Increase in tax exemption limit by Rs 50000 is positive for the FMCG sector, as it will leave more discretionary income in the hands of consumers.
A prominent businessman from Mumbai on Friday revealed that he has acquired 29 items of Mahatma Gandhi memorabilia at a recent auction in the United Kingdom. "I am delighted to acquire the items, which are of national interest. I would have been happier had the government acquired them," said Kamal Morarka, former Union minister and publisher.
Tata Steel was the top gainer in the Sensex pack, zooming 7.57 per cent, followed by Sun Pharma, IndusInd Bank, L&T, ITC and HCL Tech.
The government may provide for targeted fiscal incentives and allocation of funds for promotion of green hydrogen in the country in Union Budget 2022-23, which is slated to be unveiled in Parliament on Tuesday. The government launched National Hydrogen Mission in 2021. Earlier this month, Power and New & Renewable Energy Minister R K Singh had indicated that a green hydrogen policy will be unveiled in February which would feature many incentives to boost green hydrogen in the country. "While 2021 saw the launch of National Hydrogen Mission, it is likely that the Budget may provide for targeted fiscal incentives for R&D in green hydrogen segment, creation of domestic supply chain for hydrogen and reduce customs duties on electrolysers to boost green hydrogen production," says Venkatesh Raman Prasad, Partner, J Sagar Associates (JSA).
'If this had happened anywhere else, Indians would have been desperate to leave. But not in Israel.'
The Comprehensive Economic Partnership Agreement between India and Japan, negotiations for which concluded on Monday, necessitates the abolition of customs duties on 94 per cent of trade between the two nations over the next decade.
The import tariff value is the base price at which the customs duty is determined.
The two leaders also agreed that bilateral trade will be conducted on Most Favoured Nation basis.
The banks used for the fraud include ING Vysya Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, IndusInd Bank, Dhanlaxmi Bank, YES Bank and DCB Bank.
Softening the demonetisation blow, the Budget for 2017-18 on Wednesday halved the tax to 5 per cent on incomes up to Rs 500,000 but proposed a new surcharge of 10 per cent on incomes between Rs 50 lakh and Rs 1 crore and raised duties on cigarettes and pan masala while stepping up allocations for infrastructure, rural, agriculture and social sectors.
SII's CEO Adar Poonawalla took to Twitter to announce the "philanthropic" gesture.
India, the world's biggest consumer of gold, imported 967 tonnes of gold in 2011.
Justifying the hike in customs duty on gold in the Budget, Finance Minister Pranab Mukherjee today said its huge imports cause strain on the balance of payment and affect exchange rate, but it does not have any direct bearing on the forex reserve.
In a pre-Budget meeting with Revenue Secretary Sunil Mitra, Ficci President Rajan Bharti Mittal said in view of the looming threat of a double-dip recession and another slowdown in western countries, the stimulus should not be rolled back in the Budget in February.
'In the months of January and February, China bought 18 times more amount of masks'
The proposed India-Israel trade pact should be beneficial to both nations and until New Delhi gets a good deal, it would not do an agreement, Commerce and Industry Minister Piyush Goyal said. India and Israel are negotiating a free trade agreement (FTA) since May 2010. "With Israel, until we get a good deal, we will not do an FTA. It has to be reciprocally beneficial," the minister said in San Francisco on Tuesday while interacting with the Indian community.
While the tax-to-GDP ratio of 9.88 per cent has been assumed for FY21, the same as last year, when it touched a decadal low, for FY22 a ratio of 10.7 per cent has been assumed, an average of the last five years.
Customs and excise duty rates have been amended mainly to promote Make in India.
Gold prices are struggling and are down 18 per cent from their March highs. But stock prices have fallen even more. As a result, the precious metal has begun to outperform equities - both in the domestic market and international markets. Gold prices are up 2.6 per cent in the domestic market in the current calendar year (CY22) so far, according to the World Gold Council (WGC), compared to a 1.7 per cent decline in the Sensex year-to-date (YTD).
The government will have to get projects moving.
Bollywood celebrities and cricket stars are set to grace the inaugural Formula One Indian Grand Prix on Sunday but one dignitary who would be conspicuous by his absence would be sports minister Ajay Maken who has not yet been invited for the high-profile event by the organisers.
Sri Lankan government on Monday admitted that it has run out of cash to buy fuel as pumps in most filling stations across the country have run dry, exacerbating the deepening foreign-exchange crisis that has crippled the island nation's economy.
Though FDI inflow has been on the rise in the past three years, it is mostly on account of services
The Finance Ministry on Friday said indirect tax collections are likely to cross Rs 2,00,000 crore (Rs 2000 billion) this fiscal, well above the target of Rs 1,92,215 crore (Rs 1922.15 billion).
Buoyed by the success in a tiny but exclusive market, Lamborghini India, which operates dealerships in Mumbai, New Delhi and Bengaluru, is going to roll out another two, in Kolkata and Chennai, in the near future.
Macroeconomic management is usually a lot more comfortable with lower fiscal deficits. The sooner we get there, the better for the economy, says former Chief Economic Adviser to the Government of India Shankar Acharya.
Party leader Jayalalithaa said protests would also be held in states like Maharashtra, Delhi, Karnataka and Puducherry, where her party was functioning.
The Union Budget 2010-11 presented by the Finance Minister Pranab Mukherjee in the Lok Sabha on Friday, supports the strategy for the development of agriculture and related sectors.
The customs duty should be at a substantially lower rate for all types of imports i.e. consumables, pharmacy items, bio-medical equipments etc since this is the major cost factor of the patient's bill.
Before signing an offer letter, you should be well aware of your designation with the duties and responsibilities assigned to you, advises Varun Sachdeva.
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