EV policy: FinMin notifies 15 pc duty on e-vehicle imports
Earlier today, the Heavy Industries Ministry notified a 'Scheme to promote manufacturing of electric passenger cars in India', under which import duty concessions would be given to companies setting up manufacturing units with a minimum investment of USD 500 million. Following that, the finance ministry notified that EVs of a minimum value of USD 35000 can be imported at 15 per cent duty up to year 2031 by companies that set up manufacturing facilities under the scheme. Key Points
Economic TimesAdani Enterprises arm acquires France-based Le Marche duty Free
Adani Enterprises has acquired France-based Le Marche duty Free SAS (LMDF) for 5,000 euros, according to its Dubai arm, Ospree International FZCO. The strategic acquisition is in the interest of Mumbai Travel Retail Private Limited, and was incorporated on February 7, 2024. Key Points
Economic TimesCentre increased import duty on gold and silver coins to 15%
The government has increased import duties on gold and silver finding and coins to 15%, including basic custom duty and ADIC. The new rates will be effective January 22. The government also increased import duties on silver dore, bars, and articles to align with gold and platinum import duties. Key Points
Economic TimesJindal Stainless seeks zero customs duty on ferro nickel, ferro molybdenum
New Delhi, Jan 5 (PTI) Jindal Stainless on Friday said it has sought continuation of zero customs duty on stainless steel scrap, steel scrap and pure nickel. “As we approach the Union Budget for 2024-25, we request continued support from the Ministry of Steel. In particular, we propose a long-term exemption of basic customs duty […] Key Points
ThePrintCentre imposes anti-dumping duty on gypsum board from China
India on the recommendation of the Commerce Ministry has imposed definitive anti-dumping duty on gypsum board and tiles from China for five years. The Finance Ministry imposed definitive anti-dumping duty on certain Chinese industrial laser machines used for cutting, marking or welding last week. Key Points
Economic Times
Call of duty 2025: Check out what we know about release date, platforms, storyline, gameplay
Call of duty 2025 is in early development, teasing a sequel to Black Ops 2 with a future setting. While a specific release date is yet to be confirmed, it's anticipated in October or November 2025. Expected on various platforms, including Xbox Series S | X, PC, PlayStation 5, and possibly Nintendo. The leading developer is speculated to be Sledgehammer Games. Key Points
Economic TimesIndia, UK look to resolve visa, EV issues under proposed free trade agreement
India and the UK are in advanced stages of discussions to address visa concerns for Indian professionals and customs duty concessions on British electric vehicles (EVs) as part of the proposed free trade agreement. An Indian delegation is currently in the UK to resolve these issues, along with concerns in the services sector and customs duty cuts on British whiskey. Key Points
Economic TimesCommerce Ministry shares list of goods facing inverted duty structure
The commerce and industry ministry has shared a list of 13-14 products with the finance ministry that face issues related to the inverted duty structure, an official said. Inverted duty structure is a situation when inputs are taxed at higher rates than finished products, which can make domestic industry import dependent. The ministry always shares such list of goods, where customs duties on components are higher than the finished products, said the official. Key Points
Economic TimesCall of duty 2024: This is what we know so far
Call of duty 2024, following Modern Warfare 2 and 3, remains in the spotlight during MW3's cycle. Expected in fall 2024, there is no confirmed date. It may likely come up in October or November. Key Points
Economic TimesGovt cuts windfall tax on domestic crude, export of diesel, ATF
New Delhi, Oct 17 (PTI) The government on Tuesday cut special additional excise duty (SAED) on crude petroleum to Rs 9,050/tonne with effect from October 18. In the last fortnightly review on September 29, windfall tax on domestically produced crude oil was set at Rs 12,200/tonne. Besides, the SAED or duty on export of diesel […] Key Points
ThePrintGovt cuts windfall tax on domestic crude, hikes levy on export of diesel, ATF
New Delhi, Sep 1 (PTI) The government on Friday cut special additional excise duty (SAED) on crude petroleum to Rs 6,700 per tonne with effect from September 2. In the last fortnightly review on August 14, windfall tax on domestically produced crude oil was set at Rs 7,100 per tonne. Besides, SAED or duty on […] Key Points
ThePrintGovt hikes windfall tax on domestic crude, diesel export, ATF
New Delhi, Aug 14 (PTI) The government on Monday hiked special additional excise duty on crude petroleum to Rs 7,100 per tonne with effect from August 15. In the last fortnightly review, windfall tax on domestically produced crude oil was set at Rs 4,250 per tonne. Besides, the Special Additional Excise duty (SAED) or duty […] Key Points
ThePrintCentre increases windfall tax on crude to Rs 4250 per tonne
It has also increased duty on export of diesel to Rs one per litre from Nil. The new rates will be effective August 1. Export duty on petrol and export duty for Aviation Turbine Fuel (ATF). will continue to be nil. Key Points
Economic TimesCall of duty players attacked by hackers! Here's what happened…
Microsoft and Activision Blizzard's merger has led to a surge in players joining vintage Call of duty games, but hackers have infected the servers of Modern Warfare 2 with malware that spreads within online lobbies. The exact cause of the malware is still unclear. Key Points
mintIndia finance minister not considering tax waivers for Tesla, senior official says
India's finance ministry is not considering any duty waivers for U.S. automaker Tesla Inc (TSLA.O), Revenue Secretary Sanjay Malhotra told Reuters on Thursday. Key Points
Reuters
Governor holds SEC responsible for West Bengal violence
“Mr SEC, Bengal expects to do your duty. Have you done your duty? Do you know what your duty is? I appointed you as SEC, but you disappointed people. You have failed in your duty and you have failed Bengal. You have no time to listen to the people,” West Bengal governor CV Ananda Bose alleged. Key Points
Economic TimesImport duty sops unlikely for Tesla
Tesla officials have reached out to various government departments, reviving plans for India. They (Tesla) have approached us, an official of heavy industries ministry said. Tesla has been eyeing the Indian market to sell its popular electric cars. The company had sought a 40% import duty on fully assembled electric cars against the current rate of 60% applicable on those priced below $40,000 and 100% on those retailed above that. Key Points
Economic TimesCBIC extends interest waiver on customs duty payable via ECL till April 13
The Central Board of Indirect Taxes and Customs (CBIC) has extended the interest waiver on customs duty payments made through the Electronic Cash Ledger (ECL) until April 13. The decision comes after exporters and importers went through difficulty paying duties through the automated system. The CBIC had previously issued a statement saying that no interest would be charged on customs duties paid through ECL till April 10. Key Points
Economic TimesCentre slashes windfall tax on crude oil production to Rs 3,500 per tonne
It also marginally increased export duty on diesel to Rs one per litre from Rs 0.50 while keeping both petrol and Aviation Turbine Fuel (ATF) exempted from the export levy. The new rate will be effective from March 21. Key Points
Economic TimesWindfall tax hiked marginally to Rs 4400, export duty on ATF scrapped
Exports of petrol will continue to attract nil duly. The new rates will be applicable from March 4. India imposed windfall profit taxes on July 1, 2022, by imposing export duties of ₹6 per litre on petrol and ATF and ₹13 a litre on diesel. Key Points
Economic Times
‘Call of Duty: Modern Warfare 3’: Know all voice actors, characters in game
Call of Duty: Modern Warfare 3's cast of voice actors breathes life into iconic characters, enhancing the gaming experience. Notable talents include Barry Sloane as Captain John Price, Julian Kostov as Vladimir Makarov, Samuel Roukin as Simon 'Ghost' Riley, Elliot Knight as Kyle 'Gaz' Garrick, etc. These actors have left their mark on both the gaming and entertainment worlds. Key Points
Economic Times‘Call of Duty: Modern Warfare 3’: See release date of upcoming game
Activision confirmed the sequel to last year's game, Call of Duty: Modern Warfare 3, will launch on November 10. Teaser hints at the return of antagonist Vladimir Makarov. Key Points
Economic TimesCustoms duty recast may make telecom gear imports costlier
Officials aware of the details said while most telecom products attract 20% customs duty, there are some nil duty items and several in the 10% category. In absence of clarity around identification, many telecom products were being imported at lower duty, resulting in an estimated ₹500-1,000 crore losses for the central exchequer, an official told ET. Key Points
Economic TimesGovt exempts import duty on drugs, food for special medical purposes for personal use to treat rare diseases
The import duty waiver will come into effect from April 1.Also, the government has exempted Pembrolizumab (Keytruda), used in treatment of various cancers, from basic customs duty. Key Points
FinancialexpressIndia slashes windfall tax on crude oil production to Rs 3,500 per tonne
It also marginally increased export duty on diesel to Rs one per litre from Rs 0.50 while keeping both petrol and Aviation Turbine Fuel (ATF) exempted from the export levy. The new rate will be effective from March 21. Key Points
Economic Times
Govt not considering cut in import duty on rubber: Official
The government maintains the differential between local and international prices, and is not considering any cut in import duty on rubber. The duty on import of dry rubber was increased, and port entry for import of natural rubber has been restricted. Key Points
Economic TimesWith four-fold increase in 4 years, property rates in Ayodhya on fire
Discover how the real estate market in Ayodhya has experienced a staggering four-fold increase in property rates over the past four years. Read more about this remarkable growth. Key Points
Times Of IndiaGovt extends zero import duty & agri-cess exemption on masur dal till March 2025
The Indian government has extended the zero import duty on masur dal (lentil) until March 2025 to maintain a stable supply and control domestic prices. The exemption, along with a 10% agri-infra cess, was set to expire in March 2024. The move aims to provide a clear signal to farmers in producing countries and encourage strategic planning for cultivation. Key Points
Economic TimesCombatting cheaters: Modern Warfare 3 unveils Ricochet anti-cheat update
Call of Duty: Modern Warfare 3 has introduced the powerful Ricochet Anti-Cheat Update to wage a battle against cheaters and enhance the gaming experience. With this update, players can expect a more fair and enjoyable environment while diving into the action-packed world of Modern Warfare 3. Key Points
Economic TimesCentre slashes windfall tax on domestic crude oil to Rs 3,500 per tonne; hikes duty on diesel
Meanwhile, the government increased the export duty on diesel to Re 1 per litre from Rs 0.50. Key Points
The Indian Express
2.25% stamp duty, fee exemption in Punjab for registrations till March end:Minister
The Punjab government has decided to grant an exemption of 2.25% in stamp duty and fees to those registering their property/land by March 31. Key Points
Hindustan TimesIndia mulls quota-based duty cuts on gold imports to Switzerland under EFTA
Switzerland had sought duty concessions on inbound shipments of gold, which accounts for about 80% of Indias total imports from Switzerland. Quota based concessions to Switzerland are crucial as India has already extended 1% duty concession to gold importers under tariff rate quota in its trade pact with the UAE. Key Points
Economic TimesIndia cuts windfall tax on domestic crude, export of diesel, ATF
The government on Tuesday cut special additional excise duty (SAED) on crude petroleum to Rs 9,050/tonne with effect from October 18.In the last fortnightly review on September 29, windfall tax on domestically produced crude oil was set at Rs 12,200/tonne. Key Points
Economic TimesCall of duty Mobile Season 4 'Veiled Uprising' set to launch on April 27th. Details on new features and Battle Pass
Recently, a trailer for COD Mobile Season 4 was released, showcasing a glimpse of the upcoming operators, blueprints, and Battle Pass content. Additionally, the developers have also shared various new details about the upcoming content in their latest blog post. Key Points
mintMicrosoft-Activision Deal: CEO Satya Nadella says Call of duty to ‘100%’ stay on PlayStation
Microsoft CEO and other Microsoft executives have vowed not to exclude the game from PlayStation consoles, stating that exclusivity on consoles is not something they support. Nadella's testimony comes as the FTC seeks to halt the merger while its legal challenge plays out. Key Points
mint
Best-ever April for Mumbai property stamp duty collection despite lower registrations
The state exchequer's revenue saw a 15% YoY increase to over Rs 845 crore ($113m), although registration was 15% lower at 9,933 deals. South Mumbai showed the highest uptick in sales, and properties under Rs 10m ($134,000) remained the most popular. Apartments measuring 500 sq ft to 1,000 sq ft remained buyers preference, accounting for 44% of all registrations. Key Points
Economic TimesNRI home buyer gets a relief from paying income tax on imposed income of Rs 40.45 lakh, due to delayed reg
Income tax appellate tribunal (ITAT): In an order dated January 8, 2024 ITAT has granted relief to a non-resident Indian (NRI) upon whom the income tax assessing officer (AO) imposed an income of Rs 40.45 lakh. The NRI individual purchased a flat in West Mumbai for Rs 1.82 crore in 2010 when the stamp duty of such flat was Rs 1.4 crore. The stamp duty value was Rs 2.2245 crore when the flat was registered in 2013. Key Points
Economic TimesOnion prices in India may stay high for at least a month
Onion prices are likely to stay high for around a month due to limited supplies, while exports remain strong after the removal of a 40% export duty, making overseas shipments more profitable amid global demand. The government introduced a minimum export price (MEP) to discourage exports, imposing $800 per tonne until December 31. Key Points
Economic TimesCall of Duty: Modern Warfare 3 release date on PlayStation 5/4, Xbox series and PC, initial reviews. Detai
Call of Duty: Modern Warfare 3 will be released on PlayStation 5, PlayStation 4, Xbox Series S|X, Xbox One, and PC. A few gamers availed Campaign Early Access and shared views. Key Points
Economic Times‘Call of Duty: Modern Warfare 3’: Here’s PC system requirements
The upcoming Call of Duty: Modern Warfare 3 promises an exciting gaming experience. PC players anticipating its release can explore various modes, including a new campaign from November 2, 2023, for pre-orders. To ensure smooth performance, here are the minimum and recommended PC requirements. Key Points
Economic Times
India's aviation watchdog reviewing fatigue data after pilot death-source
After the death, hundreds of airline pilots plan to form an association to challenge flying duty regulations they say cause fatigue and jeopardise safety, Reuters reported this week. The Directorate General of Civil Aviation (DGCA) has now decided to conduct a review of pilot fatigue data it has collected during spot checks and surveillance of airlines to see if regulations related to flight duty times or fatigue need to be changed, said the official. Key Points
Economic TimesSofter global oil price cuts windfall tax collections
India's windfall tax collections from crude oil and auto fuels have fallen 9% to ₹1.5tn in April-October due to lower energy prices and falling domestic production. Key Points
mintWTO ruling on Indian duty, if upheld, could hit local production of mobiles
A WTO panel recently ruled that India had violated global trade rules after the European Union challenged the levy of 7.5% and 15% import duty imposed since 2017 on a wide range of IT products, including mobile phones (where the duty was further raised to 20%) and components to curb imports in a bid to increase domestic production. Key Points
Economic TimesCall of Duty: Warzone December 14 Update Patch Notes: Check out fixes, nerfs, audio improvements, MTZ, DG
The Call of Duty: Warzone December 14 update introduces a new map, Urzikstan, and integrates MW3, offering players enhanced customization. Notably, the DG-56, Bas-B, and MTZ Interceptor face nerfs, addressing overpower issues. An audio fix improved player experience, focusing on footsteps. The update also includes gameplay adjustments and bug fixes for a smoother Warzone experience. Key Points
Economic TimesMaharashtra: Farmers in Ahmednagar stop onion auction at wholesale market to protest imposition of 40 pc d
Farmers in Maharashtra's Ahmednagar district on Sunday halted the auction of onions to protest the Centre's decision to impose 40 per cent duty on export of the kitchen staple. Onion growers in Rahuri tehsil of Ahmednagar district halted the ongoing auction of the bulb in the wholesale market. Key Points
Economic Times
India-Oz FTA utilisation above 90% in some textiles, engineering goods exports
Officials said that the utilisation of the India-Australia Economic Cooperation and Trade Agreement (ECTA) is as high as 90% in around 113 products especially labour intensive items where duties were reduced to nil from 5% under the pact. “90% of the exports of these products to Australia are happening through the FTA (free trade agreement) route,” said an official. This assumes significance as Indias utilization rate of its FTAs has been historically low due to documentation costs, lack of awareness and strict morphine norms. Key Points
Economic TimesCall of Duty: Modern Warfare 3 to launch on November 10
Activision confirms Call of Duty: Modern Warfare III release on November 10, with possible inclusion on Nintendo Switch. Players may carry forward elements from previous games. Key Points
mintKarnataka election: Bengaluru bus services to be hit on May 9 & 10, some restaurants to stay shut
Karnataka Assembly elections will affect bus services on May 9 and 10 as vehicles will be diverted for election duty, according to two state transport corporations. Some restaurants too are planning to stay shut on dry days as they won't be able to serve alcohol. Key Points
India TodayIndia initiates anti-dumping probe into import of sodium cyanide from China, EU, Japan, Korea
If it is established that the dumping has caused material injury to domestic players, DGTR would recommend the imposition of anti-dumping duty on these imports. The finance ministry takes the final decision to impose duties. Anti-dumping probes are conducted by countries to determine whether domestic industries have been hurt because of a surge in cheap imports. Key Points
Economic Times