Page 9 - Latest Updates on Customs duty
Budget 2020: FM proposes hike in Customs duties, outlines road map for more
Govt to trim exemptions by Sept, review customs law and procedures in line with ease of doing business
 "Budget 2020: FM proposes hike in Customs duties, outlines road map for more")
Indirect tax: Few but well-justified changes in Budget 2020
Customs duties and exemptions need to be streamlined
 "Indirect tax: Few but well-justified changes in Budget 2020")
Budget 2020: How will Sitharaman pull off Rs 2.1-trn disinvestment miracle?
The government has promised to raise Rs 120,000 crore via disinvestment, and an additional Rs 90,000 crore from sale of government equity in public-sector banks and financial institutions, in 2020-21
 "Budget 2020: How will Sitharaman pull off Rs 2.1-trn disinvestment miracle?")
Budget 2020: Govt to review customs duty exemptions on products by Sept
Finance Minister Nirmala Sitharaman while presenting the Budget for 2020-21 said exemptions from customs duty have been given in public interest from time to time
 "Budget 2020: Govt to review customs duty exemptions on products by Sept")
FM declares hike in customs duty on imported fans, tableware, kitchenware
Customs duty on catalytic converters, parts of commercial vehicles, other than electric vehicles, have also been hiked
 "FM declares hike in customs duty on imported fans, tableware, kitchenware")
Budget 2020: To give boost to SMEs, govt may hike custom duty on 300 items
The Commerce and Industry Ministry in its budget recommendations has proposed rationalisation of basic customs on over 300 items across sectors
 "Budget 2020: To give boost to SMEs, govt may hike custom duty on 300 items")
Budget 2020: Govt may cut import duty on raw material for fertiliser sector
During April-December 2019-20, the country's crude and manufactured fertiliser imports grew by 8.47 per cent to USD 6.2 billion.
 "Budget 2020: Govt may cut import duty on raw material for fertiliser sector")
Airports to lose Rs 650 cr/yr over cut in duty-free liquor, cigarettes
The ministry, as per the sources, has also recommended to the Finance Ministry that purchase of cigarette cartons at duty-free shops should be prohibited
 "Airports to lose Rs 650 cr/yr over cut in duty-free liquor, cigarettes")
Budget 2020: Steel sector seeks relief in customs duty on key raw materials
Industry body said exemption available to coking coal was also removed by the government in 2014-15 Budget by bringing it at par with other types of coal and imposing 2.5 per cent basic customs duty
 "Budget 2020: Steel sector seeks relief in customs duty on key raw materials")
Budget 2020: Stainless steel sector seeks zero duty on ferro-nickel, scrap
Removal of duty on ferro-nickel and stainless steel scrap is a long standing demand and the Ministry of Steel has also at times batted for zero duty on these items.
 "Budget 2020: Stainless steel sector seeks zero duty on ferro-nickel, scrap")
Budget 2020: Govt may hike customs duty on toys, certain paper, footwear
The Commerce and Industry Ministry in its Budget recommendations to the Finance Ministry has proposed rationalisation of basic customs or import duty on over 300 items from different sectors
 "Budget 2020: Govt may hike customs duty on toys, certain paper, footwear")
No customs duty on transfer of goods from one SEZ to another: Expert
For accounting purposes, the depreciation can be worked out as per the Companies Act and for income tax purposes, as per income tax laws
 "No customs duty on transfer of goods from one SEZ to another: Expert")
Govt to appoint officers to exclusively handle GST, Customs complaints
Industry and tax experts have hailed the decision saying that the move would ensure an escalation point for taxpayers in case their grievances are not addressed at designated level
 "Govt to appoint officers to exclusively handle GST, Customs complaints")
Renewables ministry asks FinMin to impose customs duty on solar cells
The renewables ministry wants separate classification for solar PV cells and modules used for clean energy projects and levy duties on their import
 "Renewables ministry asks FinMin to impose customs duty on solar cells")
Budget impact: Companies bat for Customs duty rollback on ACs, TVs
Customs duty on ACs imported completely is 20%, following a 10% increase in September last year
 "Budget impact: Companies bat for Customs duty rollback on ACs, TVs")
Hiccups for telecom fiber rollout with higher duty on optic fiber
Local optic fiber manufacturers cheer the move
 "Hiccups for telecom fiber rollout with higher duty on optic fiber")
Make in India, clean energy dictate customs & excise duty changes in Budget
Government expects 19 per cent growth in Customs collection
 "Make in India, clean energy dictate customs & excise duty changes in Budget")
Budget 2019: India Inc grim over customs, direct tax surcharge uptick
Industry captains, experts at CII, FICCI praise some measures; say government could have done much more
 "Budget 2019: India Inc grim over customs, direct tax surcharge uptick")
No need to pay customs duty on imported gifts valued below Rs 5,000
For occasional gifting, the sender can split the package to ensure the parcel is below the duty-free value
 "No need to pay customs duty on imported gifts valued below Rs 5,000")
Response to trade war takes centre stage as govt mulls fresh import curbs
Items being considered include metals, minerals and more electronic finished goods
 "Response to trade war takes centre stage as govt mulls fresh import curbs")