Budget 2021: Govt may increase customs duty on certain components, says report
3 years, 10 months ago

Budget 2021: Govt may increase customs duty on certain components, says report

Live Mint  

Union Finance Minister Nirmala Sitharaman will present Prime Minister Narendra Modi-led NDA government's eighth budget on February 1 amid the Covid-19 pandemic and under the unprecedented economic crisis triggered by it. This time, the Central Government may increase the customs duty on certain components, sources told ANI on Wednesday. According to the sources, to boost the Make in India initiative, the Centre is considering increasing customs duty on certain parts of various components. Last year while presenting her second Budget, Sitharaman had announced customs duty hike on a range of items including toys, furniture, electronic goods, footwear, freezers, refrigerating equipments, grinders and mixers, headphones and earphones, colour TV and chargers. Talking to ANI, Rajat Bose, Partner, Shardul Amarchand Mangaldas and Company said trend has been that the central government usually in the last four-five years is increasing the customs duty on certain items.

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History of this topic

Tariffs, GDP path in PM pre-budget talks
6 hours, 23 minutes ago

Tariffs, GDP path in PM pre-budget talks

Hindustan Times  

Prime Minister Narendra Modi on Tuesday consulted economists about navigating global uncertainty and maintaining India’s economic growth momentum, ahead of the NDA government’s second budget in its third term in office. Among top officials, the meet was attended by the finance minister, principal secretary to the PM, PK Mishra, Niti Aayog vice-chairman Suman Bery, Niti Aayog’s CEO BVR Subrahmanyam and …

Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%
5 months ago

Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%

Deccan Chronicle  

New Delhi: Finance Minister Nirmala Sitharaman announced a reduction of 15 per cent in the Basic Customs Duty on mobile phones while presenting the Union Budget for the fiscal year 2024-25 in Parliament on Tuesday. Along with mobile phones, the BCD on mobile Printed Circuit Board Assembly, and mobile chargers will be lowered to 15 per cent. In the interest …

Gold Rate, Budget 2024: Jewellery stocks surge after government cuts basic custom duty on gold, silver
5 months ago

Gold Rate, Budget 2024: Jewellery stocks surge after government cuts basic custom duty on gold, silver

The Hindu  

Shares of gold and jewellery retailers surged on July 23 after Finance Minister Nirmala Sitharaman said the government will reduce the basic customs duty on the yellow metal and silver to 6%. In addition, shares of Titan Company climbed 3.66% to ₹3,371.65 per piece, Tribhovandas Bhimhji Zaveri rose 2.79% to ₹140.20, and Kalyan Jewellers India gained 1.54% to ₹537.05 apiece …

Budget 2024: Mobile phones, chargers to get cheaper as government cuts customs duty
5 months ago

Budget 2024: Mobile phones, chargers to get cheaper as government cuts customs duty

India TV News  

Finance Minister Nirmala Sitharaman on Tuesday presented the first budget of Modi 3.0 government. During her budget speech, Finance Minister Nirmala Sitharaman announced a significant reduction in customs duty on mobile phones, mobile PCBAs, and mobile chargers from the current 20 percent to 15 percent. Sitharaman highlighted the growth of the Indian mobile industry, noting that domestic production has increased …

Budget 2024: What will be cheaper and what to cost more
5 months ago

Budget 2024: What will be cheaper and what to cost more

New Indian Express  

What Will Get Cheaper The Budget 2024 recommends reduced customs duty on mobile phones, and chargers to 15% from the current 20%. Prices of certain other industrial products such as ferro nickel and blister copper also will be get reduced as government has removed basic customs duties on them as well. Additionally, the Budget has also proposed customs duty exemption …

Govt should rationalise customs duty in budget to boost domestic manufacturing: Industry body
5 months, 1 week ago

Govt should rationalise customs duty in budget to boost domestic manufacturing: Industry body

New Indian Express  

New Delhi:The Indian Chamber of Commerce has suggested the government to rationalise customs duties in various sectors including steel, solar battery, aluminum, and lithium cells in a bid to boost domestic manufacturing. ICC President Ameya Prabhu said protective measures are needed for the growth of domestic industry in sectors including steel, solar battery, aluminum, and lithium cells. Huge potential is …

200% import duty on Pakistani products killed neighbour's economy
7 months ago

200% import duty on Pakistani products killed neighbour's economy

Op India  

On 17th May, Pakistan’s Foreign Minister Ishaq Dar acknowledged that the trade ties with India went south after the Pulwama terrorist attack on 14th February 2019 in which India lost 40 brave soldiers. Upon withdrawal, basic customs duty on all goods exported from Pakistan to India has been raised to 200% with immediate effect.” India has withdrawn MFN status to …

After PM Modi's US visit, India to scrap retaliatory customs duties on these products
1 year, 5 months ago

After PM Modi's US visit, India to scrap retaliatory customs duties on these products

Hindustan Times  

India will remove additional duties on eight US products, including chickpeas, lentils and apples, which were imposed in 2019 in response to America's measure to increase tariffs on certain steel and aluminium products, government sources said. During the recent state visit of Prime Minister Narendra Modi to the US, both countries decided the termination of six WTO disputes and the …

India to remove additional customs duties on eight US products
1 year, 6 months ago

India to remove additional customs duties on eight US products

India TV News  

India US trade: Following recent Prime Minister Narendra Modi's State visit, India has decided to remove additional duties on US products, including chickpeas, lentils, and apples. These duties were initially imposed in 2019 in response to the US increasing tariffs on specific steel and aluminium products, government sources said. India, US agree to end six trade disputes The two countries …

Budget 2023: Imported cars, including EVs, become costlier
1 year, 10 months ago

Budget 2023: Imported cars, including EVs, become costlier

Hindustan Times  

Fully imported cars, including electric vehicles will cost more with Finance Minister Nirmala Sitharaman announcing hike in customs duty in the Union Budget 2023-24. Customs duty on electrically operated vehicles in CBU form, other than with cost, insurance and freight value of more than USD 40,000, has also been raised to 70 per cent. Customs duty on vehicles in completely …

Budget 2023: EVs, mobile phones - What all will become cheaper as govt reduces customs duty
1 year, 10 months ago

Budget 2023: EVs, mobile phones - What all will become cheaper as govt reduces customs duty

India TV News  

Budget 2023: Union Finance Minister Nirmala Sitharaman on Wednesday presented her 5th and last full budget of the Modi government in its present term. The government announced a reduction in customs duty on several products and services which will further reduce the prices of several electronic goods. As a result, there are minor changes in the basic customs duties, cesses, …

‘Rationalise corporate tax rates for...': US group appeals to finance minister ahead of budget
1 year, 10 months ago

‘Rationalise corporate tax rates for...': US group appeals to finance minister ahead of budget

Hindustan Times  

Ahead of the annual budget presentation, an India-centric top US strategic and business advocacy group has urged Union Finance Minister Nirmala Sitharaman to simplify and rationalise direct and indirect taxation system in India, a move it believes would increase the confidence of global investors and yield greater foreign direct investment. Union finance minister Nirmala Sitharaman will present the Union budget …

Budget 2023: Govt Likely To Hike Import Duty On 35 Items; Jewellery, Electronic Items To See Price Rise
1 year, 11 months ago

Budget 2023: Govt Likely To Hike Import Duty On 35 Items; Jewellery, Electronic Items To See Price Rise

News 18  

The government is examining to hike customs duty on more than 35 items in the upcoming budget, which is scheduled to be announced on February 1, according to an Economic Times report. Meanwhile, the commerce ministry has also sought a reduction in the import duty on gold in the budget with a view to push exports and manufacturing of the …

Government announces customs duty cut on iron, steel inputs
2 years, 7 months ago

Government announces customs duty cut on iron, steel inputs

Live Mint  

Finance minister Nirmala Sitharaman said on Saturday that the government will rework customs duty on iron and steel and their raw materials to tame prices. “We are calibrating customs duty on raw materials and intermediaries for iron and steel to reduce their prices. The minister also said the government has decided to reduce customs duty on raw materials and intermediaries …

Govt announces subsidy of ₹200 on gas cylinders for over 9 crore beneficiaries
2 years, 7 months ago

Govt announces subsidy of ₹200 on gas cylinders for over 9 crore beneficiaries

Live Mint  

Finance Minister Nirmala Sitharaman on Saturday announced that this year, the Indian Government will give a subsidy of ₹ 200 per gas cylinder to over 9 crore beneficiaries of Pradhan Mantri Ujjwala Yojana. In a series of key announcements made on Saturday by the Finance Minister of India, reduction in excise duty of Petrol and Diesel was also made. Further, …

Union Budget 2022 | What is cheaper and what is costlier?
2 years, 10 months ago

Union Budget 2022 | What is cheaper and what is costlier?

The Hindu  

The government on Tuesday proposed to increase the basic customs duty on import of commonly used items, including headphones and earphones, loudspeakers, smart meters, imitation jewellery, solar cells, solar modules to promote domestic manufacturing in the in the Union Budget for 2022-23. However, imported cut and polished diamonds, frozen mussels, frozen squids, asafoetida, cocoa beans, methyl alcohol and acetic acid …

Centre may revise duty on electronics
2 years, 10 months ago

Centre may revise duty on electronics

Hindustan Times  

The government is likely to rejig customs duties on components or sub-parts of consumer electronics and mobile phones in the upcoming Union budget, two people familiar with the development said. The government is considering reducing import duties on components of audio devices and wearables such as smartwatches and smart bands to boost local manufacturing, the second person said, also declining …

Budget proposes 10% customs duty on import of cotton
3 years, 10 months ago

Budget proposes 10% customs duty on import of cotton

The Hindu  

Finance Minister Nirmala Sitharaman announced in the Union Budget a levy of 10% customs duty on cotton and an increase in the customs duty on raw silk and silk yarn from 10% to 15% to benefit farmers. Also, in a move to rationalise duties on raw material inputs for man-made textiles, the Budget proposed to bring nylon chain on a …

Budget 2021: Gems, jewellery industry seeks cut in import duty, GST
3 years, 10 months ago

Budget 2021: Gems, jewellery industry seeks cut in import duty, GST

India TV News  

The gem and jewellery industry has a lot expectation from the Modi government in the upcoming Union Budget 2021-22. According to Ashish Pethe, the chairman of All India Gem and Jewellery Domestic Council, the government should assess the adverse impact of higher import duty on the jewellery trade and suggested to cut the customs duty to 4 per cent from …

Govt Frames Norms for Enforcement of 'Rules of Origin' for Imports Under FTAs
4 years, 4 months ago

Govt Frames Norms for Enforcement of 'Rules of Origin' for Imports Under FTAs

News 18  

The government has come out with norms for the enforcement of 'rules of origin' provisions for allowing preferential rate of customs duties on products imported under free trade agreements. These rules "shall apply to import of goods into India where the importer makes a claim of preferential rate of duty in terms of a trade agreement," it said. The ''rules …

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