Page 7 - Latest Updates on Customs duty
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")
Budget 2021 LIVE: Budget is a shot in the arm for Indian economy, says S&P
Budget 2021 LIVE: Finance minister Nirmala Sitharaman in her Union Budget 2021 speech announced a slew of taxation reforms but left personal income tax slab unchanged. Track Budget 2021 highlights
 "Budget 2021 LIVE: Budget is a shot in the arm for Indian economy, says S&P")
Budget a booster shot for India, has ambition, resolution and innovation
It was one of the toughest times in history to announce a budget, writes Harsh Goenka.
 "Budget a booster shot for India, has ambition, resolution and innovation")
Non-protectionist but non-performing Budget
Budget is good but not good enough to live up to the FM's promise of getting rid of "socialist baggage"
Budget 2021: Customs duty hike to make electronics items more expensive
In the Budget for 2021-22, finance minister Nirmala Sitharaman introduced higher import duty rates on over a dozen handset and automobile components.
 "Budget 2021: Customs duty hike to make electronics items more expensive")
Leather products to get costlier after 10% customs duty, say manufacturers
'Customs duty hike to make leather expensive', said Alberto Torresi director
 "Leather products to get costlier after 10% customs duty, say manufacturers")
5% customs duty imposed on parts used in LCD, LED panels
The government recently categorised TVs as a restricted item for the purpose of imports and have now imposed the customs duty on the parts
 "5% customs duty imposed on parts used in LCD, LED panels")
Provisional assessment allowed when Customs doubt origin of goods: Expert
Compulsory verification of assessment will be discontinued once the importer demonstrates that he has established adequate system of controls to exercise reasonable care
 "Provisional assessment allowed when Customs doubt origin of goods: Expert")
Government extends deferred customs duty payment to authorised PSUs
The scheme of deferred payment of customs duties was first introduced in November 2016 for top importers, certified as Authorized Economic Operators (AEOs)
 "Government extends deferred customs duty payment to authorised PSUs")
Use commercial prudence while buying MEIS/SEIS scrips, says expert
The transfer of scrips must be recorded on the DGFT website in accordance with DGFT Trade Notice No. 42 dated January 11, 2019
 "Use commercial prudence while buying MEIS/SEIS scrips, says expert")
Imports from related party will be scrutinised by Customs: Expert
Rule 3(3)(a) of the Customs Valuation Rules, 2007 provides that where the buyer and the seller are related, the circumstances surrounding the sale will be examined
 "Imports from related party will be scrutinised by Customs: Expert")
Protectionism shifts attention from real issues
Using the new tools, the claims for lower duty rates for imports under trade agreements may be put to greater scrutiny
Customs busts smuggling racket in Agarbattis through ASEAN FTA misuse
This is one of the biggest seizures of restricted items in recent times at the port
 "Customs busts smuggling racket in Agarbattis through ASEAN FTA misuse")
'Duty-free' hits a fifth of manufacturing imports, says WTO report
This, despite average tariffs being much higher than peers, says WTO report; officials call for need to scrutinise FTAs
 "'Duty-free' hits a fifth of manufacturing imports, says WTO report")
Govt extends time for duty-free import of diamonds sent for certification
The extended time period would be available to exporters to bring back cut and polished diamonds after due certification and grading by specified laboratories abroad
 "Govt extends time for duty-free import of diamonds sent for certification")
FinMin told to levy tax on imported goods to boost local products: Pradhan
The proposed Border Adjustment Tax would be imposed on imported goods in addition to customs duty to bring the imported product at par with locally-made products.
 "FinMin told to levy tax on imported goods to boost local products: Pradhan")
Indian exporters raise concerns of tit-for-tat measures by Chinese side
FIEO: Some Indian consignments detained in Hong Kong, China
 "Indian exporters raise concerns of tit-for-tat measures by Chinese side")