Page 6 - Latest Updates on Customs duty
FinMin should review DRI demand for social welfare surcharge
The law is quite clear that SWS is to be calculated at the rate of 10 per cent on the BCD levied and collected
 "FinMin should review DRI demand for social welfare surcharge")
Govt notifies processes for granting RoDTEP duty credits
An exporter must make a claim for RoDTEP in the shipping bill or bill of export by making the prescribed declaration
SC seeks Centre's response on PIL on duty evasion in China iron exports
The Supreme Court Thursday asked the Centre to file its response in two weeks to a PIL seeking a direction to the CBI to register an FIR and probe the alleged duty evasion by 61 iron exporting firms
 "SC seeks Centre's response on PIL on duty evasion in China iron exports")
Integrated approach for EVs
Customs duty is not the way to fast lane
 "Integrated approach for EVs")
Rationalise Customs duty
Besides removing exemptions, overall simplification is necessary
 "Rationalise Customs duty")
Govt reduces basic customs duty on imports of masur dal to zero
The government on Monday reduced the basic customs duty on imports of masur dal to zero and halved the Agriculture Infrastructure Development Cess on the lentil to 10 per cent
 "Govt reduces basic customs duty on imports of masur dal to zero")
Govt must cut number of slabs in Customs duty
The finance ministry has made a good beginning by reviewing the exemptions with intent to eliminate them
 "Govt must cut number of slabs in Customs duty")
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.
 "Govt waives duty on materials for Covid test kits, APIs for Amphotericin B")
Easing of essential goods imports to help fight Covid-19 pandemic
The govt has exempted basic customs duty on import of Remdesivir, APIs of Remdesivir, Beta Cyclodextrin used in making Remdesivir and specified inflammatory diagnostic kits till Oct-end
 "Easing of essential goods imports to help fight Covid-19 pandemic")
Covid-19: Govt waives import duty on Remdesivir injection, raw materials
Given the shortage of supplies, the Union government last week banned the export of Remdesivir
India likely to waive customs duty on coronavirus vaccine imports
The government is likely to waive 10 per cent customs duty levied on imported vaccines in a bid to keep low the cost of overseas vaccines that are being eyed to supplement domestically made shots
 "India likely to waive customs duty on coronavirus vaccine imports")
Solar tariff could rise up to 40-45p per unit over customs duty change
The tariffs for solar power could increase between 25-45 paise per unit (kWh) due to Basic Customs Duty (BCD) on imported solar cells and modules
 "Solar tariff could rise up to 40-45p per unit over customs duty change")
CIABC urges centre not to reduce customs duty on whiskey imports from UK
The Confederation of Indian Alcoholic Beverage Companies (CIABC) has strongly objected to any plans to slash the Basic Customs Duty (BCD)
 "CIABC urges centre not to reduce customs duty on whiskey imports from UK")
Customs duty on imported solar cells likely to hike power bill by 20%
There is a 14.5-per cent safeguard duty on imported solar gears from China and Malaysia.
 "Customs duty on imported solar cells likely to hike power bill by 20%")
Understanding the zero-sum game of the new agriculture infra cess
While the FM has ostensibly got her act right on imposing the levy without punishing the consumer, questions about the share of states, the rate structure and the use of funds remain
 "Understanding the zero-sum game of the new agriculture infra cess")
There is no provision to take credit of the agriculture infra cess: Expert
This should not matter much because wherever AIDC has been imposed, the basic customs duty (BCD) or excise duty has been reduced, and in any case
 "There is no provision to take credit of the agriculture infra cess: Expert")
Duty cut could bring down domestic steel prices by 10%, says ICRA
Government's proposal to reduce import duty on steel products in Budget 2021-22 would make their imports more competitive and in turn exert near-term pricing pressures on domestic steelmakers
 "Duty cut could bring down domestic steel prices by 10%, says ICRA")
Duty cut on steel products to exert near-term pressure in Indian cos: Icra
Decision will make imports competitive, Chinese firms may gain
 "Duty cut on steel products to exert near-term pressure in Indian cos: Icra")
Chinese steel mills may gain from customs duty cut announced in Budget
The cut has failed to rein in prices, as domestic steel mills raised flat steel prices by about Rs 1,500 a tonne after the announcement
 "Chinese steel mills may gain from customs duty cut announced in Budget")
Focus on capex does not make Budget inflationary: Expenditure Secretary
We expect the cost of the vaccination to be Rs 700 per person. This includes the price of two shots at Rs 200-250 each, says Somanathan
 "Focus on capex does not make Budget inflationary: Expenditure Secretary")