Page 4 - Latest Updates on Customs duty
Budget 2023: TV, mobile to be cheaper; gold, imported cars to be dearer
Mobile phones and TV sets manufactured in India would become cheaper with Finance Minister Nirmala Sitharaman announcing cuts in Basic Customs Duty (BCD) on import of their components
 "Budget 2023: TV, mobile to be cheaper; gold, imported cars to be dearer")
Budget 2023 wishlist: ICEA calls for rationalisation of duties on parts
The industry body has also suggested that the government should ease the Basic Customs Duty (BCD) on high-end phones
 "Budget 2023 wishlist: ICEA calls for rationalisation of duties on parts")
Chatroom: 'Export duty is not part of the price paid or payable for goods'
You must show the export duty amount separately in the invoice and collect the aggregate amount from the buyer (whether in one or more instalments)
 "Chatroom: 'Export duty is not part of the price paid or payable for goods'")
US agriculture associations fear market loss to India's FTA partners
In June 2019, India hiked tariffs on 28 items exported by the US, including almonds, apples, walnuts
Finance ministry looks to curb smuggling of top-end mobile phones
FinMin considers proposal to reduce basic Customs duty on phones with a cost, insurance and freight value of over Rs 35,000
 "Finance ministry looks to curb smuggling of top-end mobile phones")
India may exempt 30 GW of solar plants from equipment duty: Report
In March 2021, the government announced 25% basic customs duties on solar photovoltaic cells and 40% on solar photovoltaic modules with effect from April 1, 2022
 "India may exempt 30 GW of solar plants from equipment duty: Report")
'DGFT should clarify duty payment for destruction of imported goods'
Practically, it is difficult to escape payment of customs duty and interest even when the goods are destroyed or re-exported
 "'DGFT should clarify duty payment for destruction of imported goods'")
'Proving identity of re-imported goods essential for claiming exemption'
Funds held in the foreign currency accounts of SEZ units cannot be loaned or made available to any person or entity resident in India, not being a unit in Special Economic Zones
Top Headlines: Tax-free slab to Rs 5 lakh, basic Customs duty cut, and more
Business Standard brings you the top headlines at this hour
 "Top Headlines: Tax-free slab to Rs 5 lakh, basic Customs duty cut, and more")
Centre extends RoDTEP to more sectors, but refund woes remain
Exports under advance authorisation scheme and by export-oriented units, units in special economic zones and manufacturing goods in bonded warehouses are excluded from the scheme
Budget 2023-24: Govt mulls basic Customs duty cut to align with FTA
Finance Minister Nirmala Sitharaman will be presenting the Union Budget on February 1, 2023, in Parliament, outlining her tax and expenditure plans for 2023-24
 "Budget 2023-24: Govt mulls basic Customs duty cut to align with FTA")
If delay in FTA talks, GCC nations can join India-UAE trade deal
The clause was added to the agreement to encourage other countries to join the pact, making it a regional agreement, the sources said
 "If delay in FTA talks, GCC nations can join India-UAE trade deal")
Shah Rukh Khan stopped at Mumbai airport for hours over luxury watches
Shah Rukh Khan was stopped for an hour at Mumbai airport by Customs officials for not paying Customs duty for 6 luxury watches as payment facility was not operational in early hours of Saturday
 "Shah Rukh Khan stopped at Mumbai airport for hours over luxury watches")
Fiscal correction: Focus should be on reducing the fiscal deficit
The govt would do well to be cautious and resist the temptation of increasing expenditure in the run-up to the Lok Sabha elections because the economy is likely to slow in the second half of the year
 "Fiscal correction: Focus should be on reducing the fiscal deficit")
Under scanner: Special mechanism for sharing trade data in the works
CBIC come across 12-13 cases of import-export data leaks to dark web
 "Under scanner: Special mechanism for sharing trade data in the works")
Taxes to come to govt's aid, achieve 6.4% fiscal deficit goal for FY23
Centre has already collected half the targeted revenue in the first six months of the current financial year even as customs and excise duty collection figures are yet to come in
 "Taxes to come to govt's aid, achieve 6.4% fiscal deficit goal for FY23")
Solar projects awarded before customs duty change allowed cost pass-through
Change in law allowed for hike in GST rate too as project developers face cost hikes
 "Solar projects awarded before customs duty change allowed cost pass-through")
India proposes 15% retaliatory duties on 22 items imported from UK
India said it is estimated that safeguard measures taken by the UK on steel products have resulted in decline of exports to the tune of 2,19,000 tonnes on which duty collection would be $247.7 mn
 "India proposes 15% retaliatory duties on 22 items imported from UK")
CBIC offers clarity on classification of cranes for GST, customs duty
Experts say this would reduce litigation in courts, as different classes of cranes attract different tax rates
 "CBIC offers clarity on classification of cranes for GST, customs duty")
Hero Electric under DRI lens for evading customs duty worth Rs 330 crore
Hero Electric reportedly ordered fully assembled vehicles into the country but later disintegrated them and sent them to different ports across the country to evade tax
 "Hero Electric under DRI lens for evading customs duty worth Rs 330 crore")