Import Duty

May ease tariffs if no harm to economy, says FM Nirmala Sitharaman

According to Sitharaman, she has the responsibility to protect existing domestic companies producing goods locally, while balancing the needs of those dependent on imports

Govt extends import regime for IT hardware products till December 31

Asks companies to seek fresh approvals based on new guidelines from January 1

No duty relief for import of goods to help Wayanad landslide victims

Prefabricated buildings fall under the tariff heading 9406. Modular building units of steel fall under the tariff line 94062000. All the items under the heading 9406 can be imported freely

Union Budget 2024: Sharp import duty cut to burnish gold and silver

Diamond industry to also benefit from change in safe harbour rules

Cut in gold import duty will curb smuggling, boost jewellery exports: Goyal

The announcement in the Budget to cut import duty on gold will help boost domestic manufacturing and promote jewellery exports, Commerce and Industry Minister Piyush Goyal said on Tuesday. He also said that the decision for the removal of angel tax will further strengthen the startup ecosystem in the country. "The gold import duty cut to 6 per cent will promote the manufacturing of gold and silver jewellery. It will also contain smuggling," Goyal told PTI. He added that the gold prices are high and the marriage season is coming and this move would help the people. Presenting the Union Budget 2024-25 on Tuesday, Finance Minister Nirmala Sitharaman said that to enhance domestic value addition in gold and precious metal jewellery in the country, the government has proposed to reduce customs duties on gold and silver to 6 per cent and that on platinum to 6.4 per cent. Giving a big relief to startups, the government on Tuesday announced the removal of angel tax for all classes of inves

AFFI demands 100% duty on import of apples to 'save local farmers'

Apple Farmers' Federation of India (AFFI) on Sunday demanded 100 per cent duty on import of apples "to save the local farmers". Talking to reporters after a national convention of apple farmers in Kulgam district, CPI(M) leader M Y Tarigami said the government should stop corporatisation of the apple industry and impose a 100 per cent import duty to save local farmers. Tarigami said the convention passed a resolution in which it was demanded that a 50 per cent of the retail price is paid as minimum procurement price. Besides calling for a complete ban on spurious pesticides and fertilisers, the AFFI convention sought an insurance coverage on those in the public sector. He demanded that farmers be given storage facilities at subsidised rates directly "as the government is giving 50 per cent subsidy to corporate companies to build Controlled Atmosphere Stores (CAS) to run at commercial rent". AFFI National Coordinator Rakesh Singha hit out at Prime Minister Narendra Modi for signing

Modi govt decreased import duty on apples from 75% to 50%, says Congress

The Congress on Monday accused the Narendra Modi government of decreasing the import duty on apples from 75 per cent to 50 per cent contrary to the demands of the apple growers to enhance it to 100 per cent. Himachal Pradesh Congress Committee vice-president Naresh Chauhan alleged that Union Minister Meenakshi Lekhi made misleading statements regarding import duty on apples. Addressing a press conference here on Sunday, Lekhi had said that the import duty on apples has been increased to 50 per cent due to certain limitations of international trade agreements and had claimed that the trade agreements were signed when Congress leader Anand Sharma was the Commerce minister in the UPA government. Chauhan said that low import duty has led to the substantial losses to the apple growers, with cold store apples fetching Rs 800 to Rs 1,200 less price per box. The duty free apples are being imported from Afghanistan and Iran due to which the apple economy of the state is under threat, he ...

Australia to grow more yellow chana after India removes 40% import duty

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

Govt can withdraw duty concessions if EFTA doesn't invest $100 billion

India will have the option of temporarily withdrawing customs duty concessions on EFTA country goods under the trade agreement between the two sides, if the four European nation bloc would not fulfil its USD 100 billion investment obligations. Though the investments have to flow in 15 years -- USD 50 billion in the first 10 years (counted after implementation of the pact) and another USD 5 billion in next five years, the trade deal also provides for a three-year grace period to the EFTA bloc to meet the obligations, according to the documents accompanying the agreement. India and four-nation European Free Trade Association (EFTA) bloc signed Trade and Economic Partnership Agreement (TEPA) on March 10 under which New Delhi received a foreign direct investment commitment of USD 100 billion in 15 years from the member countries of the grouping. The EFTA members are Iceland, Liechtenstein, Norway, and Switzerland. There is a three-stage government-to-government consultation process ...

No decision to reduce import duty on rubber as of now, says govt

This is because the government believes that the differential between local and international prices has been maintained

Centre may reduce import duty for Tesla in lieu of an EV factory in India

Tesla had earlier asked the Centre to reduce the import duty to 15 per cent on its cars for the first two years, in exchange for an investment of up to $2 billion in India

Govt cuts import duty on smartphone components, spare parts to 10% from 15%

Analysts expect the move to drop smartphone prices by 3%, especially in the entry-level segment

Centre slashes import duty on mobile phone components from 15% to 10%

This comes just a day before the Centre is scheduled to announce its Interim Budget 2024 in Parliament

Cut duty, increase PAN card transaction limit: Jewellery industry to govt

The gems and jewellery industry has urged withdrawal of hike in Basic Customs Duty (BCD) on import of gold in the coming interim Budget and asked the government to introduce a rationalised tax structure. "The jewellery industry contributes nearly 7 per cent of India's GDP and hence, deserves a pro-business environment," apex body for the gems and jewellery industry All India Gem And Jewellery Domestic Council Chairman Saiyam Mehra told PTI. "This will also benefit the government. We urge the finance ministry to withdraw the increase in BCD on gold in the upcoming Union Budget and a rationalised tax structure may be developed to tackle the CAD issue," Mehra said. Currently, the BCD is at 12.5 per cent ad valorem, which takes the total tax to 18.45 per cent on the imported gold, he added. He further urged the government to increase the PAN card transaction limit to Rs 5 lakh from the present Rs 2 lakh as gold prices have surged. "With the rising gold rate, there is an urgent need to

Commerce ministry backs import tax cuts on gold bars: Govt officials

"India's customs duty on gold is among the highest globally," said Vipul Shah, chairman of the GJEPC

Govt raises import duty on gold, silver jewellery findings to 15% from 11%

In a notification issued on Monday, India's Ministry of Finance also hiked the import duty on spent catalysts containing precious metals to 14.35 per cent from 10.1 per cent

Need to rationalise customs duties in sectors with healthy growth: Official

There is a need to rationalise customs duties particularly in those sectors which are growing at a healthy pace for the last several decades, an official said on Thursday. The official, however, said that providing a protection of high duty is required for the infant domestic industry. "But if the industry is 40-50 years old and has developed, has good competition, good investments and if they are globally known, then they should also be competing with the global firms," the official argued. Normally, customs duties or tariffs are used as a policy tool to ensure a higher level of protection for certain sectors to boost domestic manufacturing. These remarks assume significance as there is demand from countries which are negotiating free-trade agreements with India to cut down import duties in sectors such as auto and alcoholic beverages. Overall duties in certain segments are up to 150 per cent like alcoholic beverages. "There is a need for balancing in the duty structure. One cou

India challenges WTO panel ruling in favour of EU on ICT import duties

India has appealed against a ruling of the World Trade Organization's (WTO) trade dispute settlement panel in a case filed by the European Union against New Delhi's import duties on nine information and technology products. India's move came after both regions were not able to arrive at a mutually agreeable solution (MAS). "India and the EU have negotiated to arrive at a MAS for the past seven months, but the EU has now filed for adoption of panel report on December 7 and therefore, India has appealed against it on December 8 in the WTO," Additional Secretary in the commerce ministry Peeyush Kumar told reporters here. As part of the MAS, the EU was seeking customs duty concessions on certain goods, which was not acceptable to India as it violates WTO rules. These concessions can only be given in a free trade agreement, Kumar said. In September, the two regions had asked WTO's dispute settlement body not to adopt a ruling against New Delhi's import duties on certain ICT products li

No proposal to provide subsidy on import duty on EVs into India yet: Govt

There is no proposal to provide subsidy on import duty on imports of electric vehicles into the country, Parliament was informed on Wednesday. Minister of State for Commerce and Industry Som Parkash said the government has taken a series of policy initiatives and measures to create a conducive ecosystem to promote industrialisation and domestic value addition and to make India globally competitive. The government has also taken various steps to boost domestic and foreign investments in India to enhance local value addition under Make in India initiative, the minister said in a written reply to the Lok Sabha. "Presently, there is no proposal either to provide exemption from local value addition cost or to provide subsidy on import duty on import of electric vehicles in India," Parkash said. He also informed that the government has launched the Production Linked Incentive (PLI) scheme for automobile and auto component industry with a budgetary outlay of Rs 25,938 crore to provide ...

DRI conducts search operation at Havells India corporate office in Noida

The Directorate of Revenue Intelligence (DRI) has conducted a search operation at the headquarters of Havells India, a leading manufacturer of electrical goods and appliances. DRI acts as the lead agency to check smuggling and cases of commercial fraud. "The Directorate of Revenue Intelligence has conducted a search at the Corporate office of the Company viz. Havells India Limited in Noida, which concluded this morning on 4th November 2023 at around 2:20 am," Havells India said in a regulatory filing. The search was conducted over "alleged mis-classification in import of Heating Element," the company said. According to the company- which operates in the consumer electrical and appliances market with brands such as Havells, Lloyd, Crabtree, Standard and REO - its impact on financial, operation or other activities on the company cannot be quantified at this point in time. However, it said, "in the preliminary assessment, we understand that it will not have any material impact on ...