Page 7 - Customs Duty

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

Government extends deferred customs duty payment to authorised PSUs

The scheme of deferred payment of customs duties was first introduced in November 2016 for top importers, certified as Authorized Economic Operators (AEOs)

Use commercial prudence while buying MEIS/SEIS scrips, says expert

The transfer of scrips must be recorded on the DGFT website in accordance with DGFT Trade Notice No. 42 dated January 11, 2019

Imports from related party will be scrutinised by Customs: Expert

Rule 3(3)(a) of the Customs Valuation Rules, 2007 provides that where the buyer and the seller are related, the circumstances surrounding the sale will be examined

Protectionism shifts attention from real issues

Using the new tools, the claims for lower duty rates for imports under trade agreements may be put to greater scrutiny

Customs busts smuggling racket in Agarbattis through ASEAN FTA misuse

This is one of the biggest seizures of restricted items in recent times at the port

'Duty-free' hits a fifth of manufacturing imports, says WTO report

This, despite average tariffs being much higher than peers, says WTO report; officials call for need to scrutinise FTAs

Govt extends time for duty-free import of diamonds sent for certification

The extended time period would be available to exporters to bring back cut and polished diamonds after due certification and grading by specified laboratories abroad

FinMin told to levy tax on imported goods to boost local products: Pradhan

The proposed Border Adjustment Tax would be imposed on imported goods in addition to customs duty to bring the imported product at par with locally-made products.

Indian exporters raise concerns of tit-for-tat measures by Chinese side

FIEO: Some Indian consignments detained in Hong Kong, China

Self-defeating act

Stalling shipments from China to hurt Indian industry more

Customs duty on solar equipment may hit SEZ manufacturing units: Experts

Power and New & Renewable Energy Minister R K Singh on Thursday said his ministry has proposed to impose basic custom duty (BCD) from August 1, this year on solar equipment

Power sector hopes for reforms at state level as Centre curbs imports

Given the federal structure in the power sector, most states float tenders different from the Centre and adopt separate selection criteria, mostly tilting towards low cost.

Power Ministry joins 'Make in India' pitch, calls for curbs on imports

Customs duty on Chinese solar gears, low cost finance to those using Indian goods

Govt considering basic customs duty of 20% on solar energy equipment

At present, 15 per cent SGD is applicable on solar cells. This would be zero or nil from July 30, 2020