Page 2 - Custom Duty Hike

India has highest input tariffs for electronic among competing nation: ICEA

India has the highest tariffs on inputs in electronic segment among competing economies, according to industry body ICEA's study that analysed input tariffs in electronics sector across five nations. The high tariffs impact competitiveness, ICEA said on Thursday adding that the industry is seeking reduction of tariffs, and glide path to match Vietnam and other competing nations. The study revealed that high tariff induced costs accentuates India's cost disability vis--vis the four competing economies. India Cellular and Electronics Association (ICEA) said the study is critical to evaluate India's competitiveness to reach the USD 300 billion electronics production goal by 2025-26, including USD 120 billion of exports. A line-by-line comparison of India's non-zero tariffs shows that India's tariffs are higher for up to 98 per cent lines compared to Vietnam (for FTA tariffs) and 90 per cent of the lines compared to Thailand. The competing economies have nearly double or more, zero ta

CBIC extends interest waiver on customs duty payable via ECL till April 13

The CBIC has extended the interest waiver on customs duty payable by importers and exporters through the Electronic Cash Ledger (ECL) till April 13. An upgraded Customs duty payments system was launched by the Central Board of Indirect Taxes and Customs (CBIC) on April 1. After the members of the export-import trade complained of difficulties in making duty payments via ECL in the automated system, CBIC last week said that no interest would be charged on customs duty paid through ECL till April 10. In a notification dated April 11, it said the interest on duty payable in respect of goods where payment is to be made from ECL will be exempt till April 13, 2023. Through the Customs (Waiver of Interest) Second Order dated April 11, the CBIC waived the whole of interest payable for the period from April 11 to April 13, in respect of such goods, where the payment of import duty is to be made from the amount available in electronic cash ledger. AMRG & Associates Senior Partner Rajat ...

CBIC waives interest on Customs duty payable via ECL between April 1-10

Amid system glitches faced by EXIM traders, the CBIC on Thursday waived interest on Customs duty payable through the Electronic Cash Ledger (ECL) between April 1-10. An upgraded Customs duty payments system was launched by the Central Board of Indirect Taxes and Customs (CBIC) on April 1. However, members of trade complained of difficulties in making duty payments over the customs automated system. "In order to alleviate burden of EXIM Trade, owing to pending resolution of duty payment issues on customs portal, CBIC has waived interest on duty payable in respect of goods where payment is to be made from ECL from April 1 to April 10," CBIC said. Through the Customs (Waiver of Interest) Order, 2023, the CBIC said in respect of the Bills of Entry for which import duty payment has already occurred and integrated in ICES during the said period, traders can claim refund of interest. KPMG Tax Partner Abhishek Jain said importers have been facing challenges for the last couple of days owin

Duty hike won't apply brakes on luxury car demand, say automakers

For mass segment cars priced above Rs 35 lakh, move can lead to more localisation

Private jets to jewellery: Customs duty to be hiked on 35 items in Budget

The government has also issued quality control orders to curb the imports of these non-essential items

Solar projects can't use concessional duty as govt seeks to curb imports

Step seeks to stop project developers from avoiding basic customs duty, but it could raise cost of production

After duty hike on some varieties, Centre bans broken rice exports

India exported around 1.8 MT broken rice between April-June

High duty may extend slack season for gold, keep prices in check for now

Gold domestic futures jumped by about 3 per cent to over Rs 52,000 per 10 gram in initial trading

MOOWR defeats purpose of duty hike on capital goods

The government has raised the customs duty on import of some capital goods and issued notifications to raise the customs duty on many more capital goods in due course of time

Govt may consider effect on industries before imposing duties

In her Budget speech, the finance minister said, "MSMEs and other user industries have been severely hit by a recent sharp rise in iron and steel prices

Budget 2021: Mobile phone makers slam higher duty on China imports

However, auto parts makers welcome it as a step that will help localisation

CII urges finance ministry to impose basic custom duty on solar equipment

Industry body CII has urged the Ministry of Finance in its memorandum submitted on Monday to impose the basic custom duty (BCD) on solar equipment as announced in the last general Budget

Govt's decision to hike duty on TV cells to further increase prices

The planned 5 per cent increase in duty on open cells to further worsen TV makers plight

US slaps 25% additional duty on French goods over digital tax row

The US move follows a US Section 301 probe, which concluded the French tax discriminates against US tech firms such as Google, Facebook and Apple Inc

Senators ask Trump to press India reduce hike in Soda Ash import duties

In a letter to US Trade Representative, Robert Lighthizer, the Senators said that thousands of US jobs rely on the soda ash industry and keeping tariffs low will help US workers and economy nationwide

Import duty hike on 19 items: Consumer durables makers the biggest losers

Firms expected to pass on higher cost but it will come with a lag, impacting margins in the near term

Xiaomi, Haier, others get vocal on Customs duty hike in Budget 2018

On Friday, LG India Managing Director (MD) Kim Ki-Wan said the duty hikes were ill-timed and would hit the Rs 700 billion domestic electronics market