils, the Centre was informed with as many as 23 states to discuss ways and means to ensure further easing of edible oil prices.
The rising goods and services tax (GST) and personal income-tax collections may bolster the Narendra Modi government's ability to announce new schemes or enhance existing ones.
The government has slapped a tax notice of Rs 1,450 crore on the computer-maker Hewlett Packard India for allegedly evading Customs duty, a charge which was refuted by the company.
The principal commissioner has been made responsible for developing and approving any intelligence, conducting search, and completing investigations and relevant subsequent actions, including at the lower field formations, points out T N C Rajagopalan.
Sitharaman raised excise duty and road and infrastructure cess on the auto fuels by Rs 2 per litre each to raise over Rs 28,000 crore.
Select life saving drugs, LCD TVs, mobile phones, branded jewellery, sports and leather products, packaged software and footwear are among items that would cost less, while gold bars and coins, silver, set-top boxes and cosmetic surgery would turn costlier after the Budget.
The government on Monday reduced basic customs duty on influenza vaccine and nine other specified life-saving drugs used for treating breast cancer, hepatitis-B, rheumatic arthritis, etc.
A top Republican lawmaker has welcomed India signing a trade deal with Australia, and urged the Biden administration to enter into a similar arrangement with New Delhi that can advance Washington's strong economic agenda in the strategically vital Indo-Pacific region. "I'm pleased to see #Australia & #India sign a strong trade deal," Senate Foreign Relations Committee Ranking Member Jim Risch said in a tweet. "The US needs to do the same and advance a strong economic agenda in the #IndoPacific. "The Biden Admin's failure to lead hurts US growth and our partnership in the region," Risch said in another tweet.
If the United States has its way in the World Trade Organisation, Indians may soon be able to savour the famed Californian wine for a much lesser price.
Huge gold imports have put pressure on the country's Current Account Deficit, which in turn is affecting the value of rupee.
Prices of thin flat screen televisions and monitors will come down as the government on Monday lowered the basic customs duty on LCD panels used in manufacturing of such electronic goods to five per cent from 10 per cent.
When I asked Krishna Gopal Sengupta, who had travelled through Bangladesh from Chittagong to Petrapole if the interim government had made any impact at ground level, he said, "it's been only a couple of days. They will need some time." Shyam G Menon reports from Petrapole, India's entry point with Bangladesh.
India is unlikely to join the ongoing negotiations for a plurilateral deal on e-commerce at the World Trade Organization (WTO), notwithstanding a change in stance on data localisation and cross-border flow of data. Under the new draft digital personal data protection (DPDP) Bill, put out on Friday for public consultation, the government has proposed free cross-border flow of data with 'friendly' nations, significantly easing its earlier stance on data localisation. India has so far stayed out of a group of 87 countries, including the US, European Union, China, and Japan that are negotiating trade-related aspects on e-commerce since December 2017.
It is the season for submitting 'wish lists' to the finance minister. Let me make only one point today, which is to simplify the duty rate structure.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances