Imported Goods

India's exports of goods and services hit a record $825 billion in FY25, up from $778 billion in FY24. Meanwhile, the World Bank projects global growth at 2.3% in 2025, the weakest in 17 years

China holds around 50% of the world's rare earth reserves, 70% of extraction capacity, and over 90% of processing capability

Government projects have switched to using only domestically produced steel, Prime Minister Narendra Modi said while virtually addressing the India Steel 2025 conference

Meanwhile, 20 per cent of Indian smartphone users said they have one or more Chinese apps installed

The commerce ministry has recommended imposition of an anti-dumping duty of up to USD 707 per tonne on imports of PVC paste resin, used to make artificial leather and other technical textiles' products, from six countries, including China, for five years, with an aim to guard domestic producers. In its findings, the Directorate General of Trade Remedies (DGTR), a wing of the ministry, has concluded that 'Poly Vinyl Chloride Paste Resin' has been exported to India at a price below the normal value from certain players of the six nations -- China, Korea, Malaysia, Norway, Taiwan, and Thailand. The move has resulted in dumping of the product into Indian markets. The notification of the directorate said imports from these countries have caused material injury to the domestic industry. "The authority recommends imposition of anti-dumping duty on the imports... so as to remove the injurious effects of the dumped imports on the domestic industry," it has said. The recommended duty ranges

Sri Lanka has announced that they will lift the vehicles import ban which was put in place in 2020 to ease the pressure on foreign exchange reserves due to the COVID-19 pandemic. By the gazette issued on Wednesday the importation of public transport vehicles have been allowed for the first time since early 2020. The Ministry of Finance said the policy to ban vehicle imports was implemented with the intention of easing the pressure on foreign exchange reserves due to the COVID-19 pandemic and the economic downturn of 2022. President Anura Kumara Dissanayake addressing Parliament on Wednesday said the importing cars for private use will be allowed from February 2025. However, the decision is subject to rules so as to protect the island nation's effort to build foreign reserves. All importers must sell their imports within three months, if not a three per cent fee would be charged. These conditions have been imposed with the intention of safeguarding foreign exchange reserves of the

The move threatens to reshape parts of the US retail arena and deflate the excitement that's accompanied the meteoric ascent of bargain bazaars like Temu, Shein and Alibaba's Aliexpress

Prefabricated buildings fall under the tariff heading 9406. Modular building units of steel fall under the tariff line 94062000. All the items under the heading 9406 can be imported freely

The government has relaxed quality control order (QCO) norms for the air conditioner industry to promote ease of doing business. The order was issued in 2019 and it came into effect from October last year. These relaxations have been given after a detailed stakeholder consultation with the industry. To resolve the issues faced by the industry due to the order, the Department for Promotion of Industry and Internal Trade (DPIIT) has introduced amendments. According to a government notification, Hermetic Compressors of more than 7000 W (2 TR) capacity have been removed from the order for one year for the manufacturers of air conditioning and refrigeration equipment and related parts. It has also exempted 200 numbers of goods or articles imported per year for the purpose of research and development by the manufacturers. These imported goods and articles however will not be allowed to be sold in the market and should be disposed of as scrap. "The OEMs (original equipment manufacturer

Both countries hope to finalise the deal by February, before the Lok Sabha election in India

TNC Rajagopalan answers SME queries related to GST, export and import matters

Imports from Russia second-largest in April-August period, shows data

The order has also made it mandatory for entities to declare the stock position on the relevant portal of the Department of Consumer Affairs

The Supreme Court has dismissed the customs department appeal against Adani Power Maharashtra Ltd. (APML), Adani Power Rajasthan Ltd. (APRL) and others in alleged over-valuation of imported goods

The CBIC on Wednesday came out with a mechanism to check the undervaluation of imported goods under which two committees comprising tax officers will be set up for screening and evaluation

Practically, it is difficult to escape payment of customs duty and interest even when the goods are destroyed or re-exported

The new rules now say they come into play even in situations where the notifications prescribe end use of imported goods but do not specifically prescribe application of the new rules.

Nove comes after customs dept observed several consignments from South-East Asia in which rules of origin were flouted, and the FTA route was being used to evade duties

The inspection obligation was thus replaced by a statement in which the importer declares that the product meets international energy efficiency requirements

The Customs department will begin a standardised risk-based faceless assessment system across the country for clearance of imported consignments in phases starting with metal from September 5. This would promote ease of doing business as it would bring uniformity in Customs examination, and reduce the time taken for clearing consignments. The Central Board of Indirect Taxes and Customs (CBIC) in a circular to field offices said the National Customs Targeting Centre (NCTC) has developed system generated centralized examination orders for Bills of Entry (BoE), based on various parameters, and this will be rolled out in phases. This risk-based scrutiny would be meant for 'Second Check Bill of Entry', under which imported goods do not have to mandatorily go through physical examination. Customs officers do assessment of the imported goods on the basis of the documents submitted to the authorities. A BoE is filed by importers or their agents to the Customs department before the arrival