It was one of the toughest times in history to announce a budget, says Harsh Goenka, chairman of RPG Enterprises.
'Commentators have said that dealing with allies as equals will make Modi more sensitive.' 'Remember that the people Modi is dealing with are equally autocratic in their own lairs.' 'Further, Modi always has handy the threat of dissolving Parliament and calling for fresh polls.' 'Most of his own party, and certainly his allies and opponents having blown their budgets of efforts and resources in the just concluded elections, have no stomach for this.' 'They are all greatly looking forward to the loaves and fishes of office on offer.' 'That gives Modi an unbeatable advantage in any push-comes-to-shove situation,' explains Shreekant Sambrani.
Import duty on PVC, at 7.5%, is far lower than that prevailing in comparable economies.
A 'green' tax aimed at discouraging high consumption of petroleum products may be in the offing, a government official said on Wednesday. The tax, perhaps in the form of a cess on consumption, would also check vehicular pollution to some extent and also help in controlling the high oil subsidy burden.With no sign of moderation in demand for petroleum products, government officials feel that a 'green' tax should be levied on automobiles, on the lines of similar taxes in UK.
The bandh 'business' in Bengal is growing daily because it is the easiest way for the party to get free publicity without any capital investment.
American cult bike maker Harley Davidson, which last week criticised the 'daunting trade barriers' imposed by India, said on Tuesday it was still keen on entering the country but wanted some tax concessions.
Insurance company will bear the cost of digitising. It will in turn benefit from lower expenses on servicing policies.
The proposed bullion bank can help settle gold loan accounts in gold terms, and promote existing gold schemes, along with launching schemes including gold-recurring deposits.
Apple sought exemption from mandatory local sourcing of components for its products
Before signing an offer letter, you should be well aware of your designation with the duties and responsibilities assigned to you, advises Varun Sachdeva.
Re-instatement of 5% custom duty on crude imports will help.
In 2020 a round of hikes in customs duty on components like compressors, motors and printed circuit boards aggravated the situation, coronavirus crisis is now leaving manufacturers with no option but to hike prices despite fall in sales.
The country's exports grew 5.37 per cent year-on-year to $27.24 billion in January 2021, mainly driven by healthy growth in pharma and engineering sectors, according to provisional data of the commerce ministry. Trade deficit during the month narrowed to $14.75 billion from $15.3 billion in January 2020. It was $15.44 billion in December 2020. Imports in January 2021 rose 2 per cent to $42 billion.
Economic offender Narendra Kumar Rastogi was on Friday extradited from the United States to India to face charges in a custom duty evasion case to the tune of Rs 54 crore for exporting scrap to various countries.
The Supreme Court has dismissed the appeal of ACC Cement, ruling that if a product is manufactured by one firm and sold by another with the latter's brand name, that sale would attract sales tax, not the first transaction.
All competitors who shoot the Minimum Qualification Score at the National Shooting Championship competitions will be exempted from customs duty on import of equipments.
India's exports to the US in 2017-18 stood at $47.9 billion, while imports were $26.7 billion. The trade balance is in favour of India.
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.
The new mantra was to align Apple's ambition with the government's, focusing on Modi's favourite themes of Make in India, employment generation and India as a high-tech export hub.
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.
The government raised import tariff value on gold to $385 per 10 grams.
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.
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.
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.
Higher input cost is likely to weigh on Auto sector's Q4 numbers.
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
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.
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.
