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Centre Scraps Windfall Profit Tax On Crude Oil, Petrol, Diesel Exports
The notification rescinded the June 2022 order and withdrew a levy of special additional excise duty (SAED) on the production of crude oil.
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India Lifts Export Tax On Parboiled Rice As Inventories Surge
India on Tuesday scrapped the export tax on parboiled rice, the government said in an official order, as inventories in the world's biggest exporter of the grain surged and the country is set to produce a bumper crop after copious monsoon rains.
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G20 Prioritises Discussions on Digital Tax Amid Looming Tariff Threats from US
The Group of 20 finance leaders meeting this week for progress on a stalled plan to reallocate taxing rights on large multinational companies.The stakes in the negotiations are high. A failure to reach agreement on final terms could prompt several countries to reinstate their taxes on U.S. tech giants and risk punitive duties on billions of dollars...
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US, India Extend Digital Tax Truce to June 30 as Deadline Approaches
The US and India have extended their standstill agreement till June 30, over the former's retaliation over India’s digital-services tax on big tech firms. The development was announced by the US ahead of a deadline for a global deal that will reallocate taxing rights for major US tech firms that provide digital services like Alphabet-owned Google...
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Zomato Receives Over Rs 11 Crore Tax Penalty Notice
Online food delivery platform Zomato has received a tax demand and penalty order of Rs 11.82 crore related to GST on export services provided to its subsidiaries located outside India from July 2017 to March 2021.
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"Want An India That...": US Envoy Wants Reforms In Tax, Export Policies
US Ambassador Eric Garcetti on Tuesday pitched for reform in India's taxation and export control for deeper bilateral economic engagement and said the "rhetoric" that everything has to be made in India could slow down the pace of the country's growth
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Rice Shipments Of 5 Lakh Tonnes Postponed After 20% Export Duty: Exporters
The Centre's move to impose a 20 per cent duty on exports of parboiled rice has prompted buyers and sellers to postpone shipments of around five lakh metric tonnes to after mid-October to avoid paying the tax, three leading exporters told Reuters.
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India's Economy Is Buzzing But Weaker Exports Could Be A Drag
India's economic activity picked up pace in April on record tax collections and a booming services sector though rising unemployment and weaker trade metrics could sap some sentiment.
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Tesla Said to Have Proposed to Set Up Unit in India for Domestic Sale, Export
Tesla has proposed setting up a factory in India to build electric cars for domestic sale and export, the carmaker told government officials on Wednesday, according to a source with direct knowledge of the matter. Tesla met officials from Modi's office and other ministries on Wednesday, said the person and another source familiar with the matter.
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Government Cuts Windfall Gains Tax On Domestic Crude Oil To Nil
The government has cut windfall gains tax on domestically-produced crude oil to nil while continuing the rate at zero on the export of diesel and ATF.
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India's April-February Finished Steel Exports Slump 52% Year-On-Year
The export volume was lower, at 5.9 million tonnes, despite the government's withdrawal of an export tax in November.
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Ola Electric to Invest $920 Million in Tamil Nadu to Manufacture Electric Cars, Batteries: Details
Ola Electric on Saturday said it would invest $920 million (roughly Rs. XXX crore) in Tamil Nadu to manufacture electric cars and EV batteries. The investments, to be made through its subsidiaries Ola Electric Technologies and Ola Cell Technologies, will help the company make 140,000 cars annually and hire 3,111 workers in the state, according to O...
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India Could See Increase in Manufacturing of iPhones, Other Premium Phones After Tax Cuts on Imported Parts
After the government eliminated import tariffs on parts used to assemble high-end phones, India could now manufacture more premium smartphones, a tax official said. Indian mobile phone exports nearly doubled year-on-year to $5 billion between April-October in 2022, primarily supported by the government's key scheme to offer incentives to local manu...
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Centre Raises Windfall Profit Tax On Crude Oil, Diesel Exports; New Rates To Apply From January 3
Tax rates were cut at the last fortnightly review on December 16, following a decline in global crude oil prices. International oil prices have since then firmed up, necessitating the raising of windfall tax.
-
Windfall Tax On Domestic Crude Oil Slashed By 65%
The centre cut its windfall tax on locally produced crude oil and aviation turbine fuel (ATF) and reduced the export tax on diesel.
-
Centre Scraps Windfall Profit Tax On Crude Oil, Petrol, Diesel Exports
The notification rescinded the June 2022 order and withdrew a levy of special additional excise duty (SAED) on the production of crude oil.
-
India Lifts Export Tax On Parboiled Rice As Inventories Surge
India on Tuesday scrapped the export tax on parboiled rice, the government said in an official order, as inventories in the world's biggest exporter of the grain surged and the country is set to produce a bumper crop after copious monsoon rains.
-
G20 Prioritises Discussions on Digital Tax Amid Looming Tariff Threats from US
The Group of 20 finance leaders meeting this week for progress on a stalled plan to reallocate taxing rights on large multinational companies.The stakes in the negotiations are high. A failure to reach agreement on final terms could prompt several countries to reinstate their taxes on U.S. tech giants and risk punitive duties on billions of dollars...
-
US, India Extend Digital Tax Truce to June 30 as Deadline Approaches
The US and India have extended their standstill agreement till June 30, over the former's retaliation over India’s digital-services tax on big tech firms. The development was announced by the US ahead of a deadline for a global deal that will reallocate taxing rights for major US tech firms that provide digital services like Alphabet-owned Google...
-
Zomato Receives Over Rs 11 Crore Tax Penalty Notice
Online food delivery platform Zomato has received a tax demand and penalty order of Rs 11.82 crore related to GST on export services provided to its subsidiaries located outside India from July 2017 to March 2021.
-
"Want An India That...": US Envoy Wants Reforms In Tax, Export Policies
US Ambassador Eric Garcetti on Tuesday pitched for reform in India's taxation and export control for deeper bilateral economic engagement and said the "rhetoric" that everything has to be made in India could slow down the pace of the country's growth
-
Rice Shipments Of 5 Lakh Tonnes Postponed After 20% Export Duty: Exporters
The Centre's move to impose a 20 per cent duty on exports of parboiled rice has prompted buyers and sellers to postpone shipments of around five lakh metric tonnes to after mid-October to avoid paying the tax, three leading exporters told Reuters.
-
India's Economy Is Buzzing But Weaker Exports Could Be A Drag
India's economic activity picked up pace in April on record tax collections and a booming services sector though rising unemployment and weaker trade metrics could sap some sentiment.
-
Tesla Said to Have Proposed to Set Up Unit in India for Domestic Sale, Export
Tesla has proposed setting up a factory in India to build electric cars for domestic sale and export, the carmaker told government officials on Wednesday, according to a source with direct knowledge of the matter. Tesla met officials from Modi's office and other ministries on Wednesday, said the person and another source familiar with the matter.
-
Government Cuts Windfall Gains Tax On Domestic Crude Oil To Nil
The government has cut windfall gains tax on domestically-produced crude oil to nil while continuing the rate at zero on the export of diesel and ATF.
-
India's April-February Finished Steel Exports Slump 52% Year-On-Year
The export volume was lower, at 5.9 million tonnes, despite the government's withdrawal of an export tax in November.
-
Ola Electric to Invest $920 Million in Tamil Nadu to Manufacture Electric Cars, Batteries: Details
Ola Electric on Saturday said it would invest $920 million (roughly Rs. XXX crore) in Tamil Nadu to manufacture electric cars and EV batteries. The investments, to be made through its subsidiaries Ola Electric Technologies and Ola Cell Technologies, will help the company make 140,000 cars annually and hire 3,111 workers in the state, according to O...
-
India Could See Increase in Manufacturing of iPhones, Other Premium Phones After Tax Cuts on Imported Parts
After the government eliminated import tariffs on parts used to assemble high-end phones, India could now manufacture more premium smartphones, a tax official said. Indian mobile phone exports nearly doubled year-on-year to $5 billion between April-October in 2022, primarily supported by the government's key scheme to offer incentives to local manu...
-
Centre Raises Windfall Profit Tax On Crude Oil, Diesel Exports; New Rates To Apply From January 3
Tax rates were cut at the last fortnightly review on December 16, following a decline in global crude oil prices. International oil prices have since then firmed up, necessitating the raising of windfall tax.
-
Windfall Tax On Domestic Crude Oil Slashed By 65%
The centre cut its windfall tax on locally produced crude oil and aviation turbine fuel (ATF) and reduced the export tax on diesel.
