Customs Duty

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

An individual may possess one counterfeit item per type for personal use only, not for sale. Possession of quantities exceeding this limit is prohibited, as per US Customs and Border Protection rules

The Indian Newspaper Society has urged the government to scrap the five per cent Customs duty on newsprint to allow publishers to manage their operational costs more effectively. In a statement, the INS said a combination of factors affecting the price and availability of newsprint -- geopolitical uncertainties, logistics, rupee depreciation and Customs duty -- have created a formidable burden for publishers in the country. The escalations in the conflict in West Asia, as well as the conflict between Russia and Ukraine, have significantly affected the global supply chain, including for newsprint, the organisation said in its statement issued here on Monday. The Indian Newspaper Society (INS) urgently appealed to the government to reconsider the imposition of five per cent Customs duty on newsprint. "This measure, if withdrawn, would provide much-needed relief to the print media industry, allowing publishers to manage their operational costs more effectively and ensure the continued

India demands end to customs duties moratorium on e-commerce, says it impacts developing countries

The government should not cut import duties on electronic components used in making smartphones in the forthcoming Budget as the current tariff structure has already proven successful and changing them could harm local manufacturing, a GTRI report said on Monday. The Global Trade Research Initiative (GTRI) said that maintaining the current rates would help balance industry growth and long-term development in India's growing smartphone market. "Currently, tariffs on imported parts for smartphones in India are between 7.5 per cent and 10 per cent. The Budget should maintain these taxes. The Budget should not cut the import tariffs on parts used to make smartphones," it said, adding that the current rate of levies supports duty-free imports for making products to exports. The Budget is scheduled to be presented on February 1. The suggestion is in contrast to the demand of industry body India Cellular and Electronics Association (ICEA) that import duty cuts on mobile phone components c

Indian exporting firms need to gear themselves up to comply with new EU norms as the European Union is moving towards a paperless customs process from June 3 this year. The development assumes significance for domestic exporters as the European Union (EU) accounts for about 17 per cent of India's total merchandise exports. In 2022-23, India exported goods worth USD 75 billion to EU as against the country's total exports of USD 451 billion in that financial year. The EU has proposed to implement the second phase of its Import Control System (ICS) from June 3 this year. ICSD 1 was applicable to the air mail and express deliveries from March 15, 2021, and then it was extended to air cargo from March last year. The 'ICS2' will now be extended to cover all type of imports using ships, trains, trucks also on June 3, 2024. First two phases covered 15 per cent imports into the EU, third and final phase cover balance 85 per cent of the imports by value. According to a European Commission .

Jindal Stainless on Friday said it has sought continuation of zero customs duty on stainless steel scrap, steel scrap and pure nickel. "As we approach the Union Budget for 2024-25, we request continued support from the Ministry of Steel. In particular, we propose a long-term exemption of basic customs duty on ferro nickel and ferro molybdenum to ensure the industry's access to this important raw material at competitive rates. Additionally, we advocate for the continuation of zero customs duty on stainless steel scrap and steel scrap, besides pure nickel," Jindal Stainless Managing Director Abhyuday Jindal said in a statement. The present customs duty on ferro nickel is 2.5 per cent while in the case of ferro molybdenum it is 5 per cent. According to the statement, Jindal Stainless is confident that these proposals will help the stainless steel industry thrive. "We also request continuing export duty of 30 per cent on exports of chrome ore from the country. The issue of dumping and

The Lok Sabha on Tuesday passed a Bill that seeks to give immediate effect to the changes in customs and excise duties announced in the Budget. The House after a brief discussion on the Provisional Collection of Taxes Bill 2023, passed the Bill by voice vote. Jayant Sinha (BJP) and B V Satyavathi (YSRCP) participated in the brief discussion on the Bill which is aimed at curbing speculative activities following changes in customs and excise duties in the Budget. Moving the Bill for passage, Finance Minister Nirmala Sitharaman said, the Provisional Collection of Taxes Bill, 2023 seeks to obtain the authority from Parliament to provisionally levy and collect the newly imposed or increased duties of customs and excise for 75 days. This Bill proposes to replace the erstwhile Provisional Collection of Taxes Act, 1931 with a minor change that is technical in nature. The provisions of the Bill empower collection provisionally, during the period between the introduction and enactment of th

Customs officials of India and Bangladesh have discussed a host of bilateral issues such as opening of new land customs stations, easing port restrictions, development of road and rail infrastructure and pre-arrival exchange of customs data. The two-day 14th Joint Group of Customs (JGC) meeting between India and Bangladesh that ended on Tuesday was co-chaired by CBIC Member (Customs) Surjit Bhujabal and Bangladesh National Board of Revenue Member Md. Mahbubuzzaman. In a statement, the finance ministry said the 14th JGC meeting discussed a host of bilateral issues such as opening of new land customs stations, easing port restrictions, development of road and rail infrastructure, pre-arrival exchange of customs data and a bilateral agreement on customs cooperation. India thanked Bangladesh for completing trial runs and issuing notification for operationalising the agreement on use of Chattogram and Mongla Ports (ACMP) as was decided in the 13th JGC meeting and initiated discussions on

Rule 1.1 of the FEDAI Rules, 2019 says that the normal working hours of ADs for foreign currency to Indian rupee transactions for clients is 9 a.m. to 5 p.m. on all days, except Saturdays, Sundays

Authority's target to be based on risk parameters

The Central Board of Indirect Taxes (CBIC) on Monday said the difficulties being faced by traders in paying customs duties in the newly launched upgraded duty payments systems will be resolved at the earliest. In a tweet, the CBIC said it has noted difficulties being faced by members of the trade in making duty payments over the customs automated system. An upgraded and modern system of payment is live since April 1. "Our technical teams are working overtime to fix some teething issues and the problems being temporarily noticed will be resolved at the earliest," the CBIC tweeted.

The government has hiked customs duty on import of X-ray machines and non-portable X-ray generators to 15 per cent with effect from April 1. Currently, portable X-ray machines and non-portable X-ray generators and apparatus attract 10 per cent import duty. The changes in the customs duty rate was brought in as part of the amendments to the Finance Bill, 2023, which was passed by the Lok Sabha last Friday. The new rates would be effective from April 1, 2023, the amendment said. AMRG & Associates Senior Partner Rajat Mohan said this is intended to improve barriers to manufacturing in India. "This will encourage 'Make in India' to reduce import dependence in the niche sector," he said.

With revised customs duty across consumer electronics' manufacturers, analysts believe this measure would reduce costs for manufacturing mobile phones, TV panels, and kitchen chimneys

'As long as you expect to realise the CIF/CFR value of the goods and declare it correctly in your shipping bill/EDF, there is no violation under FEMA'

For mass segment cars priced above Rs 35 lakh, move can lead to more localisation