The tariff value on imported gold earlier stood at $398 per 10 grams, while on silver at $643 per kg.
SII said it will address the limited capacity by scaling up the vaccine production over the next two months.
Auto sector has nothing to look forward to in the Budget.
Ahead of the first meeting of the top decision-making body in nearly eight months, finance ministers of eight states ruled by non-Bharatiya Janata Party and like-minded parties -- Rajasthan, Punjab, Chhattisgarh, Tamil Nadu, Maharashtra, Jharkhand, Kerala and West Bengal -- have devised a joint strategy to press for a zero tax rate on Covid essentials, sources said.
Reliance Industries Ltd's focus on the next hypergrowth opportunities in clean tech and its path to decarbonisation has the potential to spur re-rating, raises clarity on investment cycles and reduces investor worry, brokerages said. RIL chairman Mukesh Ambani at the company's 'Green AGM' on Thursday committed Rs 75,000 crore over the next three years to set up an integrated Green Energy Giga Complex across 5,000 acres in Jamnagar, Gujarat which will contain four giga factories. The complex, which would be one of the world's largest renewable manufacturing facilities, would have an integrated solar photovoltaic module factory, an energy storage battery factory, electrolyser manufacturing for hydrogen production, and manufacturing of fuel cells so that hydrogen can be used in transportation.
The government on Friday slashed the import tariff value on gold to $398 per ten grams while raising it marginally on silver to $643 per kg in line with global trends.
If the United States has its way in the World Trade Organisation, Indians may soon be able to savour the famed Californian wine for a much lesser price.
The government has fixed the target of indirect tax collection, comprising customs, excise and service tax, at Rs 5.65 lakh crore for 2013-14.
Though FDI inflow has been on the rise in the past three years, it is mostly on account of services
'With over 50 per cent of medical seats reserved for those who have the ability to pay a fee ranging from Rs 50 lakh to Rs 1.5 crore for a five-year MBBS course and quotas in accordance with affirmative policies in government colleges, the band of seats available for the not-so-rich and non-OBCs is very narrow.'
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
State-run oil firms on Thursday cut aviation turbine fuel (ATF) or jet fuel prices by 4.3 per cent in view of halving of the customs duty on the fuel to five per cent. From today, ATF in Delhi will cost Rs 66,226.66 per kilo litre, down Rs 3,000.42 per kl, while in Mumbai the price has been cut by 4.36 per cent to Rs 68,626.87 per kl, an Indian Oil official said.
After the government backtracked on its plan to impose Customs duty on pricier components, Samsung has decided to begin production of key mobile parts in Noida from April.
This is the same level as the peak rate of the Association of South East Asian Nations.
Proceedings in Rajya Sabha were repeatedly disrupted on Monday before being called off for the day as opposition members protested on the alleged phone-tapping and other issues and demanded discussions on them in the House.
Investors became richer by over Rs 6.34 lakh crore on Monday as markets gave a big shout-out to the Budget 2021-22, which analysts termed as 'unprecedented' against the backdrop of the pandemic-induced slowdown. Cheering the Budget proposals, the BSE benchmark Sensex zoomed 2,314.84 points or 5 per cent to close at 48,600.61. During the day, it jumped 2,478.63 points to 48,764.40. This was the best Budget-day gain for the markets since 1997, analysts said. Following the extremely positive market sentiment, the market capitalisation of BSE-listed companies rallied Rs 6,34,069.67 crore to Rs 1,92,46,713.70 crore.
It has been stranded in Lahore since November 23 over payment of customs duties.
Of the 11,000 kg imported between July 1 and August 9, around 90 per cent was brought in by two business groups which took advantage of the favourable reduction in tax incidence under GST, routing their imports through Korea.
Huge margins, high custom duty and increasing demand among youngsters have led to exponential increase in smuggling of foreign cigarettes.
In a move to boost trade with India, the Pakistan cabinet has approved an additional list of over 200 Indian products for customs duty concession under South Asian Preferential Trading Arrangement.
The Cabinet Committee on Economic Affairs may consider slashing customs duty on petrol and diesel from 15 per cent to 10 per cent.
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.
India, the world's largest consumer of gold, has imported 393.68 tonnes of the yellow metal during the April-September period of this year
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.
As of now, the custom duty on gold is 10 per cent.
The government on Thursday slashed customs duties on various non-agricultural goods, cell phones, IT and electronics items and abolished domestic and foreign travel tax.
16 national and regional industry bodies and sectoral business lobbies video-conferenced with Commerce and Industry Minister Piyush Goyal on Saturday and raised key concerns facing Indian industry in the wake of the 21-day lockdown over coronavirus.
It, however, does not manufacture devices on its own and rather does it through contract manufacturers.
Steps such as safeguard duty in the works to plug the route
RBI has permitted Axis Bank, Kotak Mahindra Bank, IndusInd Bank and Yes Bank to import gold.
Many imported things became costlier as Finance Minister Arun Jaitley on Thursday hiked customs duties on these products in the Union Budget 2018-19.
Apart from making your purchases on these platforms expensive, it will also mean sellers will have to face the brunt of reduced cash flows amid already low margins for some. Experts said the proposal, which will take effect on April 1, 2020, and will be inserted as a new section in the Income Tax Act, is expected to affect the working capital of e-commerce companies and reduce cash flows for e-sellers.
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