Business Standard's opinion pages this week focused on 5 years of GST, rupee vs dollar, succession in India Inc, and much more

BS Views of the week: GST, Indian rupee, BRICS, and more

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The Directorate of Revenue Intelligence (DRI) has detected customs duty evasion of over Rs 25 crore by way of undervaluation by luxury car importers, the finance ministry said on Tuesday.
As per DRI, high-end Luxury Cars were being imported by resorting to undervaluation to the extent of 50 per cent by mis-declaring the import value at the Indian ports to evade the applicable Customs Duties.
These luxury cars would first be transported to Dubai/Sri Lanka from the USA/Japan, for the purpose of conversion from left to right-hand drive (RHD) and other modifications, before being imported into India by mis-declaring the import value by using fabricated documents.
"In the investigation, it was ascertained that more than 30 Luxury Cars, viz models like Hummer EV, Cadillac Escalade, Rolls-Royce, Lexus, Toyota Land Cruiser & Lincoln Navigator, have been imported by using the above modus operandi. The importers involved are based in Hyderabad, Mumbai, Pune, Ahmedabad, Bangalore & Delhi

As per DRI, high-end Luxury Cars were being imported by resorting to undervaluation to the extent of 50% by mis-declaring the import value at the Indian ports to evade the applicable Customs Duty

Schools in five Punjab districts bordering Pakistan will reopen on Wednesday, officials said.
Punjab shares a 553-kilometre border with Pakistan, spanning the districts of Amritsar, Tarn Taran, Pathankot, Fazilka, Ferozepur and Gurdaspur.
While schools in Gurdaspur reopened on Tuesday, authorities in the other five border districts said academic institutions would reopen on Wednesday.
The state government on May 8 ordered the closure of academic institutions for three days as a military standoff between India and Pakistan soared. While schools in most districts reopened on Monday, they remained shut in the six border districts and Sangrur.
The district authorities in Pathankot, Tarn Taran and Amritsar on Tuesday said all schools would reopen on Wednesday.
"Schools will open tomorrow (Wednesday) from 10:30 am to 2:30 pm," the Amritsar district administration said.
The district authorities in Amritsar and Pathankot also urged citizens to observe a voluntary blackout on Tuesday.
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The state government on May 8 ordered the closure of academic institutions for three days as a military standoff between India and Pakistan soared

The Mumbai Metropolitan Region Development Authority (MMRDA) on Friday presented a Rs 40,187 crore-budget for the megapolis.
Infrastructure spends across projects have been pegged at Rs 35,151 crore or 87 per cent of the overall expenditure, as per an official statement. The revenues have been estimated at Rs 36,939 crore, and the body chaired by Deputy Chief Minister Eknath Shinde will be borrowing Rs 22,000 crore.
This will result in a budget deficit of Rs 3,249 crore, which the body plans to bridge through land sales, issuance of bonds, financial assistance from the government, and loans from financial institutions, the statement said.
The ongoing metro line projects have been earmarked Rs 10,969 crore of expenditure in the new fiscal, which is a fourth of the overall expenditure..
Over Rs 5,697 crore have been allotted for multiple tunnel projects which are going across the megapolis, with Rs 2,684 crore earmarked for the four-lane road running under the Sanjay Gandhi National 

Infrastructure spends across projects have been pegged at Rs 35,151 crore or 87 per cent of the overall expenditure, as per an official statement

The Rajya Sabha on Thursday returned the Finance Bill 2025 to the Lok Sabha, along with 35 government amendments, including one that abolishes a 6 per cent digital tax on online advertisements, thus completing the 2025-26 budgetary exercise that started on February 1.
The House also returned the Appropriation Bill (3) with a voice vote.
Earlier in the day, Finance Minister Nirmala Sitharaman had moved the two bills in the House.
The Lok Sabha had passed the Finance Bill on March 25 and passed the Appropriation Bill on March 21.
Replying to the debate later in the evening, she said the tendency of the finance ministry would be to exercise caution and not let go of revenues.
"But, here we wanted to use this opportunity to show our respect for Indian taxpayer. We have moved towards setting Rs 12 lakh as threshold up to which no one will have to pay any tax," Sitharaman said.
The Union Budget 2025-26 envisages a total expenditure of Rs 50.65 lakh crore, an increase of 7.4 per cent ov

The Union Budget 2025-26 envisages a total expenditure of Rs 50.65 trillion, an increase of 7.4 per cent over the current fiscal

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BS Views of the week: GST, Indian rupee, BRICS, and more

Business Standard's opinion pages this week focused on 5 years of GST, rupee vs dollar, succession in India Inc, and much more

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