Page 2 - Import Duties

India's foreign trade crosses $800 bn mark in first 6 months of 2023: GTRI

A healthy growth in India's services segments has helped the country's total exports and imports of goods and services to cross the USD 800 billion mark during the first half of 2023, despite a slowdown in global demand, think tank GTRI said in a report on Monday. According to the analysis of the Global Trade Research Initiative (GTRI), exports of goods and services rose by 1.5 per cent to USD 385.4 billion during January-June this year, as against USD 379.5 billion in January-June 2022. Imports, however, dipped by 5.9 per cent to USD 415.5 billion during the six months of this year, as against USD 441.7 billion in January-June 2022. "India's foreign trade (exports and imports of merchandise and services) reached USD 800.9 billion during January-June 2023, exhibiting a decline of 2.5 per cent over the same period last year (January-June 2022), the report said. Standalone, goods exports dipped by 8.1 per cent to USD 218.7 billion, while imports contracted by 8.3 per cent to USD 325.

India to cut import duty on Washington apples to 50% by September end

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

Govt cuts import duty on refined soybean and sunflower oils to 12.5%

Move in contrast with mood in the market

You may soon have to pay more for soaps, detergents, shampoos. Here's why

A new proposal may impose duties on raw material required to produce cleaning products, making them more expensive

India to challenge WTO panel ruling on ICT import duties at appellate body

India will appeal against a ruling of the World Trade Organization's (WTO) trade dispute settlement panel which ruled that the country's import dues on certain information and technology products are inconsistent with the global trade norms, commerce ministry sources said. They said that the ruling will not have any adverse impact on domestic industry. The appeal will be filed by India in the WTO's appellate body, which is the final authority on such trade disputes, they said. The dispute panel of the Geneva-based WTO on Monday said the import duties imposed by India on certain informational and technology products violates global trading norms. The ruling followed a dispute filed by the European Union, Japan and Taiwan against these duties in the WTO. "We will be going for an appeal against the decision and there will be no adverse impact on our industry," the commerce ministry sources added. The EU on April 2, 2019 had challenged the introduction of import duties by India on a

Freeze import duties for next five years; cut customs levy slabs to 5: GTRI

The government should not make any changes in the customs duties for at least five years with a view to promoting domestic manufacturing, economic think tank GTRI said on Wednesday in its pre-Budget recommendations. The Global Trade Research Initiative (GTRI) also suggested retaining import duty on components; removal of inverted duty issues; and reduction of customs duty slabs to 5 from 25 at present to avoid confusion and minimise litigation. These suggestions will prepare India adequately to meet the challenging global economic environment, it said. The think tank noted that countries worldwide have turned inwards to brace for the tough global conditions and against this background India should announce a five-year duty freeze. "Any change may upset...production linked incentive scheme (PLI); phased manufacturing programme and other manufacturing initiatives. The government must reduce import duties only when a clear economic case is present," it said. The duty freeze should be

'DGFT should clarify duty payment for destruction of imported goods'

Practically, it is difficult to escape payment of customs duty and interest even when the goods are destroyed or re-exported

Govt allows import of lentils, vegetable oil at lower duty until March 2024

India imports more than two-thirds of its edible oil needs and has been struggling to contain a rally in local oil prices over the last few months

India extends policy to import refined palm oil at lower duty of 13.75%

The duty cut made refined palm oil imports lucrative for Indian refiners, which traditionally prefer to import crude palm oil

Rural distress harming MSMEs, pulling down manufacturing: Economists

Government's PLI schemes can help manufacturing and reduce import dependence in some sectors, say some experts

Concessional import duties on edible oils in place till March 2023

Concessional import duties on specified edible oils are in place till March 2023, the food ministry said on Sunday. This decision was taken on August 31, 2022 by the Central Board of Indirect Taxes and Customs (CBIC) in order to boost domestic supply and keeping retail prices under control. The food ministry in its latest statement said that the CBIC's decision of extending existing concessional import duties on specified edible oils is in place till March 2023. "The concessional customs duty on edible oil import has been extended by another 6 months, which means that the new deadline will now be March 2023," the statement said. The ministry also said that domestic edible oil prices have been on a declining trend driven by a fall in global prices. With falling global rates and lower import duties, retail prices of edible oils have fallen considerably in India. According to the statement, the current duty structure on crude palm oil, RBD Palmolein, RBD palm oil, crude soybean oil,

New law for SEZs: Commerce ministry proposes host of incentives

The official said the commerce ministry has sought views of different ministries, including finance, on the new bill

FinMin pegs US dollar value at Rs 79.90 for computing import duty

The Finance Ministry Thursday pegged the exchange rate for dollar at Rs 79.90 for calculation of import duty with effect from July 8, as against Rs 78.95 a fortnight ago. The sharp revision is due to depreciation of rupee against dollar following outflow of capital caused by various external factors, including the hardening of interest rate globally. Similarly, in case of pound sterling, the value has been fixed at Rs 96.10 as compared to Rs 96.70 earlier, according to a finance ministry statement. As regards euro, the conversion rate for calculating taxes on imported goods has been fixed at Rs 82.15 as compared to Rs 83.10 on June 16, it said. The sharp revision in exchange rates comes in the backdrop of the rupee depreciating by 4.1 per cent against the US dollar during the current financial year so far (up to July 5). However, it is modest relative to other EMEs and even major advanced economies. Since the war in Ukraine broke out in late February, RBI has expended its foreign

SME Chatroom: 'IGCR Rules apply only when exemption notifications say so'

the duty concessions are available under exemption notifications and some of them mandate the procedures prescribed under the said IGCR Rules.

If Tesla joins 'Make in India', govt will lower import duty: report

Musk recently said that his electric vehicle (EV) company wants to launch cars in India, but the country's import duties on EVs are "highest in the world by far"

Auto major Hyundai pitches for import duty cut on electric vehicles

Any duty rate cut by the government on imported electric vehicles would be very beneficial, says firm

Want to, but import duties highest in world: Tesla CEO on India car launch

Tesla founder Elon Musk said on Saturday that his company wants to launch cars in India, however, the country's import duties on electric vehicles are 'highest in the world by far'

Govt should consider import tariff cut on alcohol in phased manner: ICRIER

Duty cut will reduce cost of raw materials, enabling local manufacturing in India. Import duties on raw materials can be brought down to zero to support domestic manufacturing, council says

Govt puts on hold proposal to cut import duty on edible oils: Report

Household consumption is expected to decline the longer prices remain elevated.

Foundries demand import duty cut on pig iron, other key raw materials

Hit by surging input costs, the foundry industry in the country has demanded reduction of import duty for pig iron and other raw materials, an official said on Friday.