export duty

The government has imposed a Rs 3 per litre windfall tax on petrol exports while reducing levies on diesel and aviation fuel. These revised rates, effective May 16, aim to ensure domestic fuel availability and prevent excessive profits from elevated global crude oil prices amid the West Asia conflict.

India has moved silver imports to a "restricted" category, requiring government approval, to prevent traders from exploiting a duty gap created by a recent 15% import tax hike. This move aims to curb arbitrage opportunities through the India-UAE free trade agreement, protect foreign exchange reserves, and control precious metal inflows, while exempting export-oriented industries.

Finance minister Nirmala Sitharaman expressed openness to investor concerns regarding capital gains tax, assuring that the government will consider stakeholder suggestions. She also defended recent fuel price hikes, attributing them to global crude oil costs and highlighting the government's prior absorption of excise duties.

Rising Raw Material Costs, Freight Volatility And Uncertain Supply Hit Textiles, Chemicals, Pharma And Real Estate Sectors

Evasion of Around Rs 65 crore Linked to One SEZ Unit

India's merchandise trade deficit surged to $28.38 billion in April, driven by a 10% rise in imports despite a significant drop in shipments from the Middle East. Elevated crude oil prices and global supply disruptions contributed to increased import costs, raising concerns about the external sector and the rupee's stability.