Customs Duty

Monthly gold imports have declined to 25-30 tonnes from 70-80 tonnes, while recycling of old jewellery has increased following the recent hike in import duties

The government is likely to take a call on extending import duty exemption on about 40 products beyond June 30, after analysing the evolving situation in West Asia and associated revenue implications, an official said on Thursday. To safeguard the domestic industry from supply chain disruptions, the government in a "temporary and targeted relief" had exempted import of critical petrochemical products from customs duty effective April 2. Customs duty was cut to 'nil' across 40 different products, including Anhydrous Ammonia, Toluene, Styrene, Vinyl chloride monomer, and others. The duty exemption, which is valid till June 30, was intended to benefit sectors dependent on petrochemical feedstock and intermediates such as plastics, packaging, textiles, pharmaceuticals, chemicals, automotive components, other manufacturing segments. Officials said associated revenue consideration will have to be considered while deciding on whether the import duty exemption would be extended. "A decisi

The exemption covers specified goods imported for nuclear power generation under designated customs tariff categories

The Centre has exempted cotton imports from customs duty and AIDC till October 31, aiming to improve domestic availability and lower raw material costs for textile manufacturers

The resumption is expected to boost the country's gold imports, widen ‌the trade deficit and put more pressure on the rupee, which is among Asia's worst-performing currencies this year

Industry says duty exemption on petrochemical imports has had limited impact as raw material prices stay elevated, demand weakens, and MSMEs face mounting stress

Modest duty cuts and complex conditions may limit SEZ units' appetite for concessional DTA clearances despite the government's intent to boost capacity use

The exemption on a wide range of critical petrochemical products till June 30, 2026, is a temporary and targeted relief to shield domestic manufacturers from disruptions caused by the Iran war

Industry welcomes customs duty exemption on petrochemicals but urges GST relief on inputs and faster refunds to ease cost pressures amid West Asia disruptions

Customs authority has slapped a demand notice of Rs 23.52 crore, including duty and penalty, on air-condition maker Voltas over alleged mis-classification of certain imported goods, a regulatory filing said on Monday. The company is analysing the order and will take appropriate course of action including filing of an appeal before the CESTAT in the matter, said the Tata Group firm. As per the order, there was "mis-classification of certain imported goods pertaining to the period from 14th June, 2019 to 21st July, 2022". It is "demanding payment of differential customs duty of Rs 10.76 crore along with applicable interest, and a penalty of Rs 12.76 crore under the relevant provisions of the Customs Act, 1962," According to Voltas, there is no material impact on the financials, operations or other activities of the company due to this penalty.

Businesses can now use UPI, debit or credit cards for paying Customs duty on the ICEGATE portal, the Central Board of Indirect Taxes and Customs (CBIC) has said. The CBIC in a circular said ICEGATE e-Payment platform has enabled 'Payment Aggregator' as an authorised mode to facilitate customs duty payment. ICEGATE essentially functions as the digital backbone of Indian customs and acts as an interface through which importers and exporters file documents, track clearances, and discharge duty payments. While the system has evolved significantly over the time, the payment mechanism remained largely anchored to a limited set of authorised banks and conventional channels such as net banking and NEFT/RTGS. "With the rollout of a payment aggregator on ICEGATE, duty payments are no longer confined to specific banking channels. Businesses can now use UPI, debit or credit cards, and access a significantly wider banking network bringing a greater degree of ease and convenience in making paymen

Domestic medical device makers seek government support as input costs surge up to 50 per cent amid West Asia disruptions, flagging supply chain stress and rising logistics costs

India's customs duty forgone due to FTAs could cross ₹1 trillion in FY27, with Asean accounting for the largest share, Budget documents show

FM Sitharaman tightens fiscal deficit target at 4.3% of GDP

Centre announces incentives for indigenous seaplane manufacturing, VGF support for operations, and customs duty exemption on aircraft components

The exemptions are aimed at simplifying tax rates, supporting domestic manufacturing, boosting exports, and removing old duty exemptions that are no longer needed

Finance Minister Nirmala Sitharaman on Sunday announced an extension of basic customs duty exemption on capital goods used for manufacturing lithium-ion cells for battery storage in the annual budget for the next financial year. In her budget speech, she also proposed to exclude the entire value of biogas while calculating excise duty levy on (biogas) blended CNG (compressed natural gas). "I propose to extend the basic customs duty exemption given to capital goods used for manufacturing lithium-ion cells for batteries. Also, I propose to exempt basic customs duty on import of sodium anti Monet, for use in manufacturing of solar glass," she said. It is proposed to provide basic customs duty exemption to the import of capital goods required for the processing of critical minerals in India. For biogas blended CNG, she said, "I propose to exclude the entire value of biogas while calculating the central excise duty payable on biogas blended CNG." She said that the government will devel

IndiGo has asked the Delhi High Court to direct customs authorities to refund over ₹900 crore it paid under protest on aircraft engines and parts re-imported after repairs

Ahead of Budget 2026, Finance Minister Nirmala Sitharaman on Saturday said the simplification of customs would be the next big reform agenda for the government. During the current financial year, the government undertook reforms such as rate rationalisation and simplification of the income tax and Goods and Services Tax (GST) in a bid to boost consumption by providing more cash in the hands of the common man. "We need a complete overhaul of customs... we need to have customs simplified for people to feel that it is not cumbersome to comply... need to make it more transparent," Sitharaman said while speaking at the HT Leadership Summit here. There is a need to bring the virtues of income tax to the customs side in terms of transparency, she said, adding that the proposed reforms will be comprehensive and entail customs duty rate rationalisation. The announcements to this effect can be made in the upcoming Budget, likely to be presented on February 1. "We have brought down customs d

FIMI has urged the Finance Ministry to raise the basic customs duty on aluminium products to 15 per cent, citing rising imports, poor-quality scrap inflows and the pressure