Custom Duty Hike

Experts demand custom duty cut on artefacts being brought back to India

At the 106th National Convention of the Indian Numismatic Society here, experts called for the removal or reduction of customs duty on bringing back valuable artefacts and cultural heritage from abroad. They argued that such measures would encourage individuals and organisations to restore India's cultural legacy. The convention was organised by the Uttar Pradesh State Archaeology Department. "It's surprising and disappointing that India imposes 33 per cent customs duty on bringing back its heritage, whereas countries like the UK and the US not only waive such charges but also honour and encourage those who undertake such efforts," Farukh S Todiwala, a member of the Indian Numismatic Society's Executive Council and president of the Mumbai Coin Society, told reporters. "If the government takes up such initiatives itself, it is seen as a matter of national pride and is widely publicised. However, when private individuals go the extra mile and pay hefty sums to retrieve Indian cultura

Custom duty hike on crude, refined oils to hugely benefit farmers

The government's decision to hike customs duty on crude palm and refined sunflower oil to 20 per cent and 32.5 per cent, respectively will "hugely" benefit farmers as it will increase their income, a senior official said on Saturday. The government official also said that the decision to remove minimum export price and slashing of export duty on onion too would help farmers of the country. According to a finance ministry notification, the basic customs duty on crude palm, soybean and sunflower seed oil has been increased from nil to 20 per cent. Basic customs duty on refined palm, soybean and sunflower oil has been hiked from 12.5 per cent to 32.5 per cent. The effective duty on these crude and refined oils will increase from 5.5 per cent to 27.5 per cent and from 13.75 per cent to 35.75 per cent, respectively. "These are big support for soya and oilseed farmers. Farmers from Maharashtra and Madhya Pradesh will get hugely benefited as they account for significant production of the

India seeks duty concession on cars, machinery in FTA with Sri Lanka

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

Sovereign gold bond redemption value falls over 4% on Budget duty cut

The price is around 4.5 per cent lower than the average price of the week before the Union Budget, which was presented on July 23. Gold prices dropped after a reduction in the basic custom duty

Crude oil output costs to rise by $1 per barrel on Union Budget move

Removal of duty exemptions on chemicals may lead to annual rise of $40 mn

Boosting trade

Lower tariffs will improve export competitiveness

Reduction of corporate tax in Budget will promote India-US trade: Ex-CEA

Professor Krishnamurthy Subramanian said that the removal of Angel Tax would be significant for India's startup ecosystem and encourage investments from outside

India's decision to cut import duty on mobiles, key parts to benefit Apple

Almost 10-12% of the Apple iPhones are imported each year into India and a 5% reduction in tax on the devices will result in a $35-50 million annual benefit to Apple

DPIIT's efforts attract over Rs 1,100 cr investment from global tyre makers

Leading global tyre makers such as Bridgestone, Michelin and Goodyear have committed investments worth over Rs 1,100 crore in India after the DPIIT temporarily allowed them to import certain tyres to the country, an official said. The official said that the import restrictions on 'New Pneumatic Tyres' were relaxed for certain global players that were interested in importing specific tyres from their factories abroad into India. The imports were temporarily permitted by the department for promotion of industry and internal trade (DPIIT) subject to the concerned company's commitment to invest and set up or expand its manufacturing facilities in the country for the concerned products, in a time-bound manner. "This initiative has witnessed investment commitments worth more than Rs 1,100 crore from leading global players like Bridgestone, Michelin and Goodyear for the development/expansion of their tyre manufacturing capacity in India," the official said. Additional applications receive

Budget 2024: ICC calls for changes in custom duty to boost manufacturing

Ahead of Budget 2024, to be tabled in the Parliament on July 23, the Indian Chamber of Commerce has called for streamlined customs duties and tax reforms to boost domestic manufacturing

China hits Europe's pork imports after EU imposes tariffs on Chinese EVs

The Chinese government is taking aim at European farmers instead of German automakers by launching an investigation into European Union pork imports, just days after the EU said it plans to impose provisional tariffs on China-made electric vehicles. The Commerce Ministry didn't mention the EV tariffs when it announced Monday that it is opening an anti-dumping investigation into pork from Europe, but the move is widely seen as a response to the EU move on electric cars. It also gives China a bargaining chip in any trade negotiations. China could have slapped a 25% duty on imports of gasoline-powered vehicles with large engines in the name of combating climate change, a step that would would have hit Mercedes and BMW hard. In choosing not to do so, at least for now, the government may be acknowledging the public opposition of the German auto industry to the EU tariffs, as well as its sizeable production in China. The Chinese market is a major one for German automakers, and the head of

India has option to hit back at EU tariffs with retaliatory custom duties

India has the option to propose the imposition of retaliatory customs duties under the WTO norms on goods imported of a certain value from the EU, as the two sides have failed to reach a consensus on the European Union's safeguard measures on some steel products, an official has said. The EU has extended safeguard duties on certain steel imports, scheduled to expire this month, by another two years till 2026. This is the second extension of the safeguards that take the form of the Tariff Rate Quota (TRQ), first imposed in 2018. India is one of the countries affected by this measure as it has a substantial interest in steel exports to the EU. In 2023-24, India's iron and steel and their products exports to the EU increased to USD 6.64 billion from USD 6.1 billion in 2022-23. India, along with other countries, has earlier raised concerns at the World Trade Organisation (WTO) over the European Union's (EU) move to extend safeguard duty on the import of certain steel products till ...

CHATROOM: 'Customs should reveal method used to fix value of export goods'

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

No loss to India on removal of customs duties on 8 US products: Minister

The removal of retaliatory customs duties on eight American products, including apples, walnuts, and lentils, will not result in a loss to the country, Parliament was informed on Friday. India had imposed these duties on 28 US products in retaliation to America's move to increase import duty on certain steel and aluminium goods. During Prime Minister Narendra Modi's recent visit to Washington, both sides decided to resolve six trade disputes at the World Trade Organisation. India also agreed to remove the duties. The government has decided to remove retaliatory customs duties on import of almonds (fresh or dried, in shell), walnuts, chickpeas, lentils, apples, medical diagnostic reagents, and boric acid, Minister of State for Commerce and Industry Anupriya Patel said in a written reply to the Rajya Sabha. "The removal of retaliatory tariffs or cuts in import duty with the US does not result in a loss to India," she said. "It simply means that the additional duties imposed as a ...

India has highest input tariffs for electronic among competing nation: ICEA

India has the highest tariffs on inputs in electronic segment among competing economies, according to industry body ICEA's study that analysed input tariffs in electronics sector across five nations. The high tariffs impact competitiveness, ICEA said on Thursday adding that the industry is seeking reduction of tariffs, and glide path to match Vietnam and other competing nations. The study revealed that high tariff induced costs accentuates India's cost disability vis--vis the four competing economies. India Cellular and Electronics Association (ICEA) said the study is critical to evaluate India's competitiveness to reach the USD 300 billion electronics production goal by 2025-26, including USD 120 billion of exports. A line-by-line comparison of India's non-zero tariffs shows that India's tariffs are higher for up to 98 per cent lines compared to Vietnam (for FTA tariffs) and 90 per cent of the lines compared to Thailand. The competing economies have nearly double or more, zero ta

CBIC extends interest waiver on customs duty payable via ECL till April 13

The CBIC has extended the interest waiver on customs duty payable by importers and exporters through the Electronic Cash Ledger (ECL) till April 13. An upgraded Customs duty payments system was launched by the Central Board of Indirect Taxes and Customs (CBIC) on April 1. After the members of the export-import trade complained of difficulties in making duty payments via ECL in the automated system, CBIC last week said that no interest would be charged on customs duty paid through ECL till April 10. In a notification dated April 11, it said the interest on duty payable in respect of goods where payment is to be made from ECL will be exempt till April 13, 2023. Through the Customs (Waiver of Interest) Second Order dated April 11, the CBIC waived the whole of interest payable for the period from April 11 to April 13, in respect of such goods, where the payment of import duty is to be made from the amount available in electronic cash ledger. AMRG & Associates Senior Partner Rajat ...

CBIC waives interest on Customs duty payable via ECL between April 1-10

Amid system glitches faced by EXIM traders, the CBIC on Thursday waived interest on Customs duty payable through the Electronic Cash Ledger (ECL) between April 1-10. An upgraded Customs duty payments system was launched by the Central Board of Indirect Taxes and Customs (CBIC) on April 1. However, members of trade complained of difficulties in making duty payments over the customs automated system. "In order to alleviate burden of EXIM Trade, owing to pending resolution of duty payment issues on customs portal, CBIC has waived interest on duty payable in respect of goods where payment is to be made from ECL from April 1 to April 10," CBIC said. Through the Customs (Waiver of Interest) Order, 2023, the CBIC said in respect of the Bills of Entry for which import duty payment has already occurred and integrated in ICES during the said period, traders can claim refund of interest. KPMG Tax Partner Abhishek Jain said importers have been facing challenges for the last couple of days owin

Duty hike won't apply brakes on luxury car demand, say automakers

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

Private jets to jewellery: Customs duty to be hiked on 35 items in Budget

The government has also issued quality control orders to curb the imports of these non-essential items

Solar projects can't use concessional duty as govt seeks to curb imports

Step seeks to stop project developers from avoiding basic customs duty, but it could raise cost of production