All households are entitled to get 12 cylinders of LPG or liquefied petroleum gas.
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
Contrary to expectations of the chemical sector, Budget turned non event.
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.
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.
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.
Can lead to imprisonment up to seven years.
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.
Firms also said the excise duty hike by two per cent will be passed on to consumers and it may hurt sales further.
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.
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.
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.
Finance Minister Nirmala Sitharaman on Friday hiked tax on petrol and diesel, raised import duty on gold, levied additional surcharge on super rich and brought a tax on high value cash withdrawals as she sought to spur growth with reduction in corporate tax and sops to housing sector, startups and electric vehicles.
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.
The tariff value of silver has, however, been hiked marginally to $1062 a kg
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.
Prime Minister Narendra Modi, who is in the United States for a three-day state visit, has gifted an eco-friendly lab-grown 7.5 carat diamond, placed in Kashmir's exquisite Papier mache box, to First Lady Jill Biden.
'Wine is an indicator of the quality of life,' says Alok Chandra.
The tariff value, which is released every fortnight, is the base price on which the customs duty is determined to prevent under-invoicing.
The Indian capital goods industry has not got the much needed import barriers especially for power equipments.
Imports are down also because local traders are clearing unaccounted stock after introduction of 1 per cent excise duty
Taking both direct and indirect taxes, the gross collection is expected to grow 10.45 per cent to Rs 33.61 trillion in 2023-2024.
With the government clearing the decks for direct listing at the Gujarat International Finance Tec-City (GIFT City) International Financial Services Centre (IFSC), issuers will wait for the ecosystem to develop further before firming up their listing plans. In the meantime, most companies may continue to prefer listing in the onshore market, even as the new avenue provides key benefits such as tax waivers and reduced foreign exchange risk. Sources said that a few key things need to be ironed out further.
At a time of falling GDP growth, the case for boosting revenue by increasing the tax rates is weak.
The country's exports are expected to contract by 5.8 per cent and imports by 11.3 per cent during the second half of the current financial year, though implementation of several measures by the government would help support exports going forward, according to the Economic Survey 2021. With gradual recovery of economic activities, the survey said that imports and exports have picked up. During the first half of 2020-21 (April-September), exports dipped by 21.31 per cent to $125.25 billion while imports declined by 40 per cent to $148.69 billion.
Finance Minister Arun Jaitley is expected to present the Budget for 2014-15 in July.
Oil and gold had accounted for 45 per cent of India's imports bill in 2012-13.
The government on Friday slashed import tariff value of gold to $507 per 10 grams and of silver to $871 a kg following fall in global prices of the precious metals.
In the wake of rising global prices of precious metals, the government on Thursday hiked import tariff value of gold to $531 per 10 grams, while the value was kept unchanged at $899 per kg for silver imports.
Jewellery traders said the exemption of branded jewellery from excise duty will have a marginal effect on the traders as only few customers buy\nbranded jewellery.
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