Import Duty Hike

Govt considering proposal to impose safeguard duty on steel imports

The government is considering a proposal to impose safeguard duty on steel imports, Union Steel Minister H D Kumaraswamy said on Thursday. "The process is going" on the ministry's proposal to impose a 25 per cent duty on steel imports, Kumaraswamy told PTI on the sidelines of an event here. On December 2, the steel ministry in a meeting with the commerce department had proposed for a 25 per cent safeguard duty on certain steel products imported into the country. The steel minister and Commerce and Industry Minister Piyush Goyal were present in the meeting. A final call on imposing the duty can be taken by the finance ministry on recommendations of the ministry of commerce. Domestic steel players have been consistently raising concerns over increasing cheap imports of steel from select nations, affecting their competitiveness. Steel Secretary Sandeep Poundrik last month said more than 60 per cent of steel imports come from FTA (free trade agreement) countries at nil duty and any du

Govt may limit laptop, tablet, PC imports after Jan to boost manufacturing

This plan, if implemented, could disrupt an industry worth $8 billion to $10 billion and reshape the dynamics of the IT hardware market in India, which is heavily reliant on imports

Malaysia terms India's import duty hike on palm oil a temporary aberration

Malaysia's Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani on Tuesday termed India's recent hike in palm oil import duty as a "temporary aberration", saying demand for the commodity remains steady. Ghani dismissed speculation about arrangements between Malaysia and India for palm oil supplies in exchange for fighter aircraft transfers. India, the world's largest edible oil importer, raised import duties on palm oil and other edible oils on September 14, 2023, increasing the effective duty on crude palm oil from 5.5 per cent to 12.7 per cent and on refined oils from 13.75 per cent to 35.75 per cent. "Any kind of aberration, for me, it is just temporary," Ghani said responding to a PTI query during a press conference on the sidelines of the Malaysia Palm Oil Forum. The recent tariff policy changes by India will not create any "issue", he added. The minister emphasised that India, with its population of 1.4 billion, has various options for edible oils, including pal

Sharp import duty hike likely to impact margins of consumer majors

Some corporates may prefer to cut margins and absorb some impact to avoid hurting demand

Will try to convince finmin to raise steel duties to 10-12%: HD Kumaraswamy

Union Steel Minister H D Kumaraswamy on Wednesday said he will try to convince the finance ministry to raise duties on steel imports to 10-12 per cent from the current 7.5 per cent. The minister expressed concerns on the manner in which China was dumping steel into India, and said several players from the steel industry visited him in the last two months and discussed the problems they were facing in the growth of the steel industry. "The problem which you are facing from China for that I will try to convince... the finance ministry to look at (raising the duty on steel imports) from 7.5 per cent tax to 10-12 per cent tax," he said while speaking at the Fifth Steel Conclave organised by the Indian Steel Association. The minister also stressed on the need to remain vigilant against challenges such as the global demand slowdown, especially from the ramifications of a demand meltdown in China. The steel ministry, he said, is committed to ensuring that the journey towards Aatmanirbhar

India's duty cut stops concessionary silver, platinum imports from UAE

After the reduction, there is no incentive to bring silver or platinum into India

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 ...

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 eases import curbs on some silver items for certain industries

The government on Monday eased import curbs for some silver items like semi-manufactured silver paste, sheets, and tubes for electrical, electronics and solar industries, to be used as inputs for their manufacturing process. The import of these items for R&D purposes by the government or government-recognised institutions shall also be without restrictions, the Directorate General of Foreign Trade (DGFT) said in a notification. Earlier, the import of these goods was put under the restricted category, which mandates importers to seek a license from the government for inbound shipments. "Import of semi-manufactured silver paste, sheets, plates, strips, tubes, electrodes, wires, silver brazing alloys (in any form), by electrical, electronics and engineering industries, including glass and solar industries, as input for their own manufacturing process on 'actual user' basis shall be free," it said. Import of these items for any other purposes shall be through specified agencies as ...

As competition intensifies, UB attempts market expansion in premium segment

United Breweries account for about 50% of the segment which AB InBev follows at around 25%, while Carlsberg is the third largest company in the space with a share of around 18%

Difference between AIR of DBK & actual duty incidence can be rebated

You have to make appropriate declarations in the shipping bill and then file the brand rate fixation application to your jurisdictional authorities

Plastic manufacturers push for import duty hike, PLI scheme to spur growth

The All India Plastics Manufacturers Association (AIPMA) has called for a revision in import duties on plastic goods and inclusion of production linked incentive (PLI) scheme for the sector to spur growth. Association president Mayur D Shah said they want the government to raise the import duty to 20 per cent from 10 per cent now and emphasized that these measures are essential to spur the growth of the 'Make in India' initiative within the plastics industry. On the sidelines of the 6th Technology Conference for Growth of Plastic Industry in the city, Shah said, "AIPMA's comprehensive study revealed that plastic goods worth Rs 37,500 crore were imported during the fiscal year 2021-22, with China accounting for 48 per cent of these imports." "AIPMA after a detailed study identified 553 plastic products that could be potentially substituted with domestic manufacturing, a strategic move that is projected to create a substantial demand for raw materials, plastics processing machinery, a

DGTR recommends increasing import duty on iron alloy from S Korea for 2 yrs

The commerce ministry's investigation arm DGTR has recommended increasing customs duty on 'Ferro Molybdenum', used in steel, nickel, cobalt alloys, from South Korea in view of spurt in the imports under a free trade agreement. The Comprehensive Economic Partnership Agreement (CEPA) between the two countries was implemented in January 2010. In October last year, India initiated the probe to ascertain if a spurt in the imports from South Korea is hitting the domestic producers. After concluding the probe, Directorate General of Trade Remedies (DGTR) said the imports have increased in absolute terms and in relation to Indian production and total imports. The imports of Ferro Molybdenum, DGTR, said increased when the customs duties were eliminated. Imports of the products from Korea have increased and constitute increased imports within the meaning of the rules and Korea-India CEPA, it said in a notification adding that due to the spurt in the inbound shipments, domestic industry has

Industry body AIPMA asks govt to hike import duty on finished plastic goods

All India Plastics Manufacturers Association (AIPMA) on Monday urged the government to double import duty on finished plastic products to 20 per cent and provide incentives to domestic manufacturers to make India self-reliant. The association has conducted a detailed study on the import of plastic goods in the country. "A large quantity of finished plastic goods is being imported. We need to curb that. We urge the government to increase import duty of plastic finished goods (HS Code 3916 to 3926) from 10 per cent to 20 per cent," AIPMA President Mayur D Shah told reporters here. The country imported plastic goods worth Rs 37,500 crore in 2021, mainly from China, he said. Shah said there are around 50,000 plastic manufacturers in India and their combined annual turnover is about Rs 3.5 lakh crore. AIPMA has selected 550 plastics for import substitution. "It is estimated that import substitution of plastic goods worth Rs 37,500 crore would create additional requirement of around 4

Centre to levy import duties on non-essential items as exports fall: Report

The government is also looking for ways to separate commodities that come under the same Harmonized System of Nomenclature (HSN) code for imposing duties

SEA urges govt to hike refined palm oil import duty to save local refiners

The association has argued that a 15 per cent duty difference would help reduce refined palmolein imports and replace the same with crude palm oil imports

India raises total import duty on platinum to 15.4% from 10.75%

It is being presumed that the increase in duty on platinum is to plug a loophole which is helping bullion importers to make record profits

Central government to help domestic solar industry after sharp duty hike

The government may provide direct incentives to the producers of solar modules as it believes that tax cuts may lead to practical difficulties

How will the hike in import duty of gold affect customers in India

Indian gold imports in May were recorded at 107 tonnes, a rise of 790 per cent year-on-year, and impacting the current account deficit negatively

Top Headlines: UK crisis to delay FTA; revenue from govt's new levies

The government's new levies could help balance the Budget and leave room for more money to be spent on infrastructure like roads. Read more on this in our top headlines