Page 6 - Customs Duty

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

India likely to waive customs duty on coronavirus vaccine imports

The government is likely to waive 10 per cent customs duty levied on imported vaccines in a bid to keep low the cost of overseas vaccines that are being eyed to supplement domestically made shots

Solar tariff could rise up to 40-45p per unit over customs duty change

The tariffs for solar power could increase between 25-45 paise per unit (kWh) due to Basic Customs Duty (BCD) on imported solar cells and modules

CIABC urges centre not to reduce customs duty on whiskey imports from UK

The Confederation of Indian Alcoholic Beverage Companies (CIABC) has strongly objected to any plans to slash the Basic Customs Duty (BCD)

Customs duty on imported solar cells likely to hike power bill by 20%

There is a 14.5-per cent safeguard duty on imported solar gears from China and Malaysia.

Understanding the zero-sum game of the new agriculture infra cess

While the FM has ostensibly got her act right on imposing the levy without punishing the consumer, questions about the share of states, the rate structure and the use of funds remain

There is no provision to take credit of the agriculture infra cess: Expert

This should not matter much because wherever AIDC has been imposed, the basic customs duty (BCD) or excise duty has been reduced, and in any case

Duty cut could bring down domestic steel prices by 10%, says ICRA

Government's proposal to reduce import duty on steel products in Budget 2021-22 would make their imports more competitive and in turn exert near-term pricing pressures on domestic steelmakers

Duty cut on steel products to exert near-term pressure in Indian cos: Icra

Decision will make imports competitive, Chinese firms may gain

Chinese steel mills may gain from customs duty cut announced in Budget

The cut has failed to rein in prices, as domestic steel mills raised flat steel prices by about Rs 1,500 a tonne after the announcement

Focus on capex does not make Budget inflationary: Expenditure Secretary

We expect the cost of the vaccination to be Rs 700 per person. This includes the price of two shots at Rs 200-250 each, says Somanathan

Budget a booster shot for India, has ambition, resolution and innovation

It was one of the toughest times in history to announce a budget, writes Harsh Goenka.

Non-protectionist but non-performing Budget

Budget is good but not good enough to live up to the FM's promise of getting rid of "socialist baggage"

Budget 2021: Customs duty hike to make electronics items more expensive

In the Budget for 2021-22, finance minister Nirmala Sitharaman introduced higher import duty rates on over a dozen handset and automobile components.

Leather products to get costlier after 10% customs duty, say manufacturers

'Customs duty hike to make leather expensive', said Alberto Torresi director

5% customs duty imposed on parts used in LCD, LED panels

The government recently categorised TVs as a restricted item for the purpose of imports and have now imposed the customs duty on the parts

Provisional assessment allowed when Customs doubt origin of goods: Expert

Compulsory verification of assessment will be discontinued once the importer demonstrates that he has established adequate system of controls to exercise reasonable care