Page 4 - Latest Updates on Customs duty
WTO June meet: India not likely to create a hurdle on e-com moratorium
Developing countries, including India, have been battling for policy space to impose Customs duties on electronic transmissions
 "WTO June meet: India not likely to create a hurdle on e-com moratorium")
Indirect tax mop-up may fall short of target: Revenue secretary Tarun Bajaj
Revenue secretary attributes it to cuts in excise and Customs duties
 "Indirect tax mop-up may fall short of target: Revenue secretary Tarun Bajaj")
Govt notifies norms for allocation of TRQ for crude soybean, sunflower oils
The govt has exempted customs duty and agriculture infrastructure development cess on 20 lakh metric tonnes yearly import of crude soyabean oil and crude sunflower oil each, to ease domestic prices
 "Govt notifies norms for allocation of TRQ for crude soybean, sunflower oils")
No denial of duty exemption for not adhering to import procedures: CBIC
The CBIC has asked field offices not to deny Customs duty exemptions to importers of oxygen-related equipment merely for not adhering to import procedures during the second wave of the Covid-19
FinMin waives customs duty on cotton imports till September 30
Currently, cotton imports attract 5 per cent Basic Customs Duty (BCD) and 5 per cent Agriculture Infrastructure Development Cess (AIDC)
 "FinMin waives customs duty on cotton imports till September 30")
Different strokes in transparency
More clarity on Customs duty changes could have made the Budget more transparent
 "Different strokes in transparency")
Budget 2022 specifies customs duty change on several items
This would mean that imports become more expensive or cheaper usually depending on the change in customs duties
 "Budget 2022 specifies customs duty change on several items")
Budget 2022: Here's what will get costlier and what will be cheaper
Imported cut and polished diamonds, frozen mussels, frozen squids, asafoetida, cocoa beans, methyl alcohol and acetic acid will become cheaper as a result of rationalisation in customs duties
 "Budget 2022: Here's what will get costlier and what will be cheaper")
LIVE: This Budget brings more infra, more growth and more jobs, says PM
Budget 2022 LIVE updates: Finance Minister Nirmala Sitharaman presented the annual Union Budget 2022-23 in Parliament today. Follow Business Standard for Budget highlights
 "LIVE: This Budget brings more infra, more growth and more jobs, says PM")
Budget: Assocham requests govt to remove custom duty on copper concentrate
Industry body Assocham has urged the government to reduce the customs duty on copper concentrate from the present 2.5 per cent to zero
 "Budget: Assocham requests govt to remove custom duty on copper concentrate")
PHDCCI for removing customs duty on copper concentrate in Budget
PHDCCI on Friday said it has suggested to the government to remove customs duty on copper concentrate as the move would encourage domestic companies to manufacture value added products in India
 "PHDCCI for removing customs duty on copper concentrate in Budget")
Govt scraps basic customs duty, cuts cess on crude palm, soy, sunflower oil
Move might impact farmers' realisation when kharif harvest is on, say industry players
 "Govt scraps basic customs duty, cuts cess on crude palm, soy, sunflower oil")
Govt scraps basic customs duty, cuts agri cess on vegetable oils
The move which will help cool prices and increase domestic availability in the festive season
 "Govt scraps basic customs duty, cuts agri cess on vegetable oils")
FinMin should review DRI demand for social welfare surcharge
The law is quite clear that SWS is to be calculated at the rate of 10 per cent on the BCD levied and collected
 "FinMin should review DRI demand for social welfare surcharge")
Govt notifies processes for granting RoDTEP duty credits
An exporter must make a claim for RoDTEP in the shipping bill or bill of export by making the prescribed declaration
SC seeks Centre's response on PIL on duty evasion in China iron exports
The Supreme Court Thursday asked the Centre to file its response in two weeks to a PIL seeking a direction to the CBI to register an FIR and probe the alleged duty evasion by 61 iron exporting firms
 "SC seeks Centre's response on PIL on duty evasion in China iron exports")
Integrated approach for EVs
Customs duty is not the way to fast lane
 "Integrated approach for EVs")
Rationalise Customs duty
Besides removing exemptions, overall simplification is necessary
 "Rationalise Customs duty")
Govt reduces basic customs duty on imports of masur dal to zero
The government on Monday reduced the basic customs duty on imports of masur dal to zero and halved the Agriculture Infrastructure Development Cess on the lentil to 10 per cent
 "Govt reduces basic customs duty on imports of masur dal to zero")
Govt must cut number of slabs in Customs duty
The finance ministry has made a good beginning by reviewing the exemptions with intent to eliminate them
 "Govt must cut number of slabs in Customs duty")
