The tariff value, which is released every fortnight, is the base price on which the customs duty is determined to prevent under-invoicing.
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.
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
'Wine is an indicator of the quality of life,' says Alok Chandra.
At a time of falling GDP growth, the case for boosting revenue by increasing the tax rates is weak.
Oil and gold had accounted for 45 per cent of India's imports bill in 2012-13.
Finance Minister Arun Jaitley is expected to present the Budget for 2014-15 in July.
Discontent has been brewing among a section of the cabin crew at the low-cost carrier for some time now, especially after the start of the process of merger of AIX Connect, formerly AirAsia India, with itself.
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.
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.
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.
More than half of the retail selling price of petrol and one-third of the selling price of diesel is made up of central and state duties, Petroleum Minister Mani Shankar Aiyar said on Tuesday.
The government on Saturday imposed a minimum export price (MEP) of $800 per tonne on onion exports till December 31 this year with a view to increase availability of the vegetable in the domestic market and contain prices. The decision will come into effect from October 29. Besides, the government has also announced the procurement of additional 2 lakh tonnes of onion for the buffer, over and above the 5 lakh tonnes already procured.
The government on Friday slashed the import tariff value on gold and silver to $405 per ten gram and $642 per kg, respectively, in line with global trends.
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.
The government on Thursday slashed the import tariff value on gold for the second straight day to $ 414 per 10 grams and silver to $672 per kg, in line with weak global prices of the precious metals.
France on Friday warned India that the proposal to replace additional customs duty on wines and spirits with countervailing excise duty at the state level will weaken New Delhi's position
The judge gave the ruling while dismissing a petition filed by the Commissioner of Customs. The court upheld the Customs, Excise and Services Tax Appellate Tribunal's earlier judgement, stating that the interpretation by the tribunal was in consonance with the Computers (Additional Duty) Rules, 2004.
The increase in petrol prices from Saturday midnight has made the fuel more expensive than aircraft turbine fuel, used to power planes.
"At this point of time, our completely knocked down (CKD) operations are fully fulfilling the new regulations. We are paying 10 per cent duty... There will be no price hike," BMW India President Andreas Schaaf told reporters in New Delhi.
Anil Ambani Group company has offered a bank guarantee and indemnity bond for the aircraft, but the Customs officials have that said that it is not possible without the seizure notice.
In July alone, 2.5 tonnes of gold coins were imported so far from South Korea under zero-duty facility
A World Trade Organization dispute settlement panel has dismissed the United States' complaint against India over the excise duties on foreign wines and spirits, according to sources.
DRI had last month issued the notice to Samsung India for allegedly evading duty worth about Rs 70 crore (Rs 700 million) while importing the tablets from South Korea between April 2012 and February 2013, the sources said.
While an import duty is ruled out, a small excise duty on jewellery manufacturing can be on the cards.
A reinforced skillsets and the ability to perfectly read the ebbs and flows of a match have made Kuldeep Yadav a tough customer, but back in 2019 the left-arm wrist spinner felt the need of a guiding force around him as his form went south while playing for Kolkata Knight Riders.
'We expect the new government to look into the issue of penalties imposed on technology firms involved in UID related projects.'
The government on Tuesday raised the deposit threshold limit to Rs 5 lakh per annum in provident fund for which interest would continue to be tax-exempt.
The Union Budget 2010-11 seeks to address the needs of multi-service operators to invest in 'digital head end' equipment to adopt digital technology and keep pace with on-going transformation in infotainment sector.
India's export basket for Pakistan has a limited portfolio as Pakistan has not given 'most favoured nation' status to New Delhi and such goods have ready market in South Asia and the Middle East.
As soon as the House met at 2 pm, papers were laid on the table and two resolutions adopted amid slogan shouting and protest by Congress members.
The case relates to alleged wrong classification of mixed xylene
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.
Lamborghini, which expects 60% growth this year has priced Huracan Evo at Rs 3.73 crore, also said in the next five years India will be one of the top 15 markets for the company.
