Import Duty Impact

Gold smuggling has reduced significantly since July 2024 when the government slashed import duty on the precious metal to 6 per cent, Central Board of Indirect Taxes and Customs (CBIC) Chairman Sanjay Kumar Agarwal said. As per the latest available data, Customs and DRI officers seized 847 kg of gold worth Rs 544 crore at various airports in the April-June period of the current fiscal. In July, the government reduced customs duty on gold to 6 per cent from 15 per cent. "After the rate of duty was reduced on gold in the last year's budget, there is a significant reduction in the smuggling of gold," Agarwal told PTI in an interview. Although Agarwal did not reveal the quantum or value of gold seizures, he said authorities are keeping regular watch over the international passenger traffic, porous borders, and commercial cargoes coming into the country to cut the smuggling of narcotics through any route. Smuggling is the secret movement of goods across national borders to avoid custom

India is seeking customs duty concession on a number of goods including cars, commercial vehicles and machinery from Sri Lanka under a comprehensive free trade agreement (FTA), talks for which are underway, an official said. India has also sought easier visa norms to further facilitate entry of professionals from here, the official said. The 14th round of talks between senior officials of India and Sri Lanka was concluded recently in Colombo. Issues which came up for the talks included rules of origin, goods, services, and technical barriers for trade. On the other hand, Sri Lanka has sought removal of a quota on apparel exports to India. The island nation is also asking for duty concessions on tea and certain agricultural commodities. The official said that as elections are announced in Sri Lanka, the next round of negotiations between the two countries will be held after that. The two nations have already implemented a free trade agreement in goods and now they are negotiating

The removal of 40% import duty on desi chana by India will incentivise Australian farmers to increase both the acreage and production of Bengal gram for export to India

A decision on the cuts will be taken by the finance ministry when it finalises the budget, the two people said

Although the duty reduction stems from negotiations between India and the US, the tariff cut will apply to all countries in line with WTO rules

An import duty of 70% is imposed on Washington apples, which is 20 percentage points more than the 50% import duty applicable for the apples imported from Iran and Turkey

Protesting the move, the toy wholesalers of the city went on a one-day strike, contending that the import duty hike will result in the closure of businesses and a spur in unemployment.

The duty hikes are in line with the government's Phased Manufacturing Programme, which aims to increase domestic manufacturing of smartphones to 500 million units a year by 2019