Category: Business

Business

Govt. hikes windfall tax on domestic crude, cuts levy on export of diesel, ATF

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Image used for representative purpose only. | Photo Credit: AP The government on Friday hiked special additional excise duty (SAED) on crude petroleum to ₹10,000 per tonne with effect from September 16. In the last fortnightly review on September 1, windfall tax on domestically produced crude oil was set at ₹6,700/tonne. Besides, the SAED or…

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Basic Duties On 8 US Products To Stay, Only Retaliatory Tax Gone: Official

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The items on which the retaliatory tax has been removed include lentils, almonds, walnuts and apples. New Delhi: The basic customs duties and other levies will continue on eight products, including apple and walnut from the US as well as other countries, a senior government official said on Friday. Additional Secretary in the Department of…

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Finmin defends GDP data critiques, says “wrong to assess economic activity on GDP alone as it is revised many times”

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The Finance Ministry on September 15 scotched aspersions cast by “certain sections” on the credibility of Indian GDP data, which showed a 7.8% uptick in the first quarter of this year, stressing that Indian GDP data is not seasonally adjusted and is finalised three years later so “it is wrong to look at the underlying…

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Wrong to assess economic activity on GDP alone: Finance Ministry

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September 15, 2023 10:35 pm | Updated September 16, 2023 08:31 am IST – NEW DELHI “Indian GDP data are not seasonally adjusted, and they are also revised multiple times before they are finalised three years after the close of the relevant financial year,” the Finance Ministry said. File | Photo Credit: PTI The Finance…

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Windfall Tax On Crude Oil Hiked And Cut For Aviation Fuel

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India imposed the windfall tax on crude oil producers in July last year New Delhi: The government has increased the windfall tax on petroleum crude to 10,000 rupees ($120.36) per ton from 6,700 rupees, effective September 16, according to a government notification on Friday. The government also cut the windfall tax on aviation turbine fuel…

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Finance Ministry notifies constitution of GST Appellate Tribunals

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The establishment of these tribunals was a much-awaited move for industry players, who had been approaching the High Courts and Supreme Court during the past six years. File | Photo Credit: AFP The Finance Ministry notified the constitution of 31 Appellate Tribunals across 28 States and eight Union Territories for the Goods and Services Tax…

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Tata Steel, U.K. Government agree to invest 1.25 billion pounds in Port Talbot site

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A general view of Tata Steel’s Port Talbot steelworks in south Wales. File. | Photo Credit: AP Tata Steel and the U.K. Government have announced an agreement to invest in Electric Arc Furnace steelmaking at the Port Talbot site with a capital cost of £1.25 billion, inclusive of a grant from the U.K. Government of…

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Tata Steel, UK Announce 1.25 Billion Pound Joint Investment Plan

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London/New Delhi: The United Kingdom on Friday announced a joint investment package with Tata Steel worth 1.25 billion pounds, including a government grant of 500 million pounds, for the country’s largest steelworks in Wales that will help protect thousands of jobs and boost the British economy. The government’s grant has been dubbed as one of…

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Jindal Steel Gets Green Panel Notice Over Worker’s Death In Molten Slag Incident

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New Delhi: The National Green Tribunal (NGT) has issued a notice to Jindal Steel and Power Limited in connection with the death of a worker after hot or molten slag allegedly fell on him at the company’s steel plant in Patrapali village in Raigarh district of Chhattisgarh. The NGT was hearing an application registered on…

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