The outlay for defence sector almost remained unchanged compared to what was allocated in the interim budget on February 1.
India's national security focus has shifted from the western border to the eastern one. But our trade with China keeps rising. This trade is against our interest, because most of it comprises of Chinese imports, argues Aakar Patel.
A change that the Budget proposes to make could end up helping Indians who might have laundered their ill-gotten money, says M R Venkatesh.
Mukherjee said he had not fully rolled back the excise duty as the industry was still in the process of recovery.
They will be honoured for showing exceptional commitment and devotion to duty on a sustained basis while achieving goals set for their organisations.
Before 2019, an estimated 22 million individual income-tax returns did not have to pay any taxes. But after the change in the exemption level, another 13 million individual tax returns did not require to pay taxes. Thus, of about 58 million returns, as much as 63 per cent or 35 million went out of the direct tax net, A K Bhattacharya points out.
A proposal for creation of seven Customs Overseas Intelligence Network units is pending with the Ministry of External Affairs.
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Inflow down in December month-on-month; jewellers demand cut in Customs duty rates
Tax experts say one of the most dispute-prone proposals is making "fraudulent availing" of input tax credit (ITC), without an invoice or bill, a cognizable and non-bailable offence.
In a setback to NALCO and Hindustan Lever Ltd, a tax tribunal has quashed their plea challenging the government's decision to impose anti-dumping duty on imports of caustic soda.
The DTH industry in India is likely to witness a price cut in its services in near future, with the government proposing a cut customs duty to zero per cent from the existing 7.5 per cent on specified parts of set top boxes.
RBI has permitted Axis Bank, Kotak Mahindra Bank, IndusInd Bank and Yes Bank to import gold.
As of now, the custom duty on gold is 10 per cent.
A day after the finance ministry cut import duties on a variety of product categories, top manufacturers of zinc -- Hindustan Zinc and Binani Zinc -- slashed prices.
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.
It appears that the focus of commerce minister Anand Sharma, when he unveils the new foreign trade policy, will be to eliminate unnecessary paperwork and thereby help reduce transaction costs for exporters, while retaining the basic framework of the present FTP.
The central government will lose about Rs 24,000 crore (Rs 240 billion) of revenue during the current fiscal on account of reduction in customs and excise duties on petroleum goods.
Huge margins, high custom duty and increasing demand among youngsters have led to exponential increase in smuggling of foreign cigarettes.
Customs collections are six per cent higher during April-June this year over the previous quarter, mainly on account of higher imports of raw materials and capital goods, Central Board of Excise and Customs chairman P C Jha told PTI. Stating that collections are higher on account of improved imports of raw materials and capital goods, he said, this certainly would lead to improvement in manufacturing sector, though the results would be seen 2-3 months later.
The Budget should look at giving suitable fiscal incentives both under direct and indirect tax proposals such as accelerated depreciation and nil customs/ excise levies on capital goods, say experts on the industry.
Finance Minister Pranab Mukherjee seems to have stuck to increasing income for the government as the sole focus of the Budget 2010. The key problem faced by people -- inflation has been thrown out of the window of consideration.
Most of the jewellers who had reopened their showrooms in confusion on Monday, kept shutters down today at Mumbai's Zaveri Bazar and several other places, demanding rollback of the proposal.
The government took steps to curb imports of gold after concerns about the country's current account deficit.
The finance ministry is considering raising import duty on gold by two percentage points to six per cent, as the surge in demand for the yellow metal threatens to further widen India's current account deficit.
Google's premium smartphone series Pixel 7 and Pixel 7 Pro will be around 15-21 per cent costlier in India compared to other countries, according to the prices revealed by the company. The company has started pre-booking the Pixel 7 at Rs 59,999 ($729.36) and Pixel 7 Pro at Rs 84,999 ($1033.27) on the e-commerce portal Flipkart. The devices would be available from October 13.
Computers, mobile phones, tractors and gas stoves will become cheaper with the lowering of duties proposed in the Union Budget 2004-05 while imitation jewellery, steel, cakes and pastries and scented supari will become costlier.
The growth of exports to India stood out, with value up 28 per cent to 43 million pounds
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.
Four per cent countervailing customs duty on components for mobile phone manufacturing exempted.
Budget proposal increased Customs duty on imported vehicles.
Custom duties, a major concern for the oil sector.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
Tax auditors plan to down tools every Tuesday and Thursday until the government issues a decree to raise their wages.
India's tax pie seems to have undergone a subtle change with a sharp drop in direct tax collections resulting from a disproportionate impact of the COVID-19 carnage on incomes. The share of indirect taxes, which mainly comprise of levy on goods and services as well as import duty, has risen while that of direct taxes - made up of corporate and personal income tax - has gone down in 2020. In an interview with PTI, finance secretary Ajay Bhushan Pandey said in a pandemic like this where the economy has been impacted, any large scale changes impact direct taxes more severely, whereas indirect tax collection is mostly proportional to business turnover and compliance.
The 2013-14 Budget continues to focus on growth in predominantly primary sectors like agriculture, infrastructure and education. This growth will in turn support the growth in other sectors including the automobile industry.
The 2013-14 Budget continues to focus on growth in predominantly primary sectors like agriculture, infrastructure and education. This growth will in turn support the growth in other sectors including the automobile industry.
These offer great scope and flexibility when you fall upon hard times, says Harjot Singh Narula
The excise authorities of some states are playing spoilsport by subjecting imported beverages to the same levies as the domestic drop without application of mind.
