Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

New Delhi [India], September 16 (ANI): In a bid to maintain equilibrium in the domestic and international fuel markets, the <keyword id="6357307" type="General" weightage="80" keywordseo="central-government" source="Orion">Central Government</keyword> announced changes in the taxation structure for crude oil and petroleum product exports, effective from today. As per the <keyword id="1222399" type="General" weightage="80" keywordseo="gazette-of-india" source="Orion">Gazette of India</keyword>, the <keyword id="156153" type="General" weightage="80" keywordseo="ministry-of-finance" source="Orion">Ministry of Finance</keyword>, <keyword id="208415" type="General" weightage="80" keywordseo="department-of-revenue" source="Orion">Department of Revenue</keyword>, issued two notifications, amending previous taxation rates. According to the notifications, the <keyword id="1229080" type="General" weightage="20" keywordseo="windfall-tax" source="Orion">windfall tax</keyword> on domestic crude oil production has been increased significantly, while levies on the export of aviation turbine fuel (ATF) and diesel have been reduced. A tax levied on an unforeseen or unexpectedly large profit is called windfall tax. The windfall tax on domestic crude oil production has been raised from Rs 6,700 per ton to Rs 10,000 per ton. This move aims to capture a larger portion of profits from the surging crude oil prices, providing additional revenue for the government. The windfall tax on the export of aviation turbine fuel (ATF) has been decreased from Rs 4 per liter to Rs 3.50 per liter. This reduction is expected to make Indian ATF exports more competitive in the international market. The tax on the export of diesel has been reduced from Rs 6 per liter to Rs 5.50 per liter. This adjustment is aimed at boosting the export of diesel, potentially increasing revenue from international sales. These changes come as India navigates the complexities of fluctuating global oil prices and aims to strike a balance between reaping benefits from high crude oil prices and ensuring competitiveness in the international fuel market. The notifications, No. 30/2023-Central Excise and No. 31/2023-Central Excise, issued by the Ministry of Finance, will come into effect on September 16, 2023. The government expects these tax adjustments to have a positive impact on the nation's fiscal health and its position in the global fuel market. These amendments follow a series of recent changes in the taxation structure for petroleum products and are part of the government's efforts to adapt to the evolving economic landscape and maintain stability in the energy sector. (ANI)

Govt hikes windfall tax on domestic crude, reduces levy on export of diesel

The central government has prohibited as many as 156 <keyword id="22893276" type="General" weightage="20" keywordseo="combination-drugs" source="keywords">combination drugs</keyword> that are often administered as painkillers, multivitamins, and antibiotics, for fever and cold, among others. In a gazette notification dated August 21, the government said that the use of the drug Fixed Dose Combination of Amylase, Protease, Glucoamylase, Pectinase, Alpha Galactosidase, Lactase, Beta-Gluconase, Cellulase, Lipase, Bromelain, Xylanase, Hemicellulase, Malt diastase, Invertase, Papain is likely to involve risk to human beings whereas safer alternatives to the said drug are available. Upon recommendations of the <keyword id="20092000" type="General" weightage="20" keywordseo="Drugs-Technical-Advisory-Board" source="keywords">Drugs Technical Advisory Board</keyword>, the central government, in the greater interest of the public, has prohibited the manufacture for sale, sale, and distribution for human use of those drugs across the country with immediate effect. The move from the government comes after the matter was examined by an expert committee appointed by the central government, and the said expert committee considered the administration of this Fixed Dose Combination as "irrational". The Drugs Technical Advisory Board also examined the said FDC and recommended that "there is no therapeutic justification for the ingredients contained in this FDC. The FDC may involve risk to human beings. Hence in the larger public interest, it is necessary to prohibit the manufacture, sale or distribution of this FDC under section 26 A of the Drugs and Cosmetics Act 1940. In view of above, any kind of regulation or restriction to allow for any use in patients is not justifiable," the notification read. The list of banned drugs also includes drugs used for hair treatments, antiparasitic, skincare, anti-allergic. The medicines combined in more than one drug in a single pill are Fixed dose combination drugs FDC, these drugs are also known as cocktail drugs. The Indian Pharmaceutical Alliance supports the decision of the government. Sudarshan Jain, Secretary General, IPA told that, "this has been going for many years and there was a committee which reviewed the whole thing... This is a right step in the interest of patients and all aspects have been taken into consideration." "They have given the opportunity to give the data to support their products, so the right products will continue and when there is no data to support then companies have to withdraw it," Jain added. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/webstories/2024-tvs-jupiter-vs-honda-activa-6g-which-110cc-scooter-should-you-buy/slidelist/112730069.cms">2024 TVS Jupiter vs Honda Activa 6G – which 110cc scooter should you buy?</a> <a href="https://www.businessinsider.in/tech/how-to/how-to-add-music-to-instagram-profile/articleshow/112732934.cms">You can now add music to your Instagram profile – here's how</a> <a href="https://www.businessinsider.in/business/auto/news/audi-q8-facelift-launched-in-india-with-a-1-17-crore-price-tag/slidelist/112707701.cms">Audi Q8 facelift launched in India with a ₹1.17 crore price tag</a>

India bans 156 commonly used combination drugs citing possible risks to humans

The <keyword id="206645" type="ORGANIZATION" weightage="20" keywordseo="ministry-of-interior">Ministry of Interior</keyword> has warned Saudi citizens against travelling to countries that have been put on the no-travel list recently as these countries are currently witnessing a surge in cases of Covid-19 and its new variants. In a statement carried by the <keyword id="310010" type="ORGANIZATION" weightage="20" keywordseo="Saudi-Press-Agency">Saudi Press Agency</keyword> on Tuesday, an official source at the ministry said that travelling to the banned countries is an explicit violation of the announced instructions, the <keyword id="175749" type="ORGANIZATION" weightage="20" keywordseo="Saudi-Gazette">Saudi Gazette</keyword> reported. The source said that there are reports about citizens travelling to the countries where travel is prohibited in violation of the instructions issued by the official authorities, warning that such deception, if proven, warrants legal accountability and heavy penalties. He added that those who are found to have violated the instructions would be banned from travelling abroad for 3 years. The Ministry of Interior in the statement called on citizens against travelling directly or indirectly to countries where the pandemic has not yet been controlled and there are cases of mutated strains. It also urged citizens to exercise caution and stay away from areas where instability prevails or the virus is spreading, and take all precautionary measures regardless of their destination. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/maharashtra-karnataka-and-telangana-plan-to-use-ethereum-in-their-fight-against-fake-degrees/articleshow/84823688.cms">This Indian startup is using Ethereum to help Maharashtra, Karnataka and Telangana fight against fake degrees</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/list-of-stocks-are-down-today-like-zomato-dixon-technologies-cdsl-happiest-minds-shree-renuka-sugars-and-more/slidelist/84817104.cms">It's not just Zomato -- From Happiest Minds to CDSL, some of India's hottest stocks are melting too</a>

Saudi citizens warned against visiting countries facing travel ban

Bank holidays in June 2022

<ul><li>India announced a 30% flat rate on income from ‘virtual digital assets’ due this year’s Union Budget.</li><li>The country has also been working on a bill to regulate the cryptocurrency space since 2019.</li><li>Expanding the definition could help the government tax NFTs, SIPs and more.</li></ul>The Indian government announced its plans to tax cryptocurrency transactions at a rate of 30% during the Union Budget. However, it's yet to nail down the definition of what it means by a ‘virtual digital asset’. <div type="Article" hostid="261" msid="89268587" title="From cryptocurrencies to NFTs, India to tax all ‘virtual digital’ assets at 30%" mstype="2" mssubtype="0"></div> It remains unclear whether the tax only applies to cryptocurrencies and <a href="https://www.businessinsider.in/investment/news/nft-sales-hit-7-billion-all-time-high-in-january-but-it-may-just-be-a-bubble-waiting-to-pop/articleshow/89249178.cms">non-fungible tokens (NFTs)</a> or other monetary use cases emerging from the blockchain ecosystem as well. According to a report by the <a href="https://economictimes.indiatimes.com/tech/tech-bytes/virtual-digital-assets-may-get-a-broader-definition/articleshow/89393614.cms">Economic Times (ET)</a>, the government wants the definition of ‘virtual digital assets’ to be dynamic enough to cover any new product that comes into being due to technological changes – an ask that sounds fair enough, considering the fast-paced changes seen in the cryptocurrency space. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Widening the definition of ‘virtual digital assets’" comment="subhead" text="Widening the definition of ‘virtual digital assets’">Widening the definition of ‘virtual digital assets’</cmsannotation> As things stand, the current definition of a virtual digital asset includes” any information or code or number or token (not being Indian currency or any foreign currency), generated through cryptographic means or otherwise.” It also includes NFTs and “any other digital asset, as the Central Government may, by notification in the Official Gazette specify:” Simply put, this means that the government has the power to include any new use case it deems to be a ‘virtual digital asset’ under the 30% tax umbrella as and when it deems fit. The crypto industry, especially in India, has grown to be worth billions of dollars in less than two years. While the 2020’s mostly saw Indians trading in cryptocurrencies, the country has seen a healthy growth in the NFT market in 2021 as well. According to a November 2021 <a href="https://www.livemint.com/technology/tech-news/india-ranks-third-in-terms-of-interest-in-metaverse-projects-11637847044719.html">report</a> from blockchain tracking firm DappRadar, over 500,000 Indian users had shown interest in metaverse and NFTs since the beginning of that month alone. The country was ranked fifth in terms of interest in such projects by DappRadar, behind the US, Indonesia, Japan and Philippines, respectively. NFTs and cryptocurrencies aside, the industry in India has also shown an intent to expand to new crypto-focused products. For instance, CoinSwitch Kuber had said that it intends to expand into traditional asset trading as well. On February 7, it also <a href="https://www.livemint.com/companies/news/coinswitch-launches-recurring-buy-plan-for-crypto-assets-11644216343760.html">launched</a> a recurring buy plan (RBP) for crypto assets. Systematic investment plans (SIPs) and mutual fund-like products around cryptocurrencies have also been <a href="https://economictimes.indiatimes.com/markets/cryptocurrency/investors-are-chasing-crypto-sips-is-it-your-game/articleshow/86292991.cms">explored</a> by various firms. The one thing that is clear is that the Reserve Bank of India’s (RBI) central bank digital currency (CBDC) – <a href="https://www.businessinsider.in/budget/news/digital-rupee-to-be-introduced-by-the-rbi-confirms-fm-nirmala-sitharaman-speech/articleshow/89268343.cms">the digital rupee</a> – will not be treated as a digital asset. Since it is issued by the RBI and will be hosted on a private blockchain, the digital rupee will be treated as normal currency only, as clarified by Finance Minister Nirmala Sitharaman during the post-budget press conference. <cmsannotation type="cmsannotation" annotationid="India’s crypto bill is still a work in progress" comment="subhead" text="India’s crypto bill is still a work in progress">India’s crypto bill is still a work in progress</cmsannotation> India has been working on a bill to regulate cryptocurrencies since 2019. The first iteration banned all cryptocurrency activity. Since then, the Sithraman has <a href="https://www.businessinsider.in/cryptocurrency/news/india-crypto-bill-gets-a-revamp-but-its-still-a-work-in-progress-says-finance-minister-nirmala-sitharaman/articleshow/88001952.cms">clarified</a> a new bill will be tabled in Parliament and that it is significantly different from its predecessor. The bill was first <a href="https://www.businessinsider.in/finance/news/cryptocurrency-in-india-is-legal-but-a-pending-bill-with-the-government-could-change-things/articleshow/74521104.cms">listed</a> on the agenda for the Budget session of the Parliament last year, and appeared again on the agenda for the Winter session, which was held in December 2021. Both times, the bill sparked speculations of a possible ban on cryptocurrencies and crypto trading in India. However, the new bill is <a href="https://www.businessinsider.in/cryptocurrency/news/no-india-crypto-bill-in-sight-even-after-winter-session-of-parliament-comes-to-a-close/articleshow/88449161.cms">yet to be released</a> into the public domain for review. <div type="ExtQuote" text="By bringing in taxation, the government legitimises the industry to a large extent. The majority of people, especially corporates, who have been sitting on the sidelines because of uncertainties will now be able to participate in crypto. Overall, it’s a positive move for the industry." auname="Nischal Shetty, CEO of Indian crypto exchange WazirX"></div> The introduction of a 30% tax, while high, has been accepted by many as a form of acceptance of cryptocurrencies by the country – a way of giving the cryptocurrency space an air of legitimacy. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-ethereum-cardano-and-others-are-making-a-comeback/slidelist/89395672.cms">Bitcoin is trying to make a comeback as it holds above ₹31 lakh</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tata-steel-sbi-interglobe-aviation-paytm-and-other-hot-stocks-on-february-7/slidelist/89394977.cms">Tata Steel, SBI, InterGlobe Aviation, Paytm and other hot stocks on February 7</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/crypto-vc-firm-jumps-in-to-restore-wormholes-supply-after-defi-hack/articleshow/89350142.cms">Crypto VC firm ‘jumps’ in to restore Wormhole’s supply after DeFi hack</a>

India’s definition of ‘virtual digital assets’ isn’t set in stone

The government has merged the Department of <keyword id="108214" type="CITY" weightage="20" keywordseo="Public-Enterprises">Public Enterprises</keyword> (DPE) with the finance ministry to give it a better control over state-owned firms and facilitate its ambitious privatisation programme. Finance ministry will now have six departments while DPE's hereto parent ministry, the ministry of heavy industries and public enterprises will now be called the ministry of heavy industries. Previously, the <keyword id="44532" type="PERSON" weightage="20" keywordseo="Disinvestment">disinvestment</keyword> ministry - created under the Atal Bihari Vajpayee government - was merged with the Finance Ministry and is now a department under it. Also, <keyword id="62529" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Investment-Promotion-Board">Foreign Investment Promotion Board</keyword> (FIPB) was abolished and administration of foreign investments was given to the Finance Ministry (FinMin). The shift of DPE to the finance ministry will help in efficient monitoring of the capital expenditure, asset monetisation and financial health of the Central Public Sector Enterprises (CPSEs). "<keyword id="156153" type="ORGANIZATION" weightage="20" keywordseo="Ministry-of-Finance">Ministry of Finance</keyword> (<keyword id="11588398" type="UNKNOWN" weightage="20" keywordseo="vitta-mantralaya">Vitta Mantralaya</keyword>), after the sub-heading (v) Department of <keyword id="6354241" type="UNKNOWN" weightage="20" keywordseo="Financial-services">Financial Services</keyword> (Vittiya Sewayen Vibhag), following sub-heading shall be inserted, namely:- (vi) Department of Public Enterprises (Lok Udyam Vibhag)" as per the Cabinet Secretariat notification dated July 6, 2021. The rejig comes ahead of Cabinet expansion slated later in the day. The gazette notification issued said these rules may be called the government of India (Allocation of Business) Three Hundred and Sixty First Amendment Rules, 2021. "They shall come into force at once," the notification said. Presently, the finance ministry has five departments -- Economic Affairs, Revenue, Expenditure, Investment and Public Asset Management and Financial Services. With the addition, this will be the sixth department under the finance ministry. Giving details of the functions performed by the DPE, the notification said coordination of matters of general policy affecting all Public Sector Enterprises (PSEs), evaluation and monitoring the performance of PSEs, including the memorandum of understanding mechanism, review of capital projects and expenditure in CPSEs. Besides, the DPE frames measures aimed at improving performance of CPSEs and other capacity building initiatives of PSEs, rendering advice relating to revival, restructuring or closure of PSEs including the mechanisms, counselling, training and rehabilitation of employees in CPSEs under Voluntary Retirement Scheme and categorisation of CPSEs including conferring 'Ratna' status, among others. The heavy industries ministry will continue to be the administrative ministry related primarily to the capital goods sector. As many as 44 CPSEs including Maruti Udyog Limited, BHEL, Cement Corporation, <keyword id="173465" type="CITY" weightage="20" keywordseo="Scooters-India">Scooters India</keyword>, HMT and various other subsidiaries would be under the Ministry of Heavy Industries. Many companies under the ministry are sick and up for sale under the disinvestment programme of the government. Finance minister Nirmala Sitharaman in her Budget 2021-22 already announced that a revised mechanism for fast-tracking closure of loss making PSUs would be worked out and an incentive package would be developed to incentivise states to sell stake in state PSUs. To monetise lands owned by CPSEs, a special purpose vehicle (SPV) would be developed. She also announced a big-ticket privatisation agenda, including privatisation of two public sector banks and one general insurance company to garner Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions during 2021-22. As part of the divestment strategy for the financial sector, the government has decided to go for a mega initial public offering (IPO) of Life Insurance Corporation of India (LIC) and residual stake sale in IDBI Bank during the financial year beginning April. Besides, strategic sale of Bharat Petroleum Corporation Ltd (BPCL), <keyword id="11588399" type="UNKNOWN" weightage="20" keywordseo="shipping-corp-container-corporation">Shipping Corp, Container Corporation</keyword>, <keyword id="2459265" type="PERSON" weightage="20" keywordseo="Neelachal-Ispat-Nigam-Ltd">Neelachal Ispat Nigam Ltd</keyword>, <keyword id="132488" type="COMPANY" weightage="20" keywordseo="Pawan-Hans">Pawan Hans</keyword>, Air India among others, would be completed in 2021-22. In September 2020, the government had apprised that out of the 34 PSUs approved for disinvestment so far, transactions were completed for eight. Transactions for four PSUs were halted as they are recommended for closure. Two of them were held up due to litigation, while transactions for 20 PSUs are in the process. SEE ALSO- <a href="https://www.businessinsider.in/stock-market/news/clean-science-and-technology-ipo-maximum-broking-house-recommending-this-ipo/articleshow/84193873.cms" data-type="tilCustomLink">Clean Science and Technology, an Indian supplier to Bayer, has opened its IPO ⁠— and ‘subscribe’ is the unanimous call from analysts</a> <a href="https://www.businessinsider.in/stock-market/news/gr-infraprojects-ipo-good-ipo-bet-for-long-term-as-per-analysts/articleshow/84193656.cms" data-type="tilCustomLink">GR Infraprojects IPO is for long term investors, say analysts</a>

Government merges the Department of Public Enterprises with the Finance Ministry to bring better control over state-owned firms

<keyword id="6355629" type="COMPANY" weightage="20" keywordseo="google">Google</keyword> on Wednesday clarified that its <keyword id="47576" type="COMPANY" weightage="20" keywordseo="Search">Search</keyword> engine is not classified to be part of the <keyword id="2375797" type="PERSON" weightage="20" keywordseo="new-IT">new IT</keyword> intermediary guidelines 2021, urging the <keyword id="6355014" type="COMPANY" weightage="20" keywordseo="delhi-high-court">Delhi High Court</keyword> to set aside an order that puts Google Search as part of the new IT rules. The single judge order on April 20 came in a case where a woman's images were uploaded on a pornographic website and despite court orders, the objectionable content could not be removed in entirety from the internet. A Google spokesperson told IANS that Search engines are a reflection of the content and information that is available on the internet. "While we maintain a consistent policy over removal of objectionable content from search results, the Delhi High Court order has cast certain obligations that would wrongly classify Google search as a social media intermediary," a Google spokesperson told IANS. "We've filed an appeal against this part of the order and look forward to explaining the steps we take to remove objectionable content from Google search results," the company spokesperson added. A bench of Chief Justice D N Patel and Justice <keyword id="210481" type="PERSON" weightage="20" keywordseo="Jyoti-Singh">Jyoti Singh</keyword> has issued notice to the Union government, Delhi government, Facebook, the pornographic site and Internet Service Providers Association of <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>, seeking their responses to Google's plea by July 25. The Google spokesperson said that the "direction also requires proactively identifying and globally disabling access to any content which may be similar to the offending content, that may appear on any other websites/online platforms, or in any other context". The new rules notified in the gazette of India on February 25 under the Intermediary Guidelines and Digital Media Ethics Code Rules, 2021, came into effect from May 26. While Facebook, WhatsApp, Google, Telegram, <keyword id="28120" type="COMPANY" weightage="20" keywordseo="Linkedin">LinkedIn</keyword> etc have either fully or partially complied with the new IT rules, Twitter has reiterated to comply with the new IT intermediary guidelines in India as the Delhi High Court issued notice on a plea against the non-compliance by Twitter India and Twitter Inc. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/oneplus-cryptocurrency-wallet-could-be-in-the-works-company-survey-suggests/articleshow/83164929.cms">OnePlus cryptocurrency wallet could be in the works, company survey suggests</a> <a href="https://www.businessinsider.in/careers/news/microsoft-airtel-tiktok-just-dial-byjus-and-other-companies-are-calling-out-interns-for-different-roles/articleshow/83168022.cms">Microsoft, Airtel, BYJU’S, IIT-Bombay and more — here is a list of companies looking for interns</a> <a href="https://www.businessinsider.in/tech/mobile/news/upcoming-new-smartphones-launching-in-india-in-june-2021/slidelist/83169331.cms">Smartphones launching in India in June 2021</a>

You Searched For "gazette of india" and got 7 results

Govt hikes windfall tax on domestic crude, reduces levy on export of diesel

ANI

India bans 156 commonly used combination drugs citing possible risks to humans

ANI

Saudi citizens warned against visiting countries facing travel ban

IANS

Bank holidays in June 2022

BI India Bureau

India’s definition of ‘virtual digital assets’ isn’t set in stone

BI India Bureau

Government merges the Department of Public Enterprises with the Finance Ministry to bring better control over state-owned firms

PTI

Google says Search 'wrongly classified' as a social media intermediary, files an appeal in Delhi High Court

IANS

Popular Keywords

Buying Guides