Customs Duty

Govt grants full customs duty exemption on critical petrochemical products

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

Customs seeks ₹23.52 cr from Voltas over alleged import misclassification

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 pay customs duty via UPI, cards on ICEGATE portal: CBIC

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 medtech lobby seeks govt support as key input costs rise 50%

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

FTA tariff concessions could cost India Rs 1 trillion in FY26

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

A long-game Budget: FM pushes capability-building for growth resilience

FM Sitharaman tightens fiscal deficit target at 4.3% of GDP

Budget 2026: Seaplane manufacturing to get boost, aircraft parts duty cut

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

Sitharaman announces various customs duty exemptions in 2026 Budget

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

Customs duty exemptions extended for lithium-ion cells, critical minerals

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 moves Delhi HC for ₹900 cr customs refund on repaired engines, parts

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

Simplification of customs will be next big reform, says FM Sitharaman

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 pushes for 15% aluminium duty, flags import surge, poor-quality scrap

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

Datanomics: Donald Trump's trade tariffs bring windfall gains for US

US customs revenue surged 153% in FY25 as tariff rates spiked to decade highs, lifting India's import share to a 10-year peak while China's slipped below 10% for the first time since 2015

Finance ministry rules out Customs duty relief for magnet PLI scheme

Finance ministry has ruled out customs duty exemption for REPM-making machinery, saying capital subsidy under the PLI scheme will offset high import costs amid China's export curbs

Dubai man takes Customs dept to court over Rolex: Here's what Delhi HC said

The Customs Department seized the Rolex watch of a Dubai resident, alleging that he had failed to declare it. The High Court, however, called the Customs order an error, but still upheld the fine

Wintrack shuts ops over Chennai Customs bribes; dept denies, MoF steps in

Wintrack Inc has stopped its India operations, citing alleged bribery and harassment by Chennai Customs; officials deny the claims, calling them false and misleading

Datanomics: India Post's move may further hamper its foreign business

India Post halts US services as de-minimis exemption ends, bringing customs duties on all low-value imports

India-UK FTA: Tariff cuts likely to weigh on Customs duty collections

For FY26, the Centre has budgeted Customs revenues to grow only 2.1 per cent to ₹2.4 trillion

US earns well on Trump's tariffs; country's custom revenues cross $100 bn

Increased customs revenue produced a surplus budget for America in June

DRI busts major multi-crore branded luxury furniture import racket

The Directorate of Revenue Intelligence uncovers a multi-crore racket involving undervaluation and misdeclaration of luxury furniture, leading to significant customs duty evasion