Page 4 - Import Duty

Ukraine, UK sign preferential trade deal; abolish import duty, tariff quota

"Ukraine and the UK have legally enshrined the abolition of import duties and tariff quotas in bilateral trade by signing an agreement," the ministry was quoted as saying by Xinhua news agency

Assocham calls for zero import duty on coal to tackle power supply issues

Several states are reeling under power shortages with the situation being further affected by extra-ordinary heatwave setting in quite early this year

Reduce import duty on coffee, Papua New Guinea to urge India

The two countries are working on a double taxation avoidance agreement

Hike import duty gap between crude and refined palm oil: Industry

India's 60 per cent of the edible oil requirement is met through imports

Import duty removal on cotton may help bring down prices: Textile Secy

The government's decision to remove import duty on cotton is likely to help bring down prices of the commodity, Textiles Secretary U P Singh said on Thursday. The finance ministry on April 13 waived customs duty on cotton imports till September 30, a move that will benefit the textile industry and keep prices low for consumers. Currently, cotton imports attract 5 per cent Basic Customs Duty (BCD) and 5 per cent Agriculture Infrastructure Development Cess (AIDC). The industry has been demanding a waiver of duty to lower domestic prices. "It would enable people who want to import. We are expecting that within a day or two, you would certainly see the impact on prices going down but at the same time we would not expect the prices to be very low because there is a shortage all over (the world)," Singh told reporters here. In India, cotton crops get affected because of unseasonal rains, and in the US, there were drought-like conditions. "So supply is less, demand is high....import duty

Effective duty on crude palm oil cut to 5.5% to cool edible oil prices

With edible oil prices ruling high throughout last year, the government had on multiple occasions cut import duty on palm oil to increase domestic availability.

Textile sector pitches for removing import duty on all varieties of cotton

The Centre estimates cotton production in 2021-22 at 36.25 million bales, while traders said it was around 33-34 million bales

Budget: Jewellery council seeks import duty cut on precious metals

The Budget for FY23 will be tabled in the Parliament on February 1

India slaps Rs 653-cr import duty evasion notice on Xiaomi

This comes after recovery of documents during searches on its premises that indicated remittance of royalty and licence fee to US and Chinese firms under contractual obligations

Govt making efforts to get duty concessions on textile via FTAs: Goyal

Goyal also thanked the prime minister for the decision to defer the increase of GST slab from five per cent to 12 per cent for the textiles sector

Southern India Mills Association urges PM to remove import duty on cotton

Southern India Mills Association urged Prime Minister to remove the 11% import duty on cotton and cotton waste and also cotton from MCX and NCDEX features

Pass on to consumers Rs 15-20/kg benefit in edible oil prices: Govt

The cut in import duty and cess, effective from October 14, will remain in force till March 31, 2022.

Electric carmaker Tesla plans fully-owned retail outlets in India

Industry experts say that Tesla has been sourcing auto components from the country after signing up non-disclosure agreements

Tesla's duty cut demand reopens debate between domestic and foreign players

Analysts also believe an import duty cut on EVs will spur growth and help create a market for high-end vehicles

Integrated approach for EVs

Customs duty is not the way to fast lane

Import duty on masur dal cut to zero; agri infra development cess halved

This is a bid to boost domestic supply and check rising prices.

No anti-dumping duty on fibre board from 4 countries: Revenue dept

The government has decided not to impose anti-dumping duty on imports of a certain type of fibre board, used to make furniture and cabinets, from Vietnam, Malaysia, Thailand, and Indonesia

Govt waives duty on materials for Covid test kits, APIs for Amphotericin B

The government has exempted basic customs duty on imports of specified API/ excipients for Amphotericin B and raw materials for manufacturing Covid test kits. In a notification dated July 12, the Finance Ministry said the basic customs duty exemption on raw materials for manufacturing Covid test kits would be till September 30, 2021. While the exemption on specified API (active pharmaceutical ingredients)/ excipients for Amphotericin B would be valid till August 31. EY Tax Partner Abhishek Jain said this is a well thought exemption being granted by the Indian government to fight the Covid crisis and is a step to make the domestic industry self-reliant while fighting the pandemic. Shardul Amarchand Mangaldas & Co Partner Rajat Bose said "this is likely to further bring down the cost of such items in India making it more affordable for the common man". Last month, the Finance Ministry's Revenue Department had notified the lower rates for 18 Covid related supplies, like hand ...

Soybean meal prices doubled; govt should permit import at zero duty: AIPBA

Expressing concern over rise in animal feed prices in domestic market, All India Poultry Breeders Association demanded govt to reduce import duty on soybean meal to zero for at least five months

Govt ready for another cut in import duty on steel to tame prices

The government has proposed to slash import duties on steel items further bringing it to zero or near-zero levels to provide relief to MSMEs