On the flipside, since 60-70 per cent of the costs pertain to raw material, which are mostly imported, currency fluctuation is a key risk for the segment.
The threshold limit for deduction of tax at source has been raised for unusual income such as winnings from horse race, commission
The government has sacked these officers ranging from the ranks of principal commissioner to assistant commissioner, some of whom were already under suspension.
Association of Biotechnology Led Enterprises said customs duty at 12.5 per cent, excise/countervailing duty at 16.32 per cent, education cess at two per cent and additional duty on customs at four per cent result in 36.74 per cent increase in the price of cancer drugs, leading to cost to the patient going up.
Do you think Rs 25,000 worth of duty-free goods is a reasonable limit imposed upon air travellers by the Indian Government?
Following the Reserve Bank easing he 20:80 gold import norms, India Bullion & Jewellers Association (IBJA) said gold prices are likely to fall to Rs 23,000-24,000 per 10 grams by Diwali.
'We have now drastically simplified it, primarily to two rates in long-term capital gains: 20% and the applicable rates. Similarly, in short-term capital gains.' 'For listed shares, there is a slight increase, but for unlisted shares, where indexation benefits are removed, there is a reduction in rates, benefiting unlisted companies, venture capital firms, etc.' 'Similarly, in real estate, wherever returns are higher, the new structure is beneficial. In very few cases, returns are lower, and those are more of an exception.'
Mobile handsets could be marginally cheaper with the Finance Minister today announcing tax exemptions for chargers, batteries and accessories.
The new excise policy, introduced in Delhi in November 2021, made sweeping changes to the city's liquor trade.
The finance ministry is looking at a reworked proposal from mobile device makers on how to fight the rampant and growing smuggling of very high end phones. The proposal suggests reducing the basic customs duty (BCD) on phones which have a CIF (cost, insurance and freight or price at landing in the port) value of over Rs 35,000-Rs 40,000. The retail value of these phones is upwards of Rs 70,000.
Santosh Kamath, partner (infrastructure and government services), KPMG in India, expects an extension of a tax holiday for the sector.
India's gross tax collections soared to a record high of Rs 27.07 lakh crore in the fiscal year ended March 31, led by impressive growth in corporate tax and customs, taking the tax-to-GDP ratio to an over two-decade high of 11.7 per cent, Revenue Secretary Tarun Bajaj said on Friday.
Excise duty on petrol will remain at Rs 14.35 a litre and diesel at Rs 4.60 per litre.
Finance Minister Arun Jaitley takes a protectionist stance in favour of domestic companies, increases customs duty on certain products.
Almost 40 per cent of a durable company's sales are achieved during the festival season
Of the 11,000 kg imported between July 1 and August 9, around 90 per cent was brought in by two business groups which took advantage of the favourable reduction in tax incidence under GST, routing their imports through Korea.
Ram Buxani said increase in the customs duty on gold will help Dubai's business.
The collection from borrowings and other liabilities will be 20 paise, while income tax will yield 17 paise to every rupee collection.
The industry is estimated to have incurred a loss of Rs 10,000 crore (Rs 100 billion).
She has shown shrewdness, sensitivity, and courage. All of these will be needed in ample quantities for the real challenge that will emerge after the elections, notes Shreekant Sambrani.
The stock of the country's largest passenger vehicle maker, Maruti Suzuki India (MSIL), has been hitting successive all-time highs over the past three trading sessions. The rally in the scrip has helped it notch over a 21 per cent gain since the start of February, outperforming the National Stock Exchange Nifty Auto Index. The gains for the leader of small passenger cars have been more recent, as the company still trails the Nifty Auto over one- and two-year periods.
Over 300 associations, that consists of over 3 lakh manufacturers, retailers, wholesalers and artisans among others, are participating the nationwide stir.
The customs duty from gold imports could be approximately Rs 8,000 crore, about less than half of what was collected a year ago.
Petrol and diesel prices will go up by Rs 2.67 a litre and Rs 2.58 per litre, respectively, after Finance Minister Pranab Mukherjee on Friday raised customs and excise duties on the two, virtually putting the Kirit Parikh Committee report on fuel price in cold storage.
The government can argue the change targets only those residing abroad but the fact remains that it does affect the kin and friends in India of non-residents.
The Trump administration wants Prime Minister Modi to lower the trade barriers and embrace "fair and reciprocal" trade.
Tax incentives to have cascading effect on the capital goods industry.
The government believes that WTO's push for initiating negotiations on substantive obligations related to e-commerce will oblige India to permanently accept the current moratorium on imposing customs duties on products traded electronically.
DRI seized contraband worth Rs 504.39 crore.
The Union government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record hike in excise duty on petrol and diesel that has pushed the total incidence of taxation on auto fuels to 70 per cent of the price. Late on Tuesday evening, the government hiked excise duty on petrol by Rs 10 per litre and that on diesel by Rs 13 a litre to mop up gains arising from international oil prices falling to a two-decade low.
The windfall taxes on domestic crude oil production and fuel exports will generate close to $12 billion (Rs 94,800 crore) for the government in the remainder of the current fiscal while trimming profits of firms such as Reliance Industries Ltd and ONGC, Moody's Investors Service said Tuesday. On July 1, the government imposed windfall gain taxes on the export of petrol, diesel and aviation turbine fuel (ATF), and on the domestic production of crude oil. It has also mandated exporters to meet the requirements of the domestic market first.
The tariff value on imported gold earlier stood at $398 per 10 grams, while on silver at $643 per kg.
'It does two things that even our erstwhile colonial masters did not deem fit for their subjects: The Bill does away with any checks or balances on the exercise of interception and surveillance powers, including any penalty whatsoever for unauthorised interception, opening, scrutiny, or destruction of postal materials.'
Fertilizer demand is set to get a boost on account of cheaper credit availability to farmers. Reduction in basic customs duty on some water-soluble fertilizers and liquid fertilizers may increase their usage, resulting in a positive impact on revenues and profitability of fertilizer players.
In a relief to two-wheeler major Hero Honda Motors, a tax tribunal has ruled in favour of the company in a case filed by the Excise department for alleged duty evasion to the tune of Rs 2 crore (Rs 20 million).
The government on Tuesday announced the reduction in duty drawback rates for 403 items from April 7, but kept the rates same for 401 other items.
The impact of the Union Budget 2012-13 on the Media & Entertainment sector is neutral. The Budget did not address the issues of digitization, as the country shift from analog cable TV to digital. The budget has nothing to say for the Industry in general.
Oil and gas exploration policy will be reviewed to move from profit sharing to revenue sharing contracts.
An average Indian spends no more than Rs 1.3 lakh per year, according to official statistics. This is close to what an average Indian earns annually. At this level of per capita income today, one litre of petrol costs one-third of an average Indian's daily income (Delhi prices), making it highly unaffordable. People in most other Asian and emerging countries find it more affordable.
