Page 2 - Customs Duty

Govt won't extend duty-free import of yellow peas beyond Feb: Joshi

The government had allowed the duty-free import of yellow peas in December 2023 and subsequently extended it thrice till February 28 to boost domestic supplies after the local crop failed

India's avg customs duty cut to 10.6%, now moving towards Asean level: CBIC

India has significantly reduced its average customs duty rate to 10.66 per cent from 11.65 per cent and is now moving towards the same levels as prevalent in the Southeast Asian countries, a senior government official said on Monday. CBIC (Central Board of Indirect Taxes & Customs) Chairman Sanjay Kumar Agarwal said the rate rationalisation exercise was carried out with the objective of making the tariff structure simple, ensuring competitiveness of Indian industry and simplifying the tax regime. "Now the average customs rate in India has come down from 11.65 per cent to 10.66 per cent and we are now moving towards the average rate in ASEAN countries," he said here at an interaction with industry representatives. The 10-nation bloc ASEAN (Association of Southeast Asian Nations) countries are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. The exercise was also important for dispelling the narrative of developed countries like the

Customs duty cuts in certain areas to benefit American exports: GTRI

The customs duty reduction announced in the Budget on products such as motorcycles and synthetic flavouring essences would benefit American exports, economic think tank GTRI said on Sunday. The Global Trade Research Initiative (GTRI) said that despite the repeated criticism of India as the biggest tariff abuser and tariff king by the Trump-administration, the country's Budget has introduced significant tariff reductions on multiple products, many of which benefit the US exports. "With key tariff cuts on technology, automobiles, industrial inputs, and waste imports, India appears to be taking steps toward facilitating trade even as the global trade environment remains tense. Whether these reductions will alter Washington's view of India's trade practices or become a point of contention in the US election cycle remains to be seen," it added. Among the key tariff reductions, India lowered the duty on fish hydrolysate for the manufacturing of aquatic feed from 15 per cent to 5 per cent,

Budget 2025: FM cuts customs duty on 40 items to boost manufacturing

After a comprehensive review of the customs rate structure, the government has decided to remove seven tariff rates

Budget 2025: 'Made in India' energy transition gets boost with duty cuts

Customs duties on input goods for electric vehicles, solar panels slashed

Exide, Amara Raja stocks rise as Budget 2025 proposes custom duty exemption

Budget 2025 analysis: During the Union Budget 2025 speech, Finance Minister Nirmala Sitharaman said today that battery-related raw material will be exempted from custom duties

Union Budget 2025-26: Customs duty hike likely on key pharma, RE products

Key components in the renewable energy industry such as special bearings, gearboxes, yaw components, wind turbine controllers are currently subjected to a concessional customs duty of 5 per cent

Customs announces relief for international travelers' stuck duty payments

The Customs department has introduced refund guidelines for payments that were initially successful but ultimately failed due to any errors

Budget: Govt could cut customs duty on raw materials to boost manufacturing

The government could reduce customs duty on inputs used in manufacturing medical equipment, electronic goods and footwear industries in the forthcoming Budget to boost local manufacturing, according to tax experts. Deloitte India Partner, Indirect Tax, Harpreet Singh said key demands from the Customs side from the 2025-26 Budget, to be tabled in Parliament on February 1, would be rate rationalisation, simplification of the regime, and litigation and dispute management. "In the lines of the phased manufacturing plan, we expect some duty cuts in raw materials in electronics, home appliances, healthcare products, and pharmaceuticals. These are the industries where the government wants to give impetus in terms of manufacturing, and hence, we will see the raw materials declining in these sectors," Singh told PTI. On the proposed Customs duty rationalisation announced in the Budget in July 2024, Singh said the sectors which could see rationalisation are healthcare, manufacturing of medica

Budget may levy higher import duties to stem rupee slide: EY's Srivastava

The government, in the forthcoming Budget, could consider levying higher tariffs on imports to check the significant decline in rupee value witnessed in the past few months, said EY Chief Policy Advisor DK Srivastava. The noted economist argued that higher import duties would curb the demand for dollars from importers and help arrest the sliding value of the rupee, which touched a historic low of 86.70 to a dollar on January 13. In an interview with PTI, Srivastava said the sudden downward movement of the rupee against the US dollar is going to be a challenge for policymakers -- for Budget makers on the fiscal side and the RBI on the monetary side. The expectation is that the US economy is going to recover, and therefore, a lot of financial resources are moving to the world's largest economy. Srivastava, who is a Member of the Advisory Council to the 15th Finance Commission, also said it is not just the rupee but other European currencies are also experiencing similar pressure. "In

Amnesty scheme for customs may be announced in upcoming Budget: Experts

In a bid to reduce litigation, Finance Minister Nirmala Sitharaman in the upcoming Budget may announce an Amnesty Scheme for customs to foster ease of doing business. "The main asks of the industry would certainly be aligned with the objectives of the government and one objective of the government has been litigation reduction. On that front, having an amnesty scheme for customs especially covering pre-GST legacy taxes like additional duty, special additional duty has been one of the asks of the industry," Price Waterhouse & Co LLP managing director Anurag Sehgal said. The government had in the past announced amnesty schemes for excise and service tax and even for the income tax but not for customs. There are estimates that over 40,000 cases were pending in various courts and tribunals pertaining to customs duty alone. Another consultancy firm EY India said customs litigations are pending at various forums for a very long time and the same require time and effort to be spent by ...

Airlines to mandatorily share int'l passenger data with customs from Apr 1

Airlines will have to mandatorily share details of foreign travellers with the Indian Customs authorities from April 1, 2025, and non-compliance can attract penalties. All air transport service providers operating flights to/from India will have to register with the National Customs Targeting Centre-Passenger (NCTC-Pax) by January 10, 2025, in order to comply with the requirement, according to a communication issued by the Central Board of Indirect Taxes and Customs (CBIC). Details ranging from mobile number, and payment mode to travel itinerary need to be shared with the authorities 24 hours before the departure of an international flight. On August 8, 2022, the CBIC notified the 'Passenger Name Record Information Regulations, 2022' under which airlines were required to share passenger name record (PNR) details of foreign travellers with the Customs department. This system is intended to enhance interdiction capabilities of authorities as well as risk analysis of passengers. In c

Steel ministry urges FinMin to hike Customs duty to counter Chinese threat

The steel ministry believes that a higher import duty, if implemented, could mitigate the adverse effects of a rise in cheaper imports of finished steel, particularly from China

Finance ministry weighs phasing out customs duty exemptions in Budget 2025

Exemptions under review include bulk drugs used in insulin production, raw materials for lab-grown diamonds, plastics used in optical fiber production, and more

Enabling IGCRS rules for EOUs electronically to cut transaction costs

The EOUs should quickly familiarise themselves with the new procedures and raise any doubts/difficulties with the CBIC and ICEGATE, preferably before the coming Wednesday

How to trade Titan, other jewellery stocks amid rising Gold prices?

Stocks like PC Jeweller, TBZ, Kalyan Jewellers and Senco Gold can potentially rally up to 27% from current levels, suggest technical charts.

Maruti Suzuki receives Rs 3.81 crore show cause notice from customs office

The show cause notice asks the automaker to justify its claim for customs duty exemption on certain imported goods

Gold exchange-traded funds mine a rich vein: The price dip pays off

Recent Customs duty cut has sparked a gold rush, driving ETF inflows to their highest level since February 2020

Statsguru: Customs duty revisions in Budget aimed to boost manufacturing

The share of Customs duty in India's gross tax receipts has more than halved in the past decade

Carrying Adidas, Nike fakes to US? Customs can destroy counterfeit goods

An individual may possess one counterfeit item per type for personal use only, not for sale. Possession of quantities exceeding this limit is prohibited, as per US Customs and Border Protection rules