Page 2 - Import Duty

Centre may reduce import duty for Tesla in lieu of an EV factory in India

Tesla had earlier asked the Centre to reduce the import duty to 15 per cent on its cars for the first two years, in exchange for an investment of up to $2 billion in India

Govt cuts import duty on smartphone components, spare parts to 10% from 15%

Analysts expect the move to drop smartphone prices by 3%, especially in the entry-level segment

Centre slashes import duty on mobile phone components from 15% to 10%

This comes just a day before the Centre is scheduled to announce its Interim Budget 2024 in Parliament

Cut duty, increase PAN card transaction limit: Jewellery industry to govt

The gems and jewellery industry has urged withdrawal of hike in Basic Customs Duty (BCD) on import of gold in the coming interim Budget and asked the government to introduce a rationalised tax structure. "The jewellery industry contributes nearly 7 per cent of India's GDP and hence, deserves a pro-business environment," apex body for the gems and jewellery industry All India Gem And Jewellery Domestic Council Chairman Saiyam Mehra told PTI. "This will also benefit the government. We urge the finance ministry to withdraw the increase in BCD on gold in the upcoming Union Budget and a rationalised tax structure may be developed to tackle the CAD issue," Mehra said. Currently, the BCD is at 12.5 per cent ad valorem, which takes the total tax to 18.45 per cent on the imported gold, he added. He further urged the government to increase the PAN card transaction limit to Rs 5 lakh from the present Rs 2 lakh as gold prices have surged. "With the rising gold rate, there is an urgent need to

Commerce ministry backs import tax cuts on gold bars: Govt officials

"India's customs duty on gold is among the highest globally," said Vipul Shah, chairman of the GJEPC

Govt raises import duty on gold, silver jewellery findings to 15% from 11%

In a notification issued on Monday, India's Ministry of Finance also hiked the import duty on spent catalysts containing precious metals to 14.35 per cent from 10.1 per cent

Need to rationalise customs duties in sectors with healthy growth: Official

There is a need to rationalise customs duties particularly in those sectors which are growing at a healthy pace for the last several decades, an official said on Thursday. The official, however, said that providing a protection of high duty is required for the infant domestic industry. "But if the industry is 40-50 years old and has developed, has good competition, good investments and if they are globally known, then they should also be competing with the global firms," the official argued. Normally, customs duties or tariffs are used as a policy tool to ensure a higher level of protection for certain sectors to boost domestic manufacturing. These remarks assume significance as there is demand from countries which are negotiating free-trade agreements with India to cut down import duties in sectors such as auto and alcoholic beverages. Overall duties in certain segments are up to 150 per cent like alcoholic beverages. "There is a need for balancing in the duty structure. One cou

India challenges WTO panel ruling in favour of EU on ICT import duties

India has appealed against a ruling of the World Trade Organization's (WTO) trade dispute settlement panel in a case filed by the European Union against New Delhi's import duties on nine information and technology products. India's move came after both regions were not able to arrive at a mutually agreeable solution (MAS). "India and the EU have negotiated to arrive at a MAS for the past seven months, but the EU has now filed for adoption of panel report on December 7 and therefore, India has appealed against it on December 8 in the WTO," Additional Secretary in the commerce ministry Peeyush Kumar told reporters here. As part of the MAS, the EU was seeking customs duty concessions on certain goods, which was not acceptable to India as it violates WTO rules. These concessions can only be given in a free trade agreement, Kumar said. In September, the two regions had asked WTO's dispute settlement body not to adopt a ruling against New Delhi's import duties on certain ICT products li

No proposal to provide subsidy on import duty on EVs into India yet: Govt

There is no proposal to provide subsidy on import duty on imports of electric vehicles into the country, Parliament was informed on Wednesday. Minister of State for Commerce and Industry Som Parkash said the government has taken a series of policy initiatives and measures to create a conducive ecosystem to promote industrialisation and domestic value addition and to make India globally competitive. The government has also taken various steps to boost domestic and foreign investments in India to enhance local value addition under Make in India initiative, the minister said in a written reply to the Lok Sabha. "Presently, there is no proposal either to provide exemption from local value addition cost or to provide subsidy on import duty on import of electric vehicles in India," Parkash said. He also informed that the government has launched the Production Linked Incentive (PLI) scheme for automobile and auto component industry with a budgetary outlay of Rs 25,938 crore to provide ...

DRI conducts search operation at Havells India corporate office in Noida

The Directorate of Revenue Intelligence (DRI) has conducted a search operation at the headquarters of Havells India, a leading manufacturer of electrical goods and appliances. DRI acts as the lead agency to check smuggling and cases of commercial fraud. "The Directorate of Revenue Intelligence has conducted a search at the Corporate office of the Company viz. Havells India Limited in Noida, which concluded this morning on 4th November 2023 at around 2:20 am," Havells India said in a regulatory filing. The search was conducted over "alleged mis-classification in import of Heating Element," the company said. According to the company- which operates in the consumer electrical and appliances market with brands such as Havells, Lloyd, Crabtree, Standard and REO - its impact on financial, operation or other activities on the company cannot be quantified at this point in time. However, it said, "in the preliminary assessment, we understand that it will not have any material impact on ...

Policy incoherence

Import management system for IT is licence raj by another name

Chicken leg imports will continue to attract 100% duty, says govt

The statement could assuage some of the concerns gripping the Indian poultry industry ever since India decided to lower tariff on some poultry items from the US

Decision to cut import duty on US apples to harm Himachal farmers: Cong

The Congress on Tuesday condemned the central government's decision to reduce import duty on Washington (American) apples from 70 per cent to 50 per cent and said it would harm the interest of farmers of Himachal Pradesh. In a statement issued here, All India Congress Committee (AICC) spokesperson Kuldeep Singh Rathore, who is also the sitting Congress MLA from Theog assembly seat (apple belt), said that the decision would cause harm to the apple industry of Himachal Pradesh. "The apple growers are already under severe crisis due to an increase in the production cost following a rise in prices of pesticides, fungicides, labour and other packing materials caused due to inflation under the BJP rule," he added. Prime Minister Narendra Modi has also failed to keep his promise of increasing import duty on apples up to 100 per cent as promised during the election campaign in Himachal Pradesh in the previous Lok Sabha Election campaign, he said. He demanded that the Union government shoul

20% duty removal on apple imports to have zero impact on farmers: Official

The decision to remove 20 per cent retaliatory customs duty on imported American apples will have a "zero" impact on Indian farmers as the government has sufficient policy space to support growers if there is any implication of the move, a senior government official said on Monday. Additional Secretary in the Department of Commerce Peeyush Kumar said that India is not giving anything "extra" by removing this duty and it was not that "we have opened a floodgate" for American apples. In fact, it is a win-win deal for India as it restores market access for domestic steel and aluminium products in the American market, which was impacted due to the imposition of high duties by the US in 2018. The decision to remove these additional duties was part of an agreement reached between India and the US, during the recent visit of Prime Minister Narendra Modi to Washington and New York. India and the US have also agreed to terminate six trade disputes at the World Trade Organisation (WTO). Thes

US market share in apples, almonds, and walnuts plunged in five years

Similarly, the US-dominated as the source of shelled walnuts for India at 70% share in FY18 with Chile at a distant second with a 29.7% share

Top headlines: India seeks import duty relaxation, US flags policy barriers

Business Standard brings you the top headlines at this hour

Govt reduces import duty on refined soybean, sunflower oils to 12.5%

The government has reduced the import duty on refined soybean and sunflower oils to 12.5 per cent from 17.5 per cent with effect from Thursday to boost the domestic availability and check prices, a finance ministry notification said. Usually, India imports 'crude' soybean and sunflower oils and not their 'refined' form. Yet, the government has reduced the duty on refined soybean and sunflower oils. With this reduction, the effective duty on refined edible oils stands at 13.7 per cent, including cess on social welfare. The effective duty on all major crude edible oils is 5.5 per cent. Commenting on this, Solvent Extractors' Association of India (SEA) Executive Director B V Mehta said the move may have some temporary impact on market sentiments but unlikely to attract imports. "Basically, government wants to keep the prices of edible oils under check. Even with less duty difference between crude and refined soya and sunflower oils, chances of shipment of refined soya and sunflower o

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

Import duty case: Japan urges India to rescind decision of appeal in WTO

Japan on Tuesday expressed disappointment over India's decision to appeal against a ruling of the WTO trade dispute settlement panel on import duties on certain information and technology products, and has urged to withdraw it, a Geneva-based official said. On May 25, India appealed against a ruling of the World Trade Organization's (WTO) trade dispute settlement panel which stated that the country's import duties on certain information and technology products are inconsistent with the global trade norms. The ruling followed a dispute filed by the European Union, Japan and Taiwan against these duties in WTO. Japan flagged its concerns during the meeting of the dispute settlement body in Geneva. "Japan has urged India to rescind its decision (concerning appeal)" the official said. The dispute panel of WTO on April 17 said in its report that import duties imposed by India on certain information and technology products violate global trading norms. The appeal was filed by India in t

Central govt should increase import duty on Apple from 50 to 100%: Rathore

Himachal Congress president Kuldeep Singh Rathore on Friday said the central government should increase the import duty on Apple from 50 to 100 per cent to protect farmers. The statement came days after the government banned the import of apples if their imported price is less than Rs 50 per Kg. Rathore, in a statement, maintained that the apple growers are not getting remunerative prices because apple is being imported in large quantities from other countries. "BJP leaders should...urge him (the Prime Minister) to increase the import duty from 50 to 100 per cent," he added. The Himachal Pradesh BJP on Tuesday hailed the central government's decision to ban the import of apples if their imported price is less than Rs 50 per kilogram, saying it will benefit the apple growers in the state. The state BJP had raised the issue with the Centre many times, and finally, the government has accepted the suggestion, former chief minister and BJP leader Jai Ram Thakur said in a statement. Th