Page 3 - Import Duty

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

Challenging SC judgment on validity of pre-import condition may not succeed

Exporters complain that some authorities are talking of applicability of the pre-import condition for advance authorisations issued during that period

CBIC waives interest charges on EXIM traders due to payment woes

Besides, since importers are not able to clear their goods at the ports, the CBIC has urged shipping lines to waive detention and demurrage charges till April 10

Govt exempts import duty on drugs for personal use to treat rare disease

The government has exempted basic customs duty on all drugs and food for special medical purposes imported for personal use for treatment of rare diseases. The import duty waiver will come into effect from April 1. Also, the government has exempted Pembrolizumab (Keytruda), used in treatment of various cancers, from basic customs duty. Drugs/Medicines generally attract basic customs duty of 10 per cent, while some categories of life saving drugs/vaccines attract a concessional rate of 5 per cent or Nil. "The Central Government has given full exemption from basic customs duty on all drugs and Food for Special Medical Purposes imported for personal use for treatment of all Rare Diseases listed under the National Policy for Rare Diseases 2021," a finance ministry statement said. Food for Special Medical Purposes is a food formulation intended to provide nutritional support to persons who suffer from a specific disease, disorder or a medical condition, as a part of their dietary ...

Govt removes basic customs duty of 10% on whole tur to check local prices

The government has removed the basic customs duty of 10 per cent on whole tur or pigeon peas as part of steps to check the local prices of the lentil. In a notification dated March 3, the Central Board of Indirect Taxes and Customs (CBIC) said import duty on Tur (whole) will be 'Nil'. The reduced duty is effective from March 4. However, import of tur, other than whole tur, continues to attract basic customs duty of 10 per cent. The exemption to whole tur import duty comes amidst lower tur production estimates in the country. Tur production is pegged lower at 3.89 million tonnes in the 2022-23 crop year (July-June) from 4.34 million tonnes in the previous year as per the initial projection made by the agriculture ministry. Tur is a kharif crop. Fearing likely shortage, the government in January said it has made an advance plan to import about 10 lakh tonnes higher quality of tur dal via private trade this year to meet the domestic requirement.

Govt not to impose import duty on cars brought in for testing: Minister

Cut in import duty from 252% to zero will put India in global business of car testing, says Mahendra Nath Pandey, minister of heavy industries

Germany's exports, imports up in 2022 amid energy crisis, high inflation

Germany's imports and exports both increased year-on-year in 2022 amid the energy crisis and high inflation, according to preliminary figures published by the Federal Statistical Office (Destatis)

Budget 2023-24: Customs duty rejig to boost domestic manufacturing

As many as 14 items have seen a jump in import duty to tackle the issue of cheap quality imports of items such as toys

Centre should reduce import duty on cut and polished diamonds: GJEPC

Whereas to protect the domestic jewellery market, it has suggested that the basic customs duty on gold/silver/platinum jewellery should be increased from 20% to 25%

India plans to cut gold import duty to arrest smuggling: Govt officials

The effective duty on gold is currently 18.45%, which includes 12.5% import duty, 2.5% agriculture infrastructure development cess and other taxes

India gold seizures hit three-year high after import duty increase

This was the largest amount since 2019, when 3,673 kilograms of gold was seized

Budget 2023-24: Govt mulls basic Customs duty cut to align with FTA

Finance Minister Nirmala Sitharaman will be presenting the Union Budget on February 1, 2023, in Parliament, outlining her tax and expenditure plans for 2023-24

ECTA: The dawn of a new era in Indo-Aus relations

Indian exports and manufacturing will be equally benefited with the duty-free import of raw materials from Australia for their competitiveness

Why is India Inc protectionist?

As a response to a falling rupee and rising current account deficit, the govt is mulling tariff hikes on non-essential imports. But, does India Inc also favours protectionism? Let's find out

Govt looking to plug loophole in solar equipment import duty: Report

The central government is looking at ways to plug a loophole in regulations that are allowing solar power developers to avoid paying duties of nearly 40% on cells and modules

India-UK free-trade agreement: Carmakers object to sharp import duty cut

India's auto industry push for a phased duty reduction to protect interests

Disclosing end-use of goods must while claiming concessional import duties

Move aimed at enabling tracking of goods to ensure they don't end up in replacement market

Gold being imported under disguise of platinum to gain from lower duty

This issue of importing gold disguised as platinum has come to light in the past few weeks, said a source in the know

Centre may lower import duty on wheat to combat sharply rising prices

Liquidating some stocks from the Central pool for private traders and a curb on excess holding could be considered