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10] This is apex institution of government of India for capacity building in the field of Customs, Indirect Taxes, and Narcotics under the administrative control of Central Board of Indirect Taxes and Customs (CBIC). The functions of NACIN is specified in CBIC office order No.06/Ad.IV/2017 on 12 June 2017 which states that NACIN will undertake ...
India is the second biggest oil importer after China and is highly dependent on imported crude oil. [27] The net imports of crude oil rose from 171.73 Mt during 2011–12 to 226.95 Mt during 2020–21. The net imports of natural gas increased from 18 BCM in 2011–12 to 32.86 BCM in 2020–21, recording a CAGR of 9.44%.
The exports during April 2007 were $12.31 billion up by 16% and import were $17.68 billion with an increase of 18.06% over the previous year. [6] India is a founding-member of General Agreement on Tariffs and Trade (GATT) since 1947 and its successor, the World Trade Organization.
The governments loosened restrictions on business creation and import controls while also promoting the growth of the automobile, digitalization, telecommunications and software industries. [ 14 ] [ page needed ] Reforms under lead to an increase in the average GDP growth rate from 2.9 percent in the 1970s to 5.6 per cent, although they failed ...
To achieve this goal, the Indian government erected strict import restrictions and a complex system of tariffs that featured high rates which varied by industry. [34] One consequence of the Licence Raj was that it benefited large corporations at the expense of smaller businesses.
India has become Mauritius' largest source of imports since 2007 and Mauritius imported US$816 million worth of goods in the April 2010 – March 2011 financial year. Mauritius has remained the largest source of FDI for India for more than a decade with FDI equity inflows totalling US$55.2 billion in the period April 2000 to April 2011.
In 2008, the total volume of ASEAN-India trade was US$47.5 billion. ASEAN's export to India was US$30.1 billion – a growth of 21.1 per cent in comparison with that of 2007. ASEAN's imports from India were US$17.4 billion – a growth of 40.2 per cent in comparison to that of 2006.
The Central Board of Indirect Taxes and Customs (CBIC), formerly the Central Board of Excise and Customs, is a statutory body under the Department of Revenue, Government of India. It oversees the administration of indirect taxes , including customs duties, excise duties, and the Goods and Services Tax (GST).