The National Pharmaceutical Pricing Authority directs pharma firms to revise the MRP of medicines following customs duty exemptions in Union Budget 2025, ensuring consumers benefit from lower prices
The government had allowed the duty-free import of yellow peas in December 2023 and subsequently extended it thrice till February 28 to boost domestic supplies after the local crop failed
The 10-nation bloc ASEAN (Association of Southeast Asian Nations) countries are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam
Among the key tariff reductions, India lowered the duty on fish hydrolysate for the manufacturing of aquatic feed from 15 per cent to 5 per cent, a move that directly impacts US exports
After a comprehensive review of the customs rate structure, the government has decided to remove seven tariff rates
Customs duties on input goods for electric vehicles, solar panels slashed
Budget 2025 analysis: During the Union Budget 2025 speech, Finance Minister Nirmala Sitharaman said today that battery-related raw material will be exempted from custom duties
Key components in the renewable energy industry such as special bearings, gearboxes, yaw components, wind turbine controllers are currently subjected to a concessional customs duty of 5 per cent
The Customs department has introduced refund guidelines for payments that were initially successful but ultimately failed due to any errors
Deloitte India Partner, Indirect Tax, Harpreet Singh said key demands from the Customs side from the Budget, to be tabled in Feb 1, would be rate rationalisation, simplification of the regime
On January 13, the rupee logged its steepest single-day fall in nearly two years and ended the session 66 paise down at its historic low of 86.70 against the US dollar
The government had in the past announced amnesty schemes for excise and service tax and even for the income tax but not for customs
All air transport service providers operating flights to/from India will have to register with the National Customs Targeting Centre-Passenger (NCTC-Pax) by January 10, 2025
The steel ministry believes that a higher import duty, if implemented, could mitigate the adverse effects of a rise in cheaper imports of finished steel, particularly from China
Exemptions under review include bulk drugs used in insulin production, raw materials for lab-grown diamonds, plastics used in optical fiber production, and more
The EOUs should quickly familiarise themselves with the new procedures and raise any doubts/difficulties with the CBIC and ICEGATE, preferably before the coming Wednesday
Stocks like PC Jeweller, TBZ, Kalyan Jewellers and Senco Gold can potentially rally up to 27% from current levels, suggest technical charts.
The show cause notice asks the automaker to justify its claim for customs duty exemption on certain imported goods
Recent Customs duty cut has sparked a gold rush, driving ETF inflows to their highest level since February 2020
The share of Customs duty in India's gross tax receipts has more than halved in the past decade