Page 4 - Customs Duty

Budget 2023: TV, mobile to be cheaper; gold, imported cars to be dearer

Mobile phones and TV sets manufactured in India would become cheaper with Finance Minister Nirmala Sitharaman announcing cuts in Basic Customs Duty (BCD) on import of their components but smokers would have to pay more as the government has increased taxes. Fully imported cars, including electric vehicles, and those assembled in India with imported parts will also become costlier with the finance minister increasing customs duty. Following is a list of imported items that will become costlier: *Cigarettes *Kitchen chimney *Imported bicycles and toys *Fully imported cars and Electric Vehicles *Imitation jewellery *Compounded rubber * Silver dores *Naphtha However, certain goods will become cheaper as the government has slashed the customs duty and these are: * Domestically-manufactured TV sets * Shrimp feed * Fish lipid oil used in manufacturing aquatic feed * Seeds for lab-grown diamonds * Capital good *Machinery for manufacturing lithium ion cell to be used in electri

Budget 2023 wishlist: ICEA calls for rationalisation of duties on parts

India Cellular and Electronics Association (ICEA) has batted for rationalisation of duties on parts and components of mobile phones and sub-assemblies, saying some of the smaller tariffs should be done away with, while all inputs duties on 'mechanics' should be removed immediately. The industry body has also suggested that the government should ease the Basic Customs Duty (BCD) on high-end phones. The 20 per cent customs duty on high-end phones should be continued only with a maximum BCD pegged at Rs 4,000 per device, the association has said in its Budget wishlist. Finance Minister Nirmala Sitharaman will be presenting the Union Budget 2023-24 on February 1. ICEA contended that tariffs on inputs and components are a barrier to increasing localisation. It has said that some of the smaller tariffs should be done away with, to support local businesses and bring ease of doing business. In this regard, ICEA suggested that the tariff of 2.75 per cent (including social welfare surcharge

Chatroom: 'Export duty is not part of the price paid or payable for goods'

you must show the export duty amount separately in the invoice and collect the aggregate amount from the buyer (whether in one or more instalments)

US agriculture associations fear market loss to India's FTA partners

In June 2019, India hiked tariffs on 28 items exported by the US, including almonds, apples, walnuts

Finance ministry looks to curb smuggling of top-end mobile phones

FinMin considers proposal to reduce basic Customs duty on phones with a cost, insurance and freight value of over Rs 35,000

India may exempt 30 GW of solar plants from equipment duty: Report

In March 2021, the government announced 25% basic customs duties on solar photovoltaic cells and 40% on solar photovoltaic modules with effect from April 1, 2022

'Proving identity of re-imported goods essential for claiming exemption'

Funds held in the foreign currency accounts of SEZ units cannot be loaned or made available to any person or entity resident in India, not being a unit in Special Economic Zones

Top Headlines: Tax-free slab to Rs 5 lakh, basic Customs duty cut, and more

Business Standard brings you the top headlines at this hour

If delay in FTA talks, GCC nations can join India-UAE trade deal

The clause was added to the agreement to encourage other countries to join the pact, making it a regional agreement, the sources said

Shah Rukh Khan stopped at Mumbai airport for hours over luxury watches

Bollywood actor Shah Rukh Khan and five members of his team were stopped for an hour at the Mumbai airport by Customs officials for not paying Customs duty for six luxury watches as the payment facility was not operational in the early hours of Saturday, an official said. The incident occurred at 12.30 AM after Khan landed at the airport from Dubai in a chartered flight, the official said and added that the payment counter at the General Aviation Terminal (GAT) was not operational in the early hours. During the screening of the baggage of Khan and his team members, officials found six expensive watches in one of the bags, he said. The expensive watches are worth Rs 17.86 lakh as per Customs' evaluation, he said. The bag containing watches was carried by Khan's bodyguard Ravi Shankar Singh, the official said. As the screening process was on, Khan and his team were stopped at the GAT- a VIP terminal- for at least an hour, he added. After some time, Khan, his secretary Pooja Dadlani

Fiscal correction: Focus should be on reducing the fiscal deficit

The govt would do well to be cautious and resist the temptation of increasing expenditure in the run-up to the Lok Sabha elections because the economy is likely to slow in the second half of the year

Under scanner: Special mechanism for sharing trade data in the works

CBIC come across 12-13 cases of import-export data leaks to dark web

Taxes to come to govt's aid, achieve 6.4% fiscal deficit goal for FY23

Centre has already collected half the targeted revenue in the first six months of the current financial year even as customs and excise duty collection figures are yet to come in

Solar projects awarded before customs duty change allowed cost pass-through

Change in law allowed for hike in GST rate too as project developers face cost hikes

CBIC offers clarity on classification of cranes for GST, customs duty

Experts say this would reduce litigation in courts, as different classes of cranes attract different tax rates

Hero Electric under DRI lens for evading customs duty worth Rs 330 crore

Hero Electric reportedly ordered fully assembled vehicles into the country but later disintegrated them and sent them to different ports across the country to evade tax

Disclosing end-use of goods must while claiming concessional import duties

Move aimed at enabling tracking of goods to ensure they don't end up in replacement market

SC dismissal of review petition on HSN codes setback for industry

Auto component industry may have to pay up to 15% basic Customs duty and 28% GST

Amid robust tax growth, customs and excise duties decline over 10% in Q1

Receipts from customs and excise duties were down 10.59 per cent at Rs 97,695 crore in Q1 of FY'23

SME Chatroom: 'SEZ units need to be net foreign exchange earners'

SEZ units have to only achieve positive NFE and so the Customs need not demand refund of customs duty on the inputs