'In the months of January and February, China bought 18 times more amount of masks'
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.
The government believes that WTO's push for initiating negotiations on substantive obligations related to e-commerce will oblige India to permanently accept the current moratorium on imposing customs duties on products traded electronically.
Recently, world headlines buzzed with Elon Musk's announcement that he was shelving his audacious bid for social media platform Twitter. Away from the media spotlight, questions are being asked about the maverick billionaire's plans in India, too. A few days ago, a Reuters report said Musk's flagship Tesla had put on hold its plan to launch electric cars in India.
The hike in Custom and Excise duty on crude oil and petroleum products will be passed on by the refineries as well as oil marketing companies
The outlay for defence sector almost remained unchanged compared to what was allocated in the interim budget on February 1.
Almost 40 per cent of a durable company's sales are achieved during the festival season
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.
Once customs duties are slashed, your dream to own a luxury car may become a reality.
The revenue from GST for the current fiscal has been pegged at over Rs 4.44 lakh crore, while for next fiscal it is Rs 7.43 lakh crore.
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.
On the Sensex chart, IndusInd Bank was the top gainer, rallying over 11 per cent, followed by ICICI Bank, SBI, HDFC, M&M and Axis Bank. On the other hand, Dr Reddy's, Tech Mahindra and TCS were among the laggards.
'Supplies should start moving to the Serum Institute without any impediments.'
The collection from borrowings and other liabilities will be 20 paise, while income tax will yield 17 paise to every rupee collection.
By any economic theory or doctrine, this is no Budget that supports economic recovery, whether through supporting aggregate demand, or through expansionary stimulus, declares Rathin Roy.
While she primed up spending on infrastructure to create jobs and boost economic activity, Sitharaman did not tinker with income tax slabs or tax rates. Her Budget for the fiscal year beginning April 2022 proposed a massive 35 per cent jump in capital expenditure to Rs 7.5 lakh crore, coupled with rationalisation of customs duty, an extension of time for setting up new manufacturing companies and plans for starting a digital currency and tax crypto assets.
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.
Excise duty collections rose 9.7 per cent to touch Rs 1.05 lakh crore.
Union Budget 2012-13 has given some relief for coffee sector as the Finance minister proposed to reduce basic customs from 7.5 per cent to 5 per cent on specified coffee plantation and processing machinery.
The government on Tuesday hiked the import tariff value on gold to $388 per 10 grams and that on silver to $487 per kg taking cues from global market.
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 tyre industry has urged the Central Government for recast of India's Free Trade Agreements
Proposal to provide weighted deduction at 150 per cent of expenditure incurred on skill development in manufacturing sector.
Sitharaman raised excise duty and road and infrastructure cess on the auto fuels by Rs 2 per litre each to raise over Rs 28,000 crore.
The Trump administration wants Prime Minister Modi to lower the trade barriers and embrace "fair and reciprocal" trade.
Budget for 2022-2023 has returned to its agenda for protectionism in the name of creating a self-reliant India, points out A K Bhattacharya.
While P Chidambaram will present his sixth Budget on the February 28, his Budget speech has already begun.
As per practice a vote-on-account or approval for essential government spending for a limited period is taken in the election year and a full-fledged budget presented by the new government.
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.
India's gold demand recovered during the January-March period to witness a growth of 37 per cent at 140 tonne compared to the same quarter of 2020, due to ease of COVID-related restrictions, pent up demand and softening of prices of the yellow metal, according to the World Gold Council (WGC). The overall gold demand stood at 102 tonne during the first quarter of 2020, as per WGC data. Gold demand in value terms increased by 57 per cent during the first quarter of this calendar year to Rs 58,800 crore compared to Rs 37,580 crore in the corresponding period of 2020.
Excise duty on formulations has increased from 4 per cent to 5 per cent.
From Covid-19 essentials, such as Vitamin C supplements and thermometers, to bicycles, laptops, and personal weighing scales, demand for certain items galloped during last financial year as the pandemic altered what Indians used on a day-to-day basis. Imports of outdoor sports equipment, handbags for women, and dentures, among others, plummeted. With outdoor activities coming to a halt last year and schools functioning virtually, imports of sports goods witnessed a decline, while inbound shipments of laptops and battery chargers saw a sharp uptick, according to the import data for the financial year 2020-21.
The government had set a budgetary target of over Rs 1.87 lakh crore for collection from customs duty in current fiscal
Only the government's emphasis on infrastructure, special announcements on key sectors like telecom, automobiles, etc in the coming Budget can bring cheer to the plastic industry.
'There is good indication that the economy is bouncing back, but the problem is, we should look at the eight quarters preceding March 2020.' 'The growth had fallen below 3.1% before March 2020.' 'So, the governments must realise that even if you transform the best of green shoots into banyan trees, you see only 3.1% growth.'
India has raised tariffs on 28 items, including almond, pulses and walnut, exported from the US in retaliation to America's withdrawal of preferential access for Indian products.
The threshold limit for deduction of tax at source has been raised for unusual income such as winnings from horse race, commission
The project import status for set up of head-ends and lower customs duty and nil SAD would be a booster for the multi service operators.
'Wine is an indicator of the quality of life,' says Alok Chandra.
Regional States will be worried that the US's nascent engagement with the Taliban behind the fig leaf of humanitarian aid enables the return of US intelligence personnel to Afghanistan, observes Ambassador M K Bhadrakumar.
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