Retailers gear up for Budget 2024, seeking tax cuts, green push and digital boost. With the expected growth rate in mind, retailers are looking forward to specific measures in the Interim Budget 2024. They are expecting government support in terms of taxes and incentives to boost the sector’s growth. “Reducing gross and services tax (GST) […]
In a move aimed at further incentivising fresh investments in the manufacturing sector and promoting ease of compliance, the Indian government is reportedly considering extending the lower tax rate of 15 per cent for companies establishing new manufacturing units. As per reports, this extension is likely to be announced in the upcoming Interim Budget scheduled […]
The government should not reduce import charges on electronic components used in smartphone manufacture in the next Budget since the present tariff system has proven successful and altering it might affect local manufacturing, according to a GTRI report released on Monday. The Global Trade Research Initiative (GTRI) stated that keeping existing rates will assist in […]
The Indian government has imposed a 50 per cent export duty on molasses and extended lower import duties on edible oils for another year. Aimed at bolstering domestic ethanol production and ensuring edible oil affordability. This high export tax will apply to molasses, a crucial component in the production of ethanol. According to a notification […]
The government will judge the current import control system for specific IT hardware goods like laptops and tablets after assessing the import data it is monitoring after September, the news agency PTI reported. In October of last year, India implemented an import management system that requires importers of certain items to get government authorisation. The […]
To address challenges and enhance the country’s export performance, the Centre, state governments, and industry representatives are set to convene on 16 January for a crucial meeting chaired by Commerce and Industry Minister Piyush Goyal. The meeting, organised by the Board of Trade (BoT), will focus on pressing issues, including challenges related to rupee payments, […]
The Reserve Bank of India (RBI) took stringent measures against Dhanlaxmi Bank, Punjab and Sind Bank, and ESAF Small Finance Bank, imposing monetary penalties for various non-compliances, on 12 January. The penalties were issued based on identified deficiencies in regulatory compliance, emphasising the need for financial institutions to adhere to prescribed guidelines. Dhanlaxmi Bank faced […]
Oil prices rose 2 per cent on Friday as the United States and Britain carried out air and sea strikes on Houthi military targets in Yemen in response to attacks by the Iran-backed group on shipping in the Red Sea. The attack added to market concerns about the potential impact a broader conflict in the […]
The Union commerce ministry has announced a high-level inter-ministerial meeting scheduled for next week, aiming to address and strategise against the challenges posed to India’s trade by the ongoing issues in the Red Sea. As per reports, the meeting would involve senior officials from five key ministries, namely external affairs, defence, shipping, finance, and commerce. […]
A memorandum of understanding (MoU) was signed between the Indian Navy and textile and apparel company Arvind for the supply of technically advanced uniform fabric for the Navy. Taking to social media, the spokesperson for the Indian Navy posted on X, “MoU signed between Indian Navy and M/s Arvind Limited for supply of a technically […]
