Import Duty Hike

As of May 13, combined AUM of gold and silver ETFs stood at ₹2.9 trn, up about 12% so far this month

Value of gold imports rose in FY26 even as volumes fell. Apurva Sheth of Samco explains why higher gold duty may not curb demand and why fuel price hikes could better protect India's fiscal position

Gold, silver duties more than double to 15%, & 15.4% for platinum

The gems and jewellery industry is likely to face challenging times ahead following the hike in gold import duty to 15 per cent, from 4 per cent earlier, a move that could spur the grey market, the All India Gems and Jewellery Council (GJC) said on Wednesday. "Business is now going to become difficult on the back of the Prime Minister's austerity measures and following the import duty hike in bullion. What the industry fears is that this will give rise to grey market... smuggling is likely to grow, setting up a parallel economy in the country," GJC chairman Rajesh Rokde told PTI. Explaining the duty hike, Rokde said, now the import duty that includes Customs Duty, GST and Agricultural Cess will make gold costlier by around Rs 27,000 per 10 grams from the earlier Rs 13,500/10 gm. He said the GJC has called an all-associations meeting of the industry in Mumbai on Wednesday to mull over the recent policy decisions and decide on further action. Meanwhile, jewellery retailer Senco Gold

The government today increased the import duty on gold and silver from 6 per cent to 15 per cent; analysts see this as a positive move for Hindustan Zinc.

Once implemented, the new tariffs, ranging from 10 per cent to 25 per cent, will replace the current 50 per cent duties that India is facing

The US government said Monday it is placing a 17 per cent duty on most fresh Mexican tomatoes after negotiations ended without an agreement to avert the tariff. Proponents said the import tax will help rebuild the shrinking US tomato industry and ensure that produce eaten in the US is also grown there. Mexico currently supplies around 70 per ccent of the US tomato market, up from 30 per cent two decades ago, according to the Florida Tomato Exchange. But opponents, including US companies that grow tomatoes in Mexico, said the tariff will make fresh tomatoes more expensive for US buyers. Tim Richards, a professor at the Morrison School of Agribusiness at Arizona State University, said US retail prices for tomatoes will likely rise around 8.5 per cent with a 17 per cent duty. The duty stems from a longstanding US complaint about Mexico's tomato exports and is separate from the 30 per cent base tariff on products made in Mexico and the European Union that President Donald Trump announc

Move reverses February decision and offers relief to exporters in SEZs and EOUs; FIEO calls it critical support amid global uncertainties and competitiveness issues

India and Chinese Taipei have requested the WTO's dispute settlement body not to adopt the ruling against New Delhi's import duties on certain information and technology products till October 24 this year, as both sides are engaged in resolving the matter mutually. The issue will come up during a meeting of the dispute settlement body (DSB) in Geneva on April 25, a WTO (World Trade Organisation) communication said. "The DSB agreed to the latest requests from Chinese Taipei and India," a Geneva-based official said. The Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu and India would like to request that the DSB adopt the decision with respect to the dispute India Tariff Treatment on Certain Goods in the Information and Communications Technology Sector at a meeting of the DSB to be held on April 25. "We (India and these customs territories) consider that the draft DSB decision, if adopted, would facilitate the resolution of the dispute," it said. They have requested n

Trump's 25 per cent auto tariffs will cover more than $460 billion worth of imports of vehicles and auto parts imports annually

The government is considering a proposal to impose safeguard duty on steel imports, Union Steel Minister H D Kumaraswamy said on Thursday. "The process is going" on the ministry's proposal to impose a 25 per cent duty on steel imports, Kumaraswamy told PTI on the sidelines of an event here. On December 2, the steel ministry in a meeting with the commerce department had proposed for a 25 per cent safeguard duty on certain steel products imported into the country. The steel minister and Commerce and Industry Minister Piyush Goyal were present in the meeting. A final call on imposing the duty can be taken by the finance ministry on recommendations of the ministry of commerce. Domestic steel players have been consistently raising concerns over increasing cheap imports of steel from select nations, affecting their competitiveness. Steel Secretary Sandeep Poundrik last month said more than 60 per cent of steel imports come from FTA (free trade agreement) countries at nil duty and any du

This plan, if implemented, could disrupt an industry worth $8 billion to $10 billion and reshape the dynamics of the IT hardware market in India, which is heavily reliant on imports

Malaysia's Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani on Tuesday termed India's recent hike in palm oil import duty as a "temporary aberration", saying demand for the commodity remains steady. Ghani dismissed speculation about arrangements between Malaysia and India for palm oil supplies in exchange for fighter aircraft transfers. India, the world's largest edible oil importer, raised import duties on palm oil and other edible oils on September 14, 2023, increasing the effective duty on crude palm oil from 5.5 per cent to 12.7 per cent and on refined oils from 13.75 per cent to 35.75 per cent. "Any kind of aberration, for me, it is just temporary," Ghani said responding to a PTI query during a press conference on the sidelines of the Malaysia Palm Oil Forum. The recent tariff policy changes by India will not create any "issue", he added. The minister emphasised that India, with its population of 1.4 billion, has various options for edible oils, including pal

Some corporates may prefer to cut margins and absorb some impact to avoid hurting demand

Union Steel Minister H D Kumaraswamy on Wednesday said he will try to convince the finance ministry to raise duties on steel imports to 10-12 per cent from the current 7.5 per cent. The minister expressed concerns on the manner in which China was dumping steel into India, and said several players from the steel industry visited him in the last two months and discussed the problems they were facing in the growth of the steel industry. "The problem which you are facing from China for that I will try to convince... the finance ministry to look at (raising the duty on steel imports) from 7.5 per cent tax to 10-12 per cent tax," he said while speaking at the Fifth Steel Conclave organised by the Indian Steel Association. The minister also stressed on the need to remain vigilant against challenges such as the global demand slowdown, especially from the ramifications of a demand meltdown in China. The steel ministry, he said, is committed to ensuring that the journey towards Aatmanirbhar

After the reduction, there is no incentive to bring silver or platinum into India

The Congress on Monday accused the Narendra Modi government of decreasing the import duty on apples from 75 per cent to 50 per cent contrary to the demands of the apple growers to enhance it to 100 per cent. Himachal Pradesh Congress Committee vice-president Naresh Chauhan alleged that Union Minister Meenakshi Lekhi made misleading statements regarding import duty on apples. Addressing a press conference here on Sunday, Lekhi had said that the import duty on apples has been increased to 50 per cent due to certain limitations of international trade agreements and had claimed that the trade agreements were signed when Congress leader Anand Sharma was the Commerce minister in the UPA government. Chauhan said that low import duty has led to the substantial losses to the apple growers, with cold store apples fetching Rs 800 to Rs 1,200 less price per box. The duty free apples are being imported from Afghanistan and Iran due to which the apple economy of the state is under threat, he ...

"India's customs duty on gold is among the highest globally," said Vipul Shah, chairman of the GJEPC

The government on Monday eased import curbs for some silver items like semi-manufactured silver paste, sheets, and tubes for electrical, electronics and solar industries, to be used as inputs for their manufacturing process. The import of these items for R&D purposes by the government or government-recognised institutions shall also be without restrictions, the Directorate General of Foreign Trade (DGFT) said in a notification. Earlier, the import of these goods was put under the restricted category, which mandates importers to seek a license from the government for inbound shipments. "Import of semi-manufactured silver paste, sheets, plates, strips, tubes, electrodes, wires, silver brazing alloys (in any form), by electrical, electronics and engineering industries, including glass and solar industries, as input for their own manufacturing process on 'actual user' basis shall be free," it said. Import of these items for any other purposes shall be through specified agencies as ...

United Breweries account for about 50% of the segment which AB InBev follows at around 25%, while Carlsberg is the third largest company in the space with a share of around 18%