Page 2 - Import Duty Hike

Difference between AIR of DBK & actual duty incidence can be rebated

You have to make appropriate declarations in the shipping bill and then file the brand rate fixation application to your jurisdictional authorities

Plastic manufacturers push for import duty hike, PLI scheme to spur growth

The All India Plastics Manufacturers Association (AIPMA) has called for a revision in import duties on plastic goods and inclusion of production linked incentive (PLI) scheme for the sector to spur growth. Association president Mayur D Shah said they want the government to raise the import duty to 20 per cent from 10 per cent now and emphasized that these measures are essential to spur the growth of the 'Make in India' initiative within the plastics industry. On the sidelines of the 6th Technology Conference for Growth of Plastic Industry in the city, Shah said, "AIPMA's comprehensive study revealed that plastic goods worth Rs 37,500 crore were imported during the fiscal year 2021-22, with China accounting for 48 per cent of these imports." "AIPMA after a detailed study identified 553 plastic products that could be potentially substituted with domestic manufacturing, a strategic move that is projected to create a substantial demand for raw materials, plastics processing machinery, a

DGTR recommends increasing import duty on iron alloy from S Korea for 2 yrs

The commerce ministry's investigation arm DGTR has recommended increasing customs duty on 'Ferro Molybdenum', used in steel, nickel, cobalt alloys, from South Korea in view of spurt in the imports under a free trade agreement. The Comprehensive Economic Partnership Agreement (CEPA) between the two countries was implemented in January 2010. In October last year, India initiated the probe to ascertain if a spurt in the imports from South Korea is hitting the domestic producers. After concluding the probe, Directorate General of Trade Remedies (DGTR) said the imports have increased in absolute terms and in relation to Indian production and total imports. The imports of Ferro Molybdenum, DGTR, said increased when the customs duties were eliminated. Imports of the products from Korea have increased and constitute increased imports within the meaning of the rules and Korea-India CEPA, it said in a notification adding that due to the spurt in the inbound shipments, domestic industry has

Industry body AIPMA asks govt to hike import duty on finished plastic goods

All India Plastics Manufacturers Association (AIPMA) on Monday urged the government to double import duty on finished plastic products to 20 per cent and provide incentives to domestic manufacturers to make India self-reliant. The association has conducted a detailed study on the import of plastic goods in the country. "A large quantity of finished plastic goods is being imported. We need to curb that. We urge the government to increase import duty of plastic finished goods (HS Code 3916 to 3926) from 10 per cent to 20 per cent," AIPMA President Mayur D Shah told reporters here. The country imported plastic goods worth Rs 37,500 crore in 2021, mainly from China, he said. Shah said there are around 50,000 plastic manufacturers in India and their combined annual turnover is about Rs 3.5 lakh crore. AIPMA has selected 550 plastics for import substitution. "It is estimated that import substitution of plastic goods worth Rs 37,500 crore would create additional requirement of around 4

Centre to levy import duties on non-essential items as exports fall: Report

The government is also looking for ways to separate commodities that come under the same Harmonized System of Nomenclature (HSN) code for imposing duties

SEA urges govt to hike refined palm oil import duty to save local refiners

The association has argued that a 15 per cent duty difference would help reduce refined palmolein imports and replace the same with crude palm oil imports

India raises total import duty on platinum to 15.4% from 10.75%

It is being presumed that the increase in duty on platinum is to plug a loophole which is helping bullion importers to make record profits

Central government to help domestic solar industry after sharp duty hike

The government may provide direct incentives to the producers of solar modules as it believes that tax cuts may lead to practical difficulties

How will the hike in import duty of gold affect customers in India

Indian gold imports in May were recorded at 107 tonnes, a rise of 790 per cent year-on-year, and impacting the current account deficit negatively

Top Headlines: UK crisis to delay FTA; revenue from govt's new levies

The government's new levies could help balance the Budget and leave room for more money to be spent on infrastructure like roads. Read more on this in our top headlines

High duty may extend slack season for gold, keep prices in check for now

Gold domestic futures jumped by about 3 per cent to over Rs 52,000 per 10 gram in initial trading

Budget 2021: Govt raises import duty on parts of mobile phones, chargers

The government on Monday proposed to impose import duty on components of mobile phones and chargers, to enhance local value addition

Budget seen raising import duties by 5%-10% on dozens of items: Report

Finance Minister Nirmala Sitharaman will unveil the budget on Feb. 1

RCEP with China, minus India: Is the trade deal a threat or opportunity?

In this podcast, Business Standard's Subhomoy Bhattacharjee explains what is RCEP, how will it benefit member nations, why did India pull out of RCEP and more

RCEP decoded: Why India chose to stay out of Asia's mega free trade pact

Indian business community felt it would be swamped by imports with low duties, which it would not be able to compete with. The govt decided that it cannot afford to take the chance

Hiking import duties won't promote manufacturing or improve exports: Report

Amid the government hiking import duties on a slew of products to help boost local manufacturing, a report on Monday pitched for lowering such levies

Comm Min recommends import duty hike on Korean synthetic rubber for 2 yrs

Commerce ministry has recommended an increase in import duty on a Korean synthetic rubber for two years in order to guard domestic industry from significant jump in inbound shipments of the product

5% import duty on key component used in TV manufacturing from Oct 1

Customs duty of 5 per cent has been imposed on import of a key component used in manufacturing of LED/LCD TVs from October1, a government notification said on Wednesday. The government had last year exempted customs duty on open cells for a year till September 30 as the domestic industry had sought time to build capacity. The finance ministry, through a notification on Wednesday, prescribed 5 per cent customs duty on open cells for LED/LCD TV panels. EY Tax Partner Abhishek Jain said this levy seems to aim at fostering domestic manufacturing of open cells for televisions in India. "While this could entail increased costs for some TV manufacturers, a duty leverage could incline TV manufactures for procuring / manufacturing domestically produced open cells and thus, advance the Make in India initiative of the Government," Jain added. Till last year, televisions worth Rs7,000 crore were being imported. Television import has also been put on the restricted category with effect from ..

Govt plans another excise hike on petroleum products to offset revenue loss

No immediate hike, marginal increase likely to be implemented only after lockdown is lifted

Higher import duty on auto components likely to increase burden of industry

Industry sales have sagged for about 18 months and prices were anyway rising with the compulsory nationwide switch to the stiffer BS-VI emission standards by April 1