Page 2 - Import Duty

CBIC simplifies procedure for temporary import of the air containers

The Central Board of Indirect Taxes and Customs (CBIC) on Friday simplified and harmonised procedure for temporary import of Unit Load Devices (ULDs) or air containers, a move aimed at trade facilitation. With this simplified procedure, ULDs could also be imported temporarily outside the Customs area on execution of a Continuity Bond by the air carriers/air console agents, who take responsibility to export back within the specified time period. A ULD is a special container which is used to load cargo onto an aircraft. In a statement, the finance ministry said as a first step towards streamlining Customs Protocols, and aligning with the international best practices for movement of ULD outside Customs Area, CBIC has stipulated simplified and harmonised procedure for temporary import of ULDs on the lines of procedure already stipulated for marine containers being handled through the seaports since 2005. Further, the CBIC has also decided to waive the transhipment permit fee for all ..

Govt ends import duty for items needed to make EV batteries, phones

India will exempt from import duty 35 items used to make EV batteries and 28 items used in mobile phone manufacturing

India-US trade ties: For smartphone exports, it's all or nothing

India imposes an effective import duty of 16.5 per cent on smartphones, whereas the US has a zero-duty policy

Jindal Stainless seeks nil import duty on molybdenum ore, raw materials

Ahead of the Union budget, Jindal Stainless has pitched for bringing down to nil the import duties on critical raw materials such as molybdenum ore, and continuing with zero duties on pure nickel, ferro-nickel, stainless steel scrap and mild steel scrap. Union Finance Minister Nirmala Sitharaman will present the Budget in the Parliament on February 1. Molybdenum is used in alloys like ultra-strong steel which is resistant to corrosion and wear. The prevailing customs duty on molybdenum ore is five per cent. In a statement Jindal Stainless Managing Director Abhyuday Jindal said, "We recommend reducing import duties to zero on critical raw materials unavailable in India, such as molybdenum ore, and continuing with zero duties on pure nickel, ferro-nickel, stainless steel scrap, and mild steel scrap." In a bid to give a boost to the demand of stainless steel, Jindal said that the government should continue to prioritise infrastructure spending, with a strong focus on developing mobili

Budget may levy higher import duties to stem rupee slide: EY's Srivastava

The government, in the forthcoming Budget, could consider levying higher tariffs on imports to check the significant decline in rupee value witnessed in the past few months, said EY Chief Policy Advisor DK Srivastava. The noted economist argued that higher import duties would curb the demand for dollars from importers and help arrest the sliding value of the rupee, which touched a historic low of 86.70 to a dollar on January 13. In an interview with PTI, Srivastava said the sudden downward movement of the rupee against the US dollar is going to be a challenge for policymakers -- for Budget makers on the fiscal side and the RBI on the monetary side. The expectation is that the US economy is going to recover, and therefore, a lot of financial resources are moving to the world's largest economy. Srivastava, who is a Member of the Advisory Council to the 15th Finance Commission, also said it is not just the rupee but other European currencies are also experiencing similar pressure. "In

May ease tariffs if no harm to economy, says FM Nirmala Sitharaman

According to Sitharaman, she has the responsibility to protect existing domestic companies producing goods locally, while balancing the needs of those dependent on imports

Govt extends import regime for IT hardware products till December 31

Asks companies to seek fresh approvals based on new guidelines from January 1

No duty relief for import of goods to help Wayanad landslide victims

Prefabricated buildings fall under the tariff heading 9406. Modular building units of steel fall under the tariff line 94062000. All the items under the heading 9406 can be imported freely

Union Budget 2024: Sharp import duty cut to burnish gold and silver

Diamond industry to also benefit from change in safe harbour rules

Cut in gold import duty will curb smuggling, boost jewellery exports: Goyal

The announcement in the Budget to cut import duty on gold will help boost domestic manufacturing and promote jewellery exports, Commerce and Industry Minister Piyush Goyal said on Tuesday. He also said that the decision for the removal of angel tax will further strengthen the startup ecosystem in the country. "The gold import duty cut to 6 per cent will promote the manufacturing of gold and silver jewellery. It will also contain smuggling," Goyal told PTI. He added that the gold prices are high and the marriage season is coming and this move would help the people. Presenting the Union Budget 2024-25 on Tuesday, Finance Minister Nirmala Sitharaman said that to enhance domestic value addition in gold and precious metal jewellery in the country, the government has proposed to reduce customs duties on gold and silver to 6 per cent and that on platinum to 6.4 per cent. Giving a big relief to startups, the government on Tuesday announced the removal of angel tax for all classes of inves

AFFI demands 100% duty on import of apples to 'save local farmers'

Apple Farmers' Federation of India (AFFI) on Sunday demanded 100 per cent duty on import of apples "to save the local farmers". Talking to reporters after a national convention of apple farmers in Kulgam district, CPI(M) leader M Y Tarigami said the government should stop corporatisation of the apple industry and impose a 100 per cent import duty to save local farmers. Tarigami said the convention passed a resolution in which it was demanded that a 50 per cent of the retail price is paid as minimum procurement price. Besides calling for a complete ban on spurious pesticides and fertilisers, the AFFI convention sought an insurance coverage on those in the public sector. He demanded that farmers be given storage facilities at subsidised rates directly "as the government is giving 50 per cent subsidy to corporate companies to build Controlled Atmosphere Stores (CAS) to run at commercial rent". AFFI National Coordinator Rakesh Singha hit out at Prime Minister Narendra Modi for signing

Modi govt decreased import duty on apples from 75% to 50%, says Congress

The Congress on Monday accused the Narendra Modi government of decreasing the import duty on apples from 75 per cent to 50 per cent contrary to the demands of the apple growers to enhance it to 100 per cent. Himachal Pradesh Congress Committee vice-president Naresh Chauhan alleged that Union Minister Meenakshi Lekhi made misleading statements regarding import duty on apples. Addressing a press conference here on Sunday, Lekhi had said that the import duty on apples has been increased to 50 per cent due to certain limitations of international trade agreements and had claimed that the trade agreements were signed when Congress leader Anand Sharma was the Commerce minister in the UPA government. Chauhan said that low import duty has led to the substantial losses to the apple growers, with cold store apples fetching Rs 800 to Rs 1,200 less price per box. The duty free apples are being imported from Afghanistan and Iran due to which the apple economy of the state is under threat, he ...

Australia to grow more yellow chana after India removes 40% import duty

The removal of 40% import duty on desi chana by India will incentivise Australian farmers to increase both the acreage and production of Bengal gram for export to India

Govt can withdraw duty concessions if EFTA doesn't invest $100 billion

India will have the option of temporarily withdrawing customs duty concessions on EFTA country goods under the trade agreement between the two sides, if the four European nation bloc would not fulfil its USD 100 billion investment obligations. Though the investments have to flow in 15 years -- USD 50 billion in the first 10 years (counted after implementation of the pact) and another USD 5 billion in next five years, the trade deal also provides for a three-year grace period to the EFTA bloc to meet the obligations, according to the documents accompanying the agreement. India and four-nation European Free Trade Association (EFTA) bloc signed Trade and Economic Partnership Agreement (TEPA) on March 10 under which New Delhi received a foreign direct investment commitment of USD 100 billion in 15 years from the member countries of the grouping. The EFTA members are Iceland, Liechtenstein, Norway, and Switzerland. There is a three-stage government-to-government consultation process ...

No decision to reduce import duty on rubber as of now, says govt

This is because the government believes that the differential between local and international prices has been maintained

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