Reduce customs duty slabs to 5; simplify structure to boost mfg, exports:GTRI to Govt
1 day, 16 hours ago

Reduce customs duty slabs to 5; simplify structure to boost mfg, exports:GTRI to Govt

Live Mint  

New Delhi, Jan 13 The government should simplify the customs duty structure by reducing slabs from over 40 to 5, and ensure that raw materials are taxed lower than finished goods in the forthcoming Budget to cut import bills, boost manufacturing and exports, think tank GTRI said on Monday. Suggesting lowering India's average tariff to about 10 per cent, the Global Trade Research Initiative said this can be achieved without major revenue loss. "Simplifying the tariff structure by reducing slabs from over 40 to 5, capping maximum tariffs at 50 per cent, and ensuring raw materials are taxed lower than finished goods would foster economic growth, reduce import reliance, and promote exports," said the report, prepared by the think tank's founder, Ajay Srivastava and trade expert Satish Reddy. The report also suggested ending IGST, cess and Basic Customs duty exemptions under the MOOWR scheme to support local capital goods manufacturers and Make in India.

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History of this topic

GTRI calls for assessment of steel industry before taking safeguard measures
1 week, 5 days ago

GTRI calls for assessment of steel industry before taking safeguard measures

Live Mint  

New Delhi, Jan 2 Economic think tank GTRI on Thursday called for a comprehensive assessment of the Indian steel industry to evaluate the impact of existing import measures before imposing the proposed safeguard duty. The Global Trade Research Initiative report has also claimed that the commerce ministry's ongoing safeguard investigation into alleged jump in imports of certain steel products suffers …

Reform import tariffs to sharpen the competitive edge of Indian manufacturers
1 month, 4 weeks ago

Reform import tariffs to sharpen the competitive edge of Indian manufacturers

Live Mint  

India’s manufacturing sector has struggled to exceed 17% of GDP over the past 20 years. CUTS International undertook an in-depth study on IDS across four critical sectors: textiles and apparel, electrical products and electronics, chemicals, and metals. As private investments must pick up to support economic growth and manufacturing must expand at a much faster pace to generate employment, we …

Budget 2024: Mobile phones, chargers to get cheaper as government cuts customs duty
5 months, 3 weeks 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 …

Govt should rationalise customs duty in budget to boost domestic manufacturing: Industry body
5 months, 4 weeks 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 …

Government to consider correcting inverted duty structure in key sectors
1 year ago

Government to consider correcting inverted duty structure in key sectors

Live Mint  

New Delhi: The Centre will likely address the inverted duty structure affecting domestic manufacturing in key sectors such as textiles, leather, and engineering goods in the upcoming budget, two people aware of the matter told Mint. The finance ministry will likely consult federal think tank Niti Aayog, which is examining tax issues including the inverted duty structure in the engineering, …

Commerce Ministry to help exporters maintain proper documentation to deal with U.S. countervailing duty cases
1 year ago

Commerce Ministry to help exporters maintain proper documentation to deal with U.S. countervailing duty cases

The Hindu  

The Commerce Ministry has started an exercise to help Indian exporters keep proper documentation to deal with U.S. countervailing duty cases on domestic products, an official said. The U.S. has conducted countervailing investigations and submitted final determination on three Indian products – paper file folders, common alloy aluminium sheet, and forged steel fluid end blocks. The official said that products …

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 …

‘Rationalise corporate tax rates for...': US group appeals to finance minister ahead of budget
1 year, 11 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
2 years 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 …

Financial Benefits To Assessee Can't Be A Ground To Levy Interest Without A Statutory Provision: Bombay High Court
2 years, 2 months ago

Financial Benefits To Assessee Can't Be A Ground To Levy Interest Without A Statutory Provision: Bombay High Court

Live Law  

The Bombay High Court has ruled that penalty or interest on additional customs duty and special additional duty of customs, or surcharge, which is not connected to the basic customs duty, cannot be imposed in the absence of an explicit substantive provision. It argued that the Finance Act, 2000 and the Customs Tariff Act, 1975 do not borrow the provisions …

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 …

CBIC Reduces Compliances For Import Of Goods At Concessional Rate Of Customs Duty
2 years, 10 months ago

CBIC Reduces Compliances For Import Of Goods At Concessional Rate Of Customs Duty

Live Law  

In a significant step towards Atmanirbhar Bharat, the Central Board of Indirect Taxes and Customs has notified the reduction in compliances and end-to-end automation of procedure relating to import of certain goods at concessional rate of Customs Duty. "The CBIC has reduced the compliances required under the Customs Rules,2017 and introduced end to end automation of the procedure involved. Importers …

Budget 2022: Exporters seek support measures to boost shipments
2 years, 11 months ago

Budget 2022: Exporters seek support measures to boost shipments

Firstpost  

The Federation of Indian Export Organisations said the export sector is facing major issues due to rising freight cost and its dependence on global shipping companies Exporters have demanded support measures, including enhanced allocations for RoDTEP scheme, high import duty on plastic finished goods, setting up of an Indian shipping line and reinstating exemption for duty free import of critical …

Importers, govt. duel in Supreme Court over GST on ocean freight
2 years, 11 months ago

Importers, govt. duel in Supreme Court over GST on ocean freight

The Hindu  

The government is engaged in a pitched legal battle in the Supreme Court against importers over its decision to levy Integrated Goods and Services Tax on ocean freight on a reverse charge basis. A hearing set for January 11 was postponed after two Judges on the Bench took ill. At the centre of the spat are two notifications issued on …

Tap opportunities in post-COVID world to meet $400 billion export target, says PM to heads of Indian missions abroad
3 years, 5 months ago

Tap opportunities in post-COVID world to meet $400 billion export target, says PM to heads of Indian missions abroad

Firstpost  

Addressing Indian missions and Export Promotion Councils, Modi said that factors, including multifold increase in manufacturing, reduction in logistics cost and international market for domestic goods can help boost the country’s outbound shipments New Delhi: Prime Minister Narendra Modi on Friday called upon the industry and exporters to take advantage of opportunities created in the post-Covid scenario, explore new destinations …

Budget 2021: Govt may increase customs duty on certain components, says report
3 years, 11 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, …

Budget 2021: Gems, jewellery industry seeks cut in import duty, GST
3 years, 11 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 …

More than 300 items may see customs duty hike in Budget
4 years, 11 months ago

More than 300 items may see customs duty hike in Budget

India TV News  

As a measure to boost domestic small and medium industry, the government may consider a hike in customs duty on over 300 items like toys, furniture, footwear, coated paper, rubber items among other in the Union Budget. On footwear and related products, the Ministry has suggested increase in duty to 35 per cent from the current 25 per cent while …

Union Budget 2019: Customs duty, a major source of govt revenue; helps keep imports under check, protect domestic industries
5 years, 6 months ago

Union Budget 2019: Customs duty, a major source of govt revenue; helps keep imports under check, protect domestic industries

Firstpost  

India has robust trade ties with the rest of the world. The 2007 law also helps customs officials determine the valuation of goods for which quantifiable data does not exist, or if they are not able to verify the true value of the declared good. Types of customs duty Basic customs duty: Basic customs duty is a type of duty …

Budget 2019: India's foreign trade industry seeks tax sops, support for R&D
5 years, 6 months ago

Budget 2019: India's foreign trade industry seeks tax sops, support for R&D

India Today  

As Finance Minister Nirmala Sitharaman prepares to present her first Union Budget on July 5, trade associations involved in import and export want the government to take several steps to boost India's cross border trade. The Federation of Indian Export Organisations also urged a review of the Section 35 of Income Tax Act to provide tax deduction not only on …

Government again extends retaliatory import tariff deadline on 29 US products till 16 May
5 years, 8 months ago

Government again extends retaliatory import tariff deadline on 29 US products till 16 May

Firstpost  

New Delhi: The government has again extended its deadline to impose retaliatory import duties on 29 US products, including almond, walnut and pulses, till 16 May. These deadlines were extended several times since June 2018, when India decided to impose these duties in retaliation to a move by the US to impose high customs duties on certain steel and aluminium …

Govt hikes import duty on select communication items to up to 20% to check widening CAD
6 years, 3 months ago

Govt hikes import duty on select communication items to up to 20% to check widening CAD

Firstpost  

The CAD widened to 2.4 percent of the GDP in the first quarter of 2018-19. New Delhi: The government Thursday hiked the import duty on certain communication items, including base stations, to up to 20 percent as part of efforts to check a widening current account deficit by curbing imports. Import duty on populated, loaded or stuffed printed circuit boards …

Govt hikes import duties on 19 items; air conditioners, refrigerators, washing machines to get costlier from today
6 years, 3 months ago

Govt hikes import duties on 19 items; air conditioners, refrigerators, washing machines to get costlier from today

India TV News  

The government on Wednesday raised import duties on 19 items, including jet fuel, air conditioners and washing machines. The import duty on air conditioners, household refrigerators and washing machines doubled to 20 per cent. The basic customs duty on compressors, speakers and footwears raised to 10 per cent, 15 per cent and 25 per cent respectively. The duty on radial …

ACs, refrigerators, washing machines to get costlier, import duty hiked on over 19 items
6 years, 3 months ago

ACs, refrigerators, washing machines to get costlier, import duty hiked on over 19 items

Live Mint  

New Delhi: The government on Wednesday raised import duties on 19 non-essential items, including refrigerators, air conditioners, jewellery, diamonds and jet fuel, accounting for annual imports worth ₹ 86,000 crore, to arrest a widening current account deficit and a weakening rupee. The imposition of a 5% import duty on jet fuel is, however, unlikely to increase air fare as India …

Customs duty hiked on ‘non-essential items’, flying, ACs, refrigerators to cost more
6 years, 3 months ago

Customs duty hiked on ‘non-essential items’, flying, ACs, refrigerators to cost more

Hindustan Times  

The government Wednesday hiked customs duties on as many as 19 items, including jet fuel, ACs and refrigerators, effective midnight as it aims to curb imports of non-essential goods. Total import bill on account of shipment of these items into the country last fiscal was Rs 86,000 crore, the Finance Ministry said in a statement. “The central government has taken …

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