Page 7 - Latest Updates on Customs duty
AC prices rise 5% on customs hike, higher logistics cost amid coronavirus
According to some makers, the crisis unfortunately has come at a critical time, when April-June season is knocking
 "AC prices rise 5% on customs hike, higher logistics cost amid coronavirus")
Hike in Customs duty: Toy retailers stare at shortage in three months
While Mattel, Funskool, Hasbro, and Hamleys are impacted by the hike, none of them are part of the agitation yet
 "Hike in Customs duty: Toy retailers stare at shortage in three months")
No customs duty on imported solar cells and modules, says ministry
There is already safeguard duty of 15 per cent levied on the imported solar cells and modules
 "No customs duty on imported solar cells and modules, says ministry")
Customs dept to seek additional district-level data on goods from exporters
The initiative is also aimed at bringing uniformity with the data/ information captured in the Goods and Services Tax Network (GSTN), it added
 "Customs dept to seek additional district-level data on goods from exporters")
Strict provisions across Customs rules to tighten the screws on imports
A string of measures includes specific provisions in rules governing anti-dumping, safeguards, and basic Customs duties.
 "Strict provisions across Customs rules to tighten the screws on imports")
Budget 2020: Customs duty ambiguity on imported solar power equipment
Solar modules constitute 80% of the cost of a solar power project.
 "Budget 2020: Customs duty ambiguity on imported solar power equipment")
FM prepares ground for new electronics policy to boost local production
But Customs duty hike may lead to price rise in EVs, ACs, refrigerators & handsets
 "FM prepares ground for new electronics policy to boost local production")
Budget 2020: FM proposes hike in Customs duties, outlines road map for more
Govt to trim exemptions by Sept, review customs law and procedures in line with ease of doing business
 "Budget 2020: FM proposes hike in Customs duties, outlines road map for more")
Indirect tax: Few but well-justified changes in Budget 2020
Customs duties and exemptions need to be streamlined
 "Indirect tax: Few but well-justified changes in Budget 2020")
Budget 2020 in 2 minutes: Fiscal deficit target, income tax rates, and more
The personal income tax has been simplified and reduced. Individuals will have to pay tax at the reduced rate of 10% for incomes of Rs 5-7.5 lakh, against the current rate of 20%
 "Budget 2020 in 2 minutes: Fiscal deficit target, income tax rates, and more")
Budget 2020: Govt to review customs duty exemptions on products by Sept
Finance Minister Nirmala Sitharaman while presenting the Budget for 2020-21 said exemptions from customs duty have been given in public interest from time to time
Budget 2020: How will Sitharaman pull off Rs 2.1-trn disinvestment miracle?
The government has promised to raise Rs 120,000 crore via disinvestment, and an additional Rs 90,000 crore from sale of government equity in public-sector banks and financial institutions, in 2020-21
 "Budget 2020: How will Sitharaman pull off Rs 2.1-trn disinvestment miracle?")
FM declares hike in customs duty on imported fans, tableware, kitchenware
Customs duty on catalytic converters, parts of commercial vehicles, other than electric vehicles, have also been hiked
 "FM declares hike in customs duty on imported fans, tableware, kitchenware")
Budget 2020: To give boost to SMEs, govt may hike custom duty on 300 items
The Commerce and Industry Ministry in its budget recommendations has proposed rationalisation of basic customs on over 300 items across sectors
 "Budget 2020: To give boost to SMEs, govt may hike custom duty on 300 items")
Budget session LIVE updates: Congress protests against Anurag Thakur in LS
Budget 2020 Live: Finance Minister Nirmala Sitharaman today presented the annual Union Budget 2020-21 in Parliament. Follow Business Standard for LIVE updates
 "Budget session LIVE updates: Congress protests against Anurag Thakur in LS")
Budget 2020: Govt may cut import duty on raw material for fertiliser sector
During April-December 2019-20, the country's crude and manufactured fertiliser imports grew by 8.47 per cent to USD 6.2 billion.
 "Budget 2020: Govt may cut import duty on raw material for fertiliser sector")
Airports to lose Rs 650 cr/yr over cut in duty-free liquor, cigarettes
The ministry, as per the sources, has also recommended to the Finance Ministry that purchase of cigarette cartons at duty-free shops should be prohibited
 "Airports to lose Rs 650 cr/yr over cut in duty-free liquor, cigarettes")
Budget 2020: Stainless steel sector seeks zero duty on ferro-nickel, scrap
Removal of duty on ferro-nickel and stainless steel scrap is a long standing demand and the Ministry of Steel has also at times batted for zero duty on these items.
 "Budget 2020: Stainless steel sector seeks zero duty on ferro-nickel, scrap")
Budget 2020: Steel sector seeks relief in customs duty on key raw materials
Industry body said exemption available to coking coal was also removed by the government in 2014-15 Budget by bringing it at par with other types of coal and imposing 2.5 per cent basic customs duty
 "Budget 2020: Steel sector seeks relief in customs duty on key raw materials")
Budget 2020: Govt may hike customs duty on toys, certain paper, footwear
The Commerce and Industry Ministry in its Budget recommendations to the Finance Ministry has proposed rationalisation of basic customs or import duty on over 300 items from different sectors
 "Budget 2020: Govt may hike customs duty on toys, certain paper, footwear")
