Page 2 - Latest Updates on Customs duty
US earns well on Trump's tariffs; country's custom revenues cross $100 bn
Increased customs revenue produced a surplus budget for America in June
 "US earns well on Trump's tariffs; country's custom revenues cross $100 bn")
DRI busts major multi-crore branded luxury furniture import racket
The Directorate of Revenue Intelligence uncovers a multi-crore racket involving undervaluation and misdeclaration of luxury furniture, leading to significant customs duty evasion
 "DRI busts major multi-crore branded luxury furniture import racket")
Govt aims to clear SVB backlog in two years with bulk entry processing
The revamped framework aims to reduce paperwork and resolve valuation issues without lengthy disputes
 "Govt aims to clear SVB backlog in two years with bulk entry processing")
CBIC simplifies procedure for temporary import of the air containers
Further, the CBIC has also decided to waive the transhipment permit fee for all transhipment movements with effect from April 24
 "CBIC simplifies procedure for temporary import of the air containers")
Govt levies 10% duty on masur, offers free import of yellow pea till May 31
Through the notification, the government has imposed 5 per cent basic customs duty and 5 per cent Agriculture Infrastructure and Development Cess (AIDC) on lentils with effect from March 8
 "Govt levies 10% duty on masur, offers free import of yellow pea till May 31")
Useful initiatives from CBIC to simplify trade for importers, exporters
The CBIC Customs Manual 2025 explains in simpler words the role of the Customs, various legal provisions and gives the gist of relevant departmental instructions till February 1
 "Useful initiatives from CBIC to simplify trade for importers, exporters")
NPPA directs pharma firms to update MRP after Budget 2025 duty exemptions
The National Pharmaceutical Pricing Authority directs pharma firms to revise the MRP of medicines following customs duty exemptions in Union Budget 2025, ensuring consumers benefit from lower prices
 "NPPA directs pharma firms to update MRP after Budget 2025 duty exemptions")
Govt won't extend duty-free import of yellow peas beyond Feb: Joshi
The government had allowed the duty-free import of yellow peas in December 2023 and subsequently extended it thrice till February 28 to boost domestic supplies after the local crop failed
 "Govt won't extend duty-free import of yellow peas beyond Feb: Joshi")
India's avg customs duty cut to 10.6%, now moving towards Asean level: CBIC
The 10-nation bloc ASEAN (Association of Southeast Asian Nations) countries are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam
 "India's avg customs duty cut to 10.6%, now moving towards Asean level: CBIC")
Customs duty cuts in certain areas to benefit American exports: GTRI
Among the key tariff reductions, India lowered the duty on fish hydrolysate for the manufacturing of aquatic feed from 15 per cent to 5 per cent, a move that directly impacts US exports
 "Customs duty cuts in certain areas to benefit American exports: GTRI")
Budget 2025: FM cuts customs duty on 40 items to boost manufacturing
After a comprehensive review of the customs rate structure, the government has decided to remove seven tariff rates
 "Budget 2025: FM cuts customs duty on 40 items to boost manufacturing")
Budget 2025: 'Made in India' energy transition gets boost with duty cuts
Customs duties on input goods for electric vehicles, solar panels slashed
 "Budget 2025: 'Made in India' energy transition gets boost with duty cuts")
Exide, Amara Raja stocks rise as Budget 2025 proposes custom duty exemption
Budget 2025 analysis: During the Union Budget 2025 speech, Finance Minister Nirmala Sitharaman said today that battery-related raw material will be exempted from custom duties
 "Exide, Amara Raja stocks rise as Budget 2025 proposes custom duty exemption")
Union Budget 2025-26: Customs duty hike likely on key pharma, RE products
Key components in the renewable energy industry such as special bearings, gearboxes, yaw components, wind turbine controllers are currently subjected to a concessional customs duty of 5 per cent
 "Union Budget 2025-26: Customs duty hike likely on key pharma, RE products")
Customs announces relief for international travelers' stuck duty payments
The Customs department has introduced refund guidelines for payments that were initially successful but ultimately failed due to any errors
 "Customs announces relief for international travelers' stuck duty payments")
Budget: Govt could cut customs duty on raw materials to boost manufacturing
Deloitte India Partner, Indirect Tax, Harpreet Singh said key demands from the Customs side from the Budget, to be tabled in Feb 1, would be rate rationalisation, simplification of the regime
 "Budget: Govt could cut customs duty on raw materials to boost manufacturing")
Budget may levy higher import duties to stem rupee slide: EY's Srivastava
On January 13, the rupee logged its steepest single-day fall in nearly two years and ended the session 66 paise down at its historic low of 86.70 against the US dollar
 "Budget may levy higher import duties to stem rupee slide: EY's Srivastava")
Amnesty scheme for customs may be announced in upcoming Budget: Experts
The government had in the past announced amnesty schemes for excise and service tax and even for the income tax but not for customs
 "Amnesty scheme for customs may be announced in upcoming Budget: Experts")
Airlines to mandatorily share int'l passenger data with customs from Apr 1
All air transport service providers operating flights to/from India will have to register with the National Customs Targeting Centre-Passenger (NCTC-Pax) by January 10, 2025
 "Airlines to mandatorily share int'l passenger data with customs from Apr 1")
Steel ministry urges FinMin to hike Customs duty to counter Chinese threat
The steel ministry believes that a higher import duty, if implemented, could mitigate the adverse effects of a rise in cheaper imports of finished steel, particularly from China
 "Steel ministry urges FinMin to hike Customs duty to counter Chinese threat")