Page 8 - Latest Updates on Customs duty
Self-defeating act
Stalling shipments from China to hurt Indian industry more
 "Self-defeating act")
Customs duty on solar equipment may hit SEZ manufacturing units: Experts
Power and New & Renewable Energy Minister R K Singh on Thursday said his ministry has proposed to impose basic custom duty (BCD) from August 1, this year on solar equipment
 "Customs duty on solar equipment may hit SEZ manufacturing units: Experts")
Power sector hopes for reforms at state level as Centre curbs imports
Given the federal structure in the power sector, most states float tenders different from the Centre and adopt separate selection criteria, mostly tilting towards low cost.
 "Power sector hopes for reforms at state level as Centre curbs imports")
Power Ministry joins 'Make in India' pitch, calls for curbs on imports
Customs duty on Chinese solar gears, low cost finance to those using Indian goods
 "Power Ministry joins 'Make in India' pitch, calls for curbs on imports")
Govt considering basic customs duty of 20% on solar energy equipment
At present, 15 per cent SGD is applicable on solar cells. This would be zero or nil from July 30, 2020
 "Govt considering basic customs duty of 20% on solar energy equipment")
The discontents of decoupling
Economic delinking with China makes no sense for India; investment, growth and public welfare will suffer
 "The discontents of decoupling")
CBIC to roll out pan-India faceless assessment by Dec 31, trial underway
The first phase would begin from June 8, 2020, at Bengaluru and Chennai, for items of imports primarily covered by Chapter 84, 85 of the Customs Tariff Act, 1975
 "CBIC to roll out pan-India faceless assessment by Dec 31, trial underway")
Domestic paper makers seek protection from cheap Chinese, Korean imports
They fear that with factories remaining shut during peak season, China may resort to dumping; Indian manufacturers want govt to levy customs duty on imports
 "Domestic paper makers seek protection from cheap Chinese, Korean imports")
Centre seeks India Inc's view on economic revival amid Covid-19 outbreak
Key demands and suggestions include improving liquidity, cutting customs duties and goods and services tax (GST) rates, expediting all refunds and a halt on tax scrutiny
 "Centre seeks India Inc's view on economic revival amid Covid-19 outbreak")
Customs clearance goes paperless, contactless to speed up essentials import
Expedited clearance of raw materials will facilitate the production of essential items like pharmaceuticals in the country
 "Customs clearance goes paperless, contactless to speed up essentials import")
10 listed firms that will see greatest impact of FM's customs duty tweaks
While some importers might have to absorb costs to protect their market share, other indigenous manufacturers should benefit
 "10 listed firms that will see greatest impact of FM's customs duty tweaks")
AC prices rise 5% on customs hike, higher logistics cost amid coronavirus
According to some makers, the crisis unfortunately has come at a critical time, when April-June season is knocking
 "AC prices rise 5% on customs hike, higher logistics cost amid coronavirus")
Hike in Customs duty: Toy retailers stare at shortage in three months
While Mattel, Funskool, Hasbro, and Hamleys are impacted by the hike, none of them are part of the agitation yet
 "Hike in Customs duty: Toy retailers stare at shortage in three months")
No customs duty on imported solar cells and modules, says ministry
There is already safeguard duty of 15 per cent levied on the imported solar cells and modules
 "No customs duty on imported solar cells and modules, says ministry")
Customs dept to seek additional district-level data on goods from exporters
The initiative is also aimed at bringing uniformity with the data/ information captured in the Goods and Services Tax Network (GSTN), it added
 "Customs dept to seek additional district-level data on goods from exporters")
Budget session LIVE updates: Congress protests against Anurag Thakur in LS
Budget 2020 Live: Finance Minister Nirmala Sitharaman today presented the annual Union Budget 2020-21 in Parliament. Follow Business Standard for LIVE updates
 "Budget session LIVE updates: Congress protests against Anurag Thakur in LS")
Strict provisions across Customs rules to tighten the screws on imports
A string of measures includes specific provisions in rules governing anti-dumping, safeguards, and basic Customs duties.
 "Strict provisions across Customs rules to tighten the screws on imports")
Budget 2020: Customs duty ambiguity on imported solar power equipment
Solar modules constitute 80% of the cost of a solar power project.
FM prepares ground for new electronics policy to boost local production
But Customs duty hike may lead to price rise in EVs, ACs, refrigerators & handsets
 "FM prepares ground for new electronics policy to boost local production")
Budget 2020 in 2 minutes: Fiscal deficit target, income tax rates, and more
The personal income tax has been simplified and reduced. Individuals will have to pay tax at the reduced rate of 10% for incomes of Rs 5-7.5 lakh, against the current rate of 20%
 "Budget 2020 in 2 minutes: Fiscal deficit target, income tax rates, and more")