Page 2 - Latest Updates on Customs duty
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")
Finance ministry weighs phasing out customs duty exemptions in Budget 2025
Exemptions under review include bulk drugs used in insulin production, raw materials for lab-grown diamonds, plastics used in optical fiber production, and more
 "Finance ministry weighs phasing out customs duty exemptions in Budget 2025")
Enabling IGCRS rules for EOUs electronically to cut transaction costs
The EOUs should quickly familiarise themselves with the new procedures and raise any doubts/difficulties with the CBIC and ICEGATE, preferably before the coming Wednesday
 "Enabling IGCRS rules for EOUs electronically to cut transaction costs")
How to trade Titan, other jewellery stocks amid rising Gold prices?
Stocks like PC Jeweller, TBZ, Kalyan Jewellers and Senco Gold can potentially rally up to 27% from current levels, suggest technical charts.
 "How to trade Titan, other jewellery stocks amid rising Gold prices?")
Maruti Suzuki receives Rs 3.81 crore show cause notice from customs office
The show cause notice asks the automaker to justify its claim for customs duty exemption on certain imported goods
 "Maruti Suzuki receives Rs 3.81 crore show cause notice from customs office")
Gold exchange-traded funds mine a rich vein: The price dip pays off
Recent Customs duty cut has sparked a gold rush, driving ETF inflows to their highest level since February 2020
 "Gold exchange-traded funds mine a rich vein: The price dip pays off")
Statsguru: Customs duty revisions in Budget aimed to boost manufacturing
The share of Customs duty in India's gross tax receipts has more than halved in the past decade
 "Statsguru: Customs duty revisions in Budget aimed to boost manufacturing")
Carrying Adidas, Nike fakes to US? Customs can destroy counterfeit goods
An individual may possess one counterfeit item per type for personal use only, not for sale. Possession of quantities exceeding this limit is prohibited, as per US Customs and Border Protection rules
 "Carrying Adidas, Nike fakes to US? Customs can destroy counterfeit goods")
Scrap 5% Customs duty on newsprint to manage operation cost: INS to govt
INS said a combination of factors are affecting the price and availability of newsprint, thereby creating a formidable burden for publishers in the country.
 "Scrap 5% Customs duty on newsprint to manage operation cost: INS to govt")
WTO MC13: India for review of Customs duty pause on digital goods
The issue came up for discussion at a session on e-commerce on the final day of the World Trade Organisation's (WTO) 13th Ministerial Conference (MC13)
 "WTO MC13: India for review of Customs duty pause on digital goods")
Govt should not cut import duties on parts used in making smartphones: GTRI
The think tank said that Indian manufacturers "must pay" duties on smartphones sold within India, but exports should be exempted from such duties
 "Govt should not cut import duties on parts used in making smartphones: GTRI")
Indian exporters gear up to comply with EU's paperless customs system: Rpt
As per EC release, economic operators carrying goods by sea, inland waterways, road and rail will have to submit a complete Entry Summary Declaration (ENS) dataset to ICS2
 "Indian exporters gear up to comply with EU's paperless customs system: Rpt")
Jindal Stainless seeks zero customs duty on ferro nickel, ferro molybdenum
Jindal Stainless on Friday said it has sought continuation of zero customs duty on stainless steel scrap, steel scrap and pure nickel.
 "Jindal Stainless seeks zero customs duty on ferro nickel, ferro molybdenum")
LS passes Bills to cap age of GSTAT Prez, effect Budget duty changes
LS passed two bills -- one seeks to cap the age limit for GSTAT President and members while the other for provisionally effecting the changes in customs and excise duties announced in Budget.
 "LS passes Bills to cap age of GSTAT Prez, effect Budget duty changes")
