Page 8 - Customs Duty

The discontents of decoupling

Economic delinking with China makes no sense for India; investment, growth and public welfare will suffer

CBIC to roll out pan-India faceless assessment by Dec 31, trial underway

The first phase would begin from June 8, 2020, at Bengaluru and Chennai, for items of imports primarily covered by Chapter 84, 85 of the Customs Tariff Act, 1975

Domestic paper makers seek protection from cheap Chinese, Korean imports

They fear that with factories remaining shut during peak season, China may resort to dumping; Indian manufacturers want govt to levy customs duty on imports

Centre seeks India Inc's view on economic revival amid Covid-19 outbreak

Key demands and suggestions include improving liquidity, cutting customs duties and goods and services tax (GST) rates, expediting all refunds and a halt on tax scrutiny

Customs clearance goes paperless, contactless to speed up essentials import

Expedited clearance of raw materials will facilitate the production of essential items like pharmaceuticals in the country

10 listed firms that will see greatest impact of FM's customs duty tweaks

While some importers might have to absorb costs to protect their market share, other indigenous manufacturers should benefit

AC prices rise 5% on customs hike, higher logistics cost amid coronavirus

According to some makers, the crisis unfortunately has come at a critical time, when April-June season is knocking

Hike in Customs duty: Toy retailers stare at shortage in three months

While Mattel, Funskool, Hasbro, and Hamleys are impacted by the hike, none of them are part of the agitation yet

No customs duty on imported solar cells and modules, says ministry

There is already safeguard duty of 15 per cent levied on the imported solar cells and modules

Customs dept to seek additional district-level data on goods from exporters

The initiative is also aimed at bringing uniformity with the data/ information captured in the Goods and Services Tax Network (GSTN), it added

Budget 2020: Customs duty ambiguity on imported solar power equipment

Solar modules constitute 80% of the cost of a solar power project.

FM prepares ground for new electronics policy to boost local production

But Customs duty hike may lead to price rise in EVs, ACs, refrigerators & handsets

Budget 2020 in 2 minutes: Fiscal deficit target, income tax rates, and more

The personal income tax has been simplified and reduced. Individuals will have to pay tax at the reduced rate of 10% for incomes of Rs 5-7.5 lakh, against the current rate of 20%

Budget 2020: FM proposes hike in Customs duties, outlines road map for more

Govt to trim exemptions by Sept, review customs law and procedures in line with ease of doing business

Budget 2020: Govt to review customs duty exemptions on products by Sept

Finance Minister Nirmala Sitharaman while presenting the Budget for 2020-21 said exemptions from customs duty have been given in public interest from time to time

FM declares hike in customs duty on imported fans, tableware, kitchenware

Customs duty on catalytic converters, parts of commercial vehicles, other than electric vehicles, have also been hiked

Budget 2020: Steel sector seeks relief in customs duty on key raw materials

Industry body said exemption available to coking coal was also removed by the government in 2014-15 Budget by bringing it at par with other types of coal and imposing 2.5 per cent basic customs duty

Budget 2020: Stainless steel sector seeks zero duty on ferro-nickel, scrap

Removal of duty on ferro-nickel and stainless steel scrap is a long standing demand and the Ministry of Steel has also at times batted for zero duty on these items.

Budget 2020: Govt may hike customs duty on toys, certain paper, footwear

The Commerce and Industry Ministry in its Budget recommendations to the Finance Ministry has proposed rationalisation of basic customs or import duty on over 300 items from different sectors

No customs duty on transfer of goods from one SEZ to another: Expert

For accounting purposes, the depreciation can be worked out as per the Companies Act and for income tax purposes, as per income tax laws