Page 5 - Latest Updates on Customs duty
Govt waives duty on materials for Covid test kits, APIs for Amphotericin B
The government has exempted basic customs duty on imports of specified API/ excipients for Amphotericin B and raw materials for manufacturing Covid test kits.
 "Govt waives duty on materials for Covid test kits, APIs for Amphotericin B")
Easing of essential goods imports to help fight Covid-19 pandemic
The govt has exempted basic customs duty on import of Remdesivir, APIs of Remdesivir, Beta Cyclodextrin used in making Remdesivir and specified inflammatory diagnostic kits till Oct-end
 "Easing of essential goods imports to help fight Covid-19 pandemic")
Covid-19: Govt waives import duty on Remdesivir injection, raw materials
Given the shortage of supplies, the Union government last week banned the export of Remdesivir
India likely to waive customs duty on coronavirus vaccine imports
The government is likely to waive 10 per cent customs duty levied on imported vaccines in a bid to keep low the cost of overseas vaccines that are being eyed to supplement domestically made shots
 "India likely to waive customs duty on coronavirus vaccine imports")
Solar tariff could rise up to 40-45p per unit over customs duty change
The tariffs for solar power could increase between 25-45 paise per unit (kWh) due to Basic Customs Duty (BCD) on imported solar cells and modules
 "Solar tariff could rise up to 40-45p per unit over customs duty change")
CIABC urges centre not to reduce customs duty on whiskey imports from UK
The Confederation of Indian Alcoholic Beverage Companies (CIABC) has strongly objected to any plans to slash the Basic Customs Duty (BCD)
 "CIABC urges centre not to reduce customs duty on whiskey imports from UK")
Customs duty on imported solar cells likely to hike power bill by 20%
There is a 14.5-per cent safeguard duty on imported solar gears from China and Malaysia.
 "Customs duty on imported solar cells likely to hike power bill by 20%")
Understanding the zero-sum game of the new agriculture infra cess
While the FM has ostensibly got her act right on imposing the levy without punishing the consumer, questions about the share of states, the rate structure and the use of funds remain
 "Understanding the zero-sum game of the new agriculture infra cess")
There is no provision to take credit of the agriculture infra cess: Expert
This should not matter much because wherever AIDC has been imposed, the basic customs duty (BCD) or excise duty has been reduced, and in any case
 "There is no provision to take credit of the agriculture infra cess: Expert")
Duty cut could bring down domestic steel prices by 10%, says ICRA
Government's proposal to reduce import duty on steel products in Budget 2021-22 would make their imports more competitive and in turn exert near-term pricing pressures on domestic steelmakers
 "Duty cut could bring down domestic steel prices by 10%, says ICRA")
Duty cut on steel products to exert near-term pressure in Indian cos: Icra
Decision will make imports competitive, Chinese firms may gain
 "Duty cut on steel products to exert near-term pressure in Indian cos: Icra")
Chinese steel mills may gain from customs duty cut announced in Budget
The cut has failed to rein in prices, as domestic steel mills raised flat steel prices by about Rs 1,500 a tonne after the announcement
 "Chinese steel mills may gain from customs duty cut announced in Budget")
Focus on capex does not make Budget inflationary: Expenditure Secretary
We expect the cost of the vaccination to be Rs 700 per person. This includes the price of two shots at Rs 200-250 each, says Somanathan
 "Focus on capex does not make Budget inflationary: Expenditure Secretary")
Non-protectionist but non-performing Budget
Budget is good but not good enough to live up to the FM's promise of getting rid of "socialist baggage"
Budget 2021: Customs duty hike to make electronics items more expensive
In the Budget for 2021-22, finance minister Nirmala Sitharaman introduced higher import duty rates on over a dozen handset and automobile components.
 "Budget 2021: Customs duty hike to make electronics items more expensive")
Budget a booster shot for India, has ambition, resolution and innovation
It was one of the toughest times in history to announce a budget, writes Harsh Goenka.
 "Budget a booster shot for India, has ambition, resolution and innovation")
Leather products to get costlier after 10% customs duty, say manufacturers
'Customs duty hike to make leather expensive', said Alberto Torresi director
 "Leather products to get costlier after 10% customs duty, say manufacturers")
Budget 2021 LIVE: Budget is a shot in the arm for Indian economy, says S&P
Budget 2021 LIVE: Finance minister Nirmala Sitharaman in her Union Budget 2021 speech announced a slew of taxation reforms but left personal income tax slab unchanged. Track Budget 2021 highlights
 "Budget 2021 LIVE: Budget is a shot in the arm for Indian economy, says S&P")
5% customs duty imposed on parts used in LCD, LED panels
The government recently categorised TVs as a restricted item for the purpose of imports and have now imposed the customs duty on the parts
 "5% customs duty imposed on parts used in LCD, LED panels")
Provisional assessment allowed when Customs doubt origin of goods: Expert
Compulsory verification of assessment will be discontinued once the importer demonstrates that he has established adequate system of controls to exercise reasonable care
 "Provisional assessment allowed when Customs doubt origin of goods: Expert")
