Union budget was mildly for cable broadcasting industry and DTH.
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.
The government on Thursday slashed customs duties on various non-agricultural goods, cell phones, IT and electronics items and abolished domestic and foreign travel tax.
State-run oil firms on Thursday cut aviation turbine fuel (ATF) or jet fuel prices by 4.3 per cent in view of halving of the customs duty on the fuel to five per cent. From today, ATF in Delhi will cost Rs 66,226.66 per kilo litre, down Rs 3,000.42 per kl, while in Mumbai the price has been cut by 4.36 per cent to Rs 68,626.87 per kl, an Indian Oil official said.
Glass shortage in China and the rising prices of imported glass used in finished solar panels have already hit the cost of solar panel imports. The cost of solar modules imported by India have increased 22 per cent since June last year. India imports close to 90 per cent of its solar cells and modules, of which nearly 80 per cent is from China. Domestic solar equipment makers import glass panels and are the largest suppliers in China. The price of a solar module glass has increased 150 per cent in the past six months, revealed industry estimates.
Union Minister Nitin Gadkari on Tuesday said if the US-based Tesla is ready to manufacture its electric vehicles in India then there is 'no problem' but the company must not import cars from China. In an interactive session at the Raisina Dialogue, Gadkari further said India is a large market and there is a huge potential for all electric vehicles. "If Elon Musk (Tesla CEO) is ready to manufacture in India then there is no problem ... Come to India, start manufacturing, India is a large market they can export from India," he said. The road transport and highways minister said his request to Musk is to come and manufacture in India.
Auto sector has nothing to look forward to in the Budget.
Pharma body wants all excisable goods used for R&D purposes should be exempted from central excise duty.
India has allocated Rs 1.72 trillion, or 27.67 per cent of the total defence budget to cater to modernisation of the country's arsenal. Modern militaries spend up to 50 to 60 per cent of their total defence budget so that they go into combat with superior weaponry and equipment.
With taxes making up more than half of the selling price of petrol and one-third of diesel, a parliamentary panel has asked the government to reduce rates of duties and taxes on the two fuel.
According to industry sources, domestic toy manufacturers are seeing a sharp rise in sales during the current financial year. On January 1, 2021, India had banned the sale of toys that are not certified by the Bureau of Indian Standards (BIS). This meant that all factories churning out toys to be sold in India had to be certified by the bureau along with mandatory product testing, including for units abroad.
The government has banned exports of onion till March next year with a view to increase domestic availability and to keep prices in check. "Export policy of onions... is amended from free to prohibited till March 31, 2024," the Directorate General of Foreign Trade (DGFT) said in a notification. Local vendors in the national capital are selling onions at Rs 70-Rs 80 per kg.
In 2016, almost two-thirds of Indian imports that appear to be most at risk for some degree of potential revenues losses are imports from just one country, China, which was by far India's largest source of imports in that year
'More than one brand in a showroom is too risky because customer loyalty in this market is low. Most people don't drive different cars made by the same manufacturer for a lifetime, they experiment.'
The enforcement agencies during the first nine months of 2013-14 have seized 1,074.41 kg of gold
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.
An excise duty is a type of tax charged on goods produced within the country (as opposed to customs duties, charged on goods from outside the country). It is a tax on the production or sale of a good. This tax is now known as the Central Value Added Tax(CENVAT).
Traders caution that branded jewellery customers may start opting for substitutes as high prices of previous metals and stones have already made buying any luxury items unaffordable for most of the middle class.
RBI has already advised banks to stop selling gold coins.
Major edible oil companies, including Adani Wilmar and Ruchi Soya, have reduced the maximum retail price (MRP) of their products by 10-15 per cent to provide relief to consumers, industry body SEA said on Monday. The prices have been reduced by Adani Wilmar (on Fortune brands), Ruchi Soya (Mahakosh, Sunrich, Ruchi Gold and Nutrella brands), Emami (Healthy & Tasty brands), Bunge (Dalda, Gagan, Chambal brands) and Gemini (Freedom sunflower oil brands), it said. OFCO (Nutrilive brands), Frigorifico Allana (Sunny brands), Gokul Agro (Vitalife, Mahek and Zaika brands) and others have also reduced prices, it added.
Friday cut the import duties on non-alloy steel by five per cent and 10 per cent on ships for breaking, as part of fiscal measures to stem inflation surging towards 8 per cent.\n\n
Justice S Srimathy of the HC's Madurai Bench gave the judgement while hearing a plea from D Senthilkumar, who sought directions to the respondents to permit Hindus alone to the Arulmigu Palani Dhandayuthapani Swamy temple and its sub-temples.
The 2-3 per cent reduction on the ex-showroom prices would be effective from Sunday, a company release said.
The customer who is a law student tried to film a video showing a cockroach inside a refrigerator when he was slapped.
Net direct tax collection in the April-June quarter of the current fiscal rose by 41 per cent to Rs 3,54,569.74 crore, Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha. During the April-June period of 2021-22, the government had collected a net direct tax of Rs 2,50,881.08 crore. At the same time, net indirect tax collection including Goods and Services Tax (GST) and custom duty increased by 9.4 per cent to Rs 3,44,056 crore as against Rs 3,14,476 crore in the first quarter of the previous fiscal, he said in a written reply.
Sources said GST exemption on such items would lead to blocked input tax credit, thereby increasing the cost of manufacturing and a higher price for consumers.
Amazon plans to bring in its cheapest e-book reader maybe by the next year
Steps such as safeguard duty in the works to plug the route
Several candidates, including Taranjit Singh Sandhu, the BJP's Amritsar candidate, are promising resumption of India-Pakistan trade via the Attari-Wagah land route.
As per practice a vote-on-account or approval for essential government spending for a limited period is taken in the election year and a full-fledged budget presented by the new government.
The proposals under consideration include waiving the current 5 per cent Customs duty on naphtha and reducing the excise duty on mono ethyl glycol from 8 per cent to 4 per cent. The Cabinet secretariat has sought views from various ministries and departments for this package.
Finance Minister Nirmala Sitharaman will present the Union Budget for 2023-24 in Parliament on February 1. The Budget is a statement of the government's estimated receipts and expenditures for a fiscal year (April 1 to March 31). It's divided into Revenue and Capital Budget. The Revenue Budget includes the government's revenue receipts and expenditures while the Capital Budget includes its capital receipts and payments.
The department of revenue in a notification on Wednesday said anti-dumping duty is being imposed for six months on the import of wire road of alloy or non-alloy steel from China.
Increase in first half of FY14 comes despite a fall in average crude prices; weak rupee helps.
Recently, world headlines buzzed with Elon Musk's announcement that he was shelving his audacious bid for social media platform Twitter. Away from the media spotlight, questions are being asked about the maverick billionaire's plans in India, too. A few days ago, a Reuters report said Musk's flagship Tesla had put on hold its plan to launch electric cars in India.
The government on Friday slashed the import tariff value on gold to $398 per ten grams while raising it marginally on silver to $643 per kg in line with global trends.
