Page 5 - Customs Duty

SME Chatroom: 'IGCR Rules apply only when exemption notifications say so'

the duty concessions are available under exemption notifications and some of them mandate the procedures prescribed under the said IGCR Rules.

WTO June meet: India not likely to create a hurdle on e-com moratorium

Developing countries, including India, have been battling for policy space to impose Customs duties on electronic transmissions

Indirect tax mop-up may fall short of target: Revenue secretary Tarun Bajaj

Revenue secretary attributes it to cuts in excise and Customs duties

No denial of duty exemption for not adhering to import procedures: CBIC

The CBIC has asked field offices not to deny Customs duty exemptions to importers of oxygen-related equipment merely for not adhering to import procedures during the second wave of the Covid-19

Different strokes in transparency

More clarity on Customs duty changes could have made the Budget more transparent

Budget 2022: Here's what will get costlier and what will be cheaper

Imported cut and polished diamonds, frozen mussels, frozen squids, asafoetida, cocoa beans, methyl alcohol and acetic acid will become cheaper as a result of rationalisation in customs duties

Budget 2022 specifies customs duty change on several items

This would mean that imports become more expensive or cheaper usually depending on the change in customs duties

Budget: Assocham requests govt to remove custom duty on copper concentrate

Industry body Assocham has urged the government to reduce the customs duty on copper concentrate from the present 2.5 per cent to zero

PHDCCI for removing customs duty on copper concentrate in Budget

PHDCCI on Friday said it has suggested to the government to remove customs duty on copper concentrate as the move would encourage domestic companies to manufacture value added products in India

Govt scraps basic customs duty, cuts agri cess on vegetable oils

The move which will help cool prices and increase domestic availability in the festive season

FinMin should review DRI demand for social welfare surcharge

The law is quite clear that SWS is to be calculated at the rate of 10 per cent on the BCD levied and collected

Govt notifies processes for granting RoDTEP duty credits

An exporter must make a claim for RoDTEP in the shipping bill or bill of export by making the prescribed declaration

SC seeks Centre's response on PIL on duty evasion in China iron exports

The Supreme Court Thursday asked the Centre to file its response in two weeks to a PIL seeking a direction to the CBI to register an FIR and probe the alleged duty evasion by 61 iron exporting firms including Essar Steel and Jindal Steel & Power in exporting iron ore to China since 2015. A bench headed by Chief Justice N V Ramana, which was initially of the view that a fresh petition was needed to be filed after withdrawing the present one, later asked the Centre to file its counter affidavit on the PIL filed by lawyer M L Sharma in his personal capacity. This is a serious matter if correct, the bench, also comprising Justice Surya Kant, said. Initially, the bench asked the lawyer to file a fresh petition dealing with the specific roles of companies which have been made parties to the PIL. Sharma said the bench, headed by the then CJI S A Bobde, had considered his submissions while issuing notice on the plea on January 15 this year. Earlier, he had said that the companies be ...

Integrated approach for EVs

Customs duty is not the way to fast lane

Rationalise Customs duty

Besides removing exemptions, overall simplification is necessary

Govt reduces basic customs duty on imports of masur dal to zero

The government on Monday reduced the basic customs duty on imports of masur dal to zero and halved the Agriculture Infrastructure Development Cess on the lentil to 10 per cent

Govt must cut number of slabs in Customs duty

The finance ministry has made a good beginning by reviewing the exemptions with intent to eliminate them

Govt waives duty on materials for Covid test kits, APIs for Amphotericin B

The government has exempted basic customs duty on imports of specified API/ excipients for Amphotericin B and raw materials for manufacturing Covid test kits. In a notification dated July 12, the Finance Ministry said the basic customs duty exemption on raw materials for manufacturing Covid test kits would be till September 30, 2021. While the exemption on specified API (active pharmaceutical ingredients)/ excipients for Amphotericin B would be valid till August 31. EY Tax Partner Abhishek Jain said this is a well thought exemption being granted by the Indian government to fight the Covid crisis and is a step to make the domestic industry self-reliant while fighting the pandemic. Shardul Amarchand Mangaldas & Co Partner Rajat Bose said "this is likely to further bring down the cost of such items in India making it more affordable for the common man". Last month, the Finance Ministry's Revenue Department had notified the lower rates for 18 Covid related supplies, like hand ...

Easing of essential goods imports to help fight Covid-19 pandemic

The govt has exempted basic customs duty on import of Remdesivir, APIs of Remdesivir, Beta Cyclodextrin used in making Remdesivir and specified inflammatory diagnostic kits till Oct-end

Covid-19: Govt waives import duty on Remdesivir injection, raw materials

Given the shortage of supplies, the Union government last week banned the export of Remdesivir