The Foreign Trade Policy Supplement released by the commerce ministry on Friday extended the (Duty Entitlement Pass book) DEPB scheme till May 2009. The exports for 2007-08 will exceed $155 billion, Commerce and Industry Minister Kamal Nath said. The government has set an export target of $200 billion for the year 2008-09.
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The interest on foreign currency non-resident accounts has been liberalised to attract more deposits.
GST, which will replace almost all central and state taxes, could have two components of 8 per cent each -- one will go to the Centre and the other to the states, according to sources familiar with the talks between the Centre and the states. However, it will not cover tax on petroleum products and Customs duty.
'Government's focus should be on the expenditure side in this Budget, not so much on the taxation side.'
The Centre and states are likely to budget for higher market borrowings to the tune of Rs 2.3 lakh crore next fiscal even though the Union budget may peg a lower-than-expected fiscal deficit for the Centre at 5.8 per cent of GDP, says a report. Icra Ratings anticipates higher redemptions will lead to gross market borrowings of the Centre to rise to Rs 14.8 lakh crore and of the states to jump by Rs 1.6 lakh crore to Rs 9.6 lakh crore, taking the combined borrowings (of the Centre and the states) to Rs 24.4 lakh crore in FY2024, up by 2.3 lakh crore from FY23 combined. In FY23, the Centre's gross borrowings are budgeted at Rs 14.1 lakh crore and of the states at Rs 8 lakh crore, or a combined borrowing of Rs 22.1 lakh crore, according to the agency.
The government raised import tariff value on gold to $385 per 10 grams.
International automakers have supported the Hyundai Motor's demand for a two-year notice period before any changes are made by the Indian government with regard to excise or custom duties for the auto sector.
This will violate the time-honoured convention that a government elected for a five-year tenure presents only five full Budgets, but the NDA government will no doubt present it as yet another initiative of Mr Modi.
The airline industry remained largely undecided on the exact quantum of increase in fares following the hike in ATF prices. Industry sources, however, said the prices might increase by Rs 150 for short haul routes and Rs 300 for long haul routes.
Sputnik V is the third vaccine India has given the go-ahead to after 'Covishield', developed by Oxford University and AstraZeneca and 'Covaxin', the indigenous vaccine manufactured by Bharat Biotech. Covishield is manufactured by the Serum Institute of India.
With the Centre allowing the states to impose a host of local taxes on imported wines and spirits, the euphoria over the prospects of buying foreign liquor at cheaper rates may fizzle out.
Wine aficionados have taken heart from the news that the GoI has 'decided' to remove additional customs duties on imported alcoholic beverages from July.
Common return for excise duty and service tax was envisaged when 119 services were taxed.
As the FM said, this is a Budget that lays the foundation for the next 25 years, observes Kumar Mangalam Birla.
It is now becoming increasingly clear that rising imports have played a significant role in sustaining the buoyancy in revenues from GST, notes A K Bhattacharya.
Higher input cost is likely to weigh on Auto sector's Q4 numbers.
The first consignment of 75,000 vials will reach India on Friday, it added.
The Chinese dependence is far from over, industry players are also citing a shortage of electronic toys in the country.
This follows a widespread criticism of its pricing policy as it sold Covaxin to the central government at Rs 150 per dose.
Imposing yet another restriction, the European Union has demanded mandatory certification from Indian authorities for every imported Basmati consignment as belonging to specific strains of traditional varieties to be eligible for customs duty concess
'Indian families' needs and expectations have gone through a revolution across economic demographics.' 'As this latest Modi-Sitharaman Budget demonstrated, politicians have understood this change. They are responding to it,' points out Shekhar Gupta.
It was not immediately clear as to how many days he will stay in Pakistan.
While the Trump administration wants India to lower the trade barriers and embrace "fair and reciprocal" trade, India has raised tariffs on 28 items exported from the US in retaliation to America's withdrawal of preferential access for Indian products.
Imported liquor is all set to become cheaper with the government likely to bring in a Bill in Parliament next month to scrap additional customs duty on wines and spirits
but it had a mixed view on the new tax proposals burdening the capital market.
With the prices touching a two-year high, CEOs of leading companies expect a cut in corporate tax and measures to boost the capital markets in the Budget 2007-08 to be presented on February 28.
The bowler England have pined for all summer is making his comeback from a horrific injury too late for this week's fifth Test against South Africa.
If the government were to give heed to its fiscal imprudence, cut down on its 'extravagant' and non-productive expenditures, inflation could be controlled
Sri Lanka has slashed tariffs by up to 70 per cent on India goods such as cement, petroleum products and motorcycles under a bilateral trade deal.
The DRI sleuths seized the vehicle of businessman Chandan Basu during an ongoing probe into a racket of importing cars by evading custom duty upto 105 per cent
The government collected over 40 per cent more revenue from taxes at Rs 44,463 crore (Rs 444.63 billion) during the first quarter of this fiscal against Rs 31,668 during the corresponding period of 2005-06.
The government on Friday hiked the import tariff value on gold to $363 per 10 gram in line with global prices.
Stocks to watch: BHEL, L&T, IRB Infra and Suzlon
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