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.
India, the world's largest consumer of gold, has imported 393.68 tonnes of the yellow metal during the April-September period of this year
The auto industry body has been lobbying hard with the government for extension of the reduced excise rates.
Addressing the 'Namaste Trump' event at the Motera Stadium in Ahmedabad, Trump said that both the countries are in the early stages of discussion for an 'incredible' trade agreement to reduce barriers of investments.
Finance Minister Nirmala Sitharaman will be presenting her fifth Budget that may do a tightrope walk between staying fiscally prudent and meeting general public expectations of lower taxes and a wider social security net, while at the same time firing the engines of the economy.
It, however, does not manufacture devices on its own and rather does it through contract manufacturers.
However, the tariff value for silver has been lowered to $920 per kg, according to a notification released by the Central Board of Excise and Customs on Tuesday.
Natural gas/Liquefied Natural Gas imported for power generation by a power generation company is being fully exempted from basic customs duty Budget provisions.
Union Budget 2013-14 was positive for the Aluminium products sector.
5 MMTPA LNG terminal in Dabhol will be fully operational in 2013-14
The Indian crude mix is currently hovering at a record high of $42 per barrel as against an average price of $29 per barrel in FY04
Participating in the debate on the budget, leaders of parties like the Congress, Bahujan Samaj Party, Aam Aadmi Party and Left launched an all-out attack on the BJP government for allegedly selling off the country's assets and PSUs to big industrialists.
On its part, the Reserve Bank of India tried to help exporters by easing some restrictions imposed on holders of Exchange Earners Foreign Currency accounts and by giving effect to the commerce minister's announcements regarding extension of the interest subvention scheme for one more year and for more items.
Contrary to expectations of the chemical sector, Budget turned non event.
All households are entitled to get 12 cylinders of LPG or liquefied petroleum gas.
Thanks to an ambiguous law on the import of platinum alloys, some bullion importers are making big profits. A handful of them are importing refined gold cloaked as platinum alloy. Gold attracts 15 per cent import duty, as opposed to platinum alloy that invites a duty of 10.75 per cent. Industry sources say this is a case of mis-declaration and duty violation.
Sources said the selection committee could meet either on March 13 or 14 depending on the convenience of the members and the appointments are likely to be made by March 15.
Tariff value is the base price on which the customs duty is determined to prevent under -- invoicing.
Tariff value is the base price on which the customs duty is determined to prevent under -invoicing.
To share your Father's Day story (Father's Day will be celebrated on Sunday, June 16), just mail us at getahead@rediff.co.in (subject: Father's Day) along with your name, the place where you live, your father's name and picture and your message about him.
India has raised tariffs on 28 items, including almond, pulses and walnut, exported from the US in retaliation to America's withdrawal of preferential access for Indian products.
Firms also said the excise duty hike by two per cent will be passed on to consumers and it may hurt sales further.
Can lead to imprisonment up to seven years.
External commercial borrowings to the extent of USD 1 billion to be allowed for aviation sector for next year.
Petroleum subsidy for 2013-14 budget estimates is Rs 64,998 crore.
None of the demands of the industry were met.
The government on Friday slashed the import tariff value of gold to $535 per 10 gram and reduced the rate for silver marginally to $1,003 per kg due to weakening global prices of precious metals.
Petrol will cost less than Rs 18 a litre but for the duties levied by central and state governments, Petroleum Minister Mani Shankar Aiyar said on Tuesday.
The Union government could target a fiscal deficit of 5.8-6 per cent of nominal GDP for 2023-24, and it should continue its capital expenditure push and look to simplify the personal income tax regime, economists recommended Finance Minister Nirmala Sitharaman and her team during their pre-Budget interaction on Monday. Starting last week, Sitharaman had eight pre-Budget consultations this time. More than 110 invitees representing seven stakeholder groups participated in these meetings, the finance ministry said in a statement. The stakeholder groups included representatives and experts from agriculture and agro-processing industry; industry, infrastructure & climate change; financial sector and capital markets; services and trade; social sector; trade unions and labour organisations; and economists.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
A three judge bench headed by Justice Altamas Kabir said the main object of Custom and Excise Acts was the recovery of excise duties and not really to punish for infringement of its provisions.
'A change we have seen after the Russia-Ukraine war is the energy crisis in Europe.' 'Earlier, in Europe, people used to change their clothes after 5 washes, now they are using it till 15-20 washes.' 'They used to change their entire wardrobe after 2 months or so, but because of the economic conditions, it has changed.' 'It has affected exports as 40% of our exports is to Europe, 30% to the US and 10% to the UK.' 'The war has to end for better days to come.'
India has scrapped import duty on more than 4,800 items from four neighbouring countries and reduced customs tariff on these products from Pakistan and Sri Lanka as part of efforts to boost trade in South Asia.
If Nirmala Sitharaman does indeed present a 'never-before' like Budget on February 1, going by her promise, she would create a new benchmark for post-contraction Budgets, observes A K Bhattacharya.
How do you feel about Modi 2.0's first Budget? Does it meet your expectations? Or do you feel let down?
Sitharaman said surcharges on individuals having taxable income of Rs 2 crore to Rs 5 crore; and Rs 5 crore and more have been raised.
The tariff value of silver has, however, been hiked marginally to $1062 a kg
Given the prevailing uncertainties, investors must maintain a 10-15 per cent allocation to gold in 2023.
The steel sector has plenty to cheer in the Budget 2012-13, as it has proposed increasing the import duty on flat-rolled steel to 7.5 per cent and reducing duty on plant and machinery imports for iron ore beneficiation to 2.5 per cent.
