Page 4 - Latest Updates on Customs duty
Duty hike won't apply brakes on luxury car demand, say automakers
For mass segment cars priced above Rs 35 lakh, move can lead to more localisation
 "Duty hike won't apply brakes on luxury car demand, say automakers")
Cut in customs duty, support to MSMEs will boost shipments: Exporters
Tweaking customs duties in certain sectors and measures to support MSMEs will help in boosting domestic manufacturing and the country's outbound shipments, exporters said on Thursday
 "Cut in customs duty, support to MSMEs will boost shipments: Exporters")
Budget 2023-24: Customs duty rejig to boost domestic manufacturing
As many as 14 items have seen a jump in import duty to tackle the issue of cheap quality imports of items such as toys
 "Budget 2023-24: Customs duty rejig to boost domestic manufacturing")
Budget 2023: Many PLI schemes are in the pipeline, says Piyush Goyal
As and when other PLI schemes get approved, the cabinet is empowered to approve it
 "Budget 2023: Many PLI schemes are in the pipeline, says Piyush Goyal")
Making the regime less taxing: Pain points & what's on offer in Budget
New co-operatives commencing manufacturing activities till March 31, 2024, will get the benefit of a lower tax rate of 15% , currently available to new manufacturing companies
 "Making the regime less taxing: Pain points & what's on offer in Budget")
Budget 2023-24: Relief to middle class set to spur private consumption
The government plans to collect just over Rs 9 trillion via personal income tax in FY24
Up but not out of the woods: Pain points & what's on offer in Budget
There was a 7 per cent year-on-year decline in the January numbers reported by the country's largest manufacturer Tata Motors
 "Up but not out of the woods: Pain points & what's on offer in Budget")
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
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")