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 car tyres raised from 10 per cent to 15 per cent while for cut and polished diamonds, semi-processed diamonds, lab grown diamonds, coloured gem stones the import hiked from 5 per cent to 7.5 per cent. Import of bath wares, packing material, tableware, kitchenware and office stationary items, decorative sheets, beads and bangles, trunk, suitcases, and travel bags will now attract basic customs duty of 15 per cent as against 10 per cent earlier.

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History of this topic

India may tweak customs duties, regulations in budget to back local component manufacturing, ease trade
36 minutes ago

India may tweak customs duties, regulations in budget to back local component manufacturing, ease trade

Live Mint  

New Delhi: The government may rework and simplify customs duties and procedures in select sectors in the Union budget for FY26 to make it attractive for manufacturers of finished goods to also produce components or semi-finished goods, according to two people familiar with the matter. Calibrating customs tariffs to improve the viability of investments in finished products and the intermediate …

Reduce customs duty slabs to 5; simplify structure to boost mfg, exports:GTRI to Govt
1 day, 21 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 …

200% import duty on Pakistani products killed neighbour's economy
7 months, 3 weeks 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 …

Customs duties crucial for openness
8 months, 2 weeks ago

Customs duties crucial for openness

China Daily  

The implementation of the law on customs duties is crucial for advancing high-level international openness, and fostering a market-driven and globally oriented business environment in China, said the country's top legislature. In response to media queries, the NPC Standing Committee's Legislative Affairs Commission said that this law can effectively respond to changes in domestic and international situations. The statement released …

After PM Modi's US visit, India to scrap retaliatory customs duties on these products
1 year, 6 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: 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 …

Govt. waives import duty on some raw materials for steel industry, export duty on iron ore raised by up to 50%
2 years, 7 months ago

Govt. waives import duty on some raw materials for steel industry, export duty on iron ore raised by up to 50%

The Hindu  

The government has waived customs duty on the import of some raw materials, including coking coal and ferronickel, used by the steel industry, a move which will lower the cost for the domestic industry and reduce prices. Also, to increase domestic availability, the duty on exports of iron ore has been raised up to 50%, and that for a few …

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 …

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, …

Govt plans new import tax on solar equipments starting August
4 years, 6 months ago

Govt plans new import tax on solar equipments starting August

Live Mint  

India’s renewable energy ministry has proposed imposing customs duty on some solar power equipment starting Aug. 1 as part of the country’s goal of becoming self-sufficient, the Press Information Bureau said in a statement. The ministry has proposed taxing imports of solar cells, modules and inverters starting August, the statement said, citing power minister Raj Kumar Singh’s interaction with the …

Budget 2020 | Steep hike in Customs Duty to keep China toys out of reach
4 years, 11 months ago

Budget 2020 | Steep hike in Customs Duty to keep China toys out of reach

The Hindu  

Customs Duty on a range of articles like household goods, electrical appliances, auto parts, footwear, furniture and some mobiles phone parts has been raised in the Union Budget. S. Jaikumar, country head, Swamy Associates said, “Raising Customs Duty is aimed at helping MSMEs in the country as dumping from China has been hurting them. This will boost domestic industry, local …

Budget 2020: Govt likely to raise import duties on over 50 items
4 years, 11 months ago

Budget 2020: Govt likely to raise import duties on over 50 items

India TV News  

Ahead of Budget 2020 which will be presented by Finance Minister Nirmala Sitharaman on February 1, sources have indicated that the government may increase import duties on as many as 50 items as the administration eyes to revive the economy after IMF trimmed India's growth projection. 69% want tax free income to be hiked to Rs 5 lakh in budget …

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 …

Budget 2019-20: Customs duty on auto parts, camera hiked, some electric vehicle parts exempted
5 years, 6 months ago

Budget 2019-20: Customs duty on auto parts, camera hiked, some electric vehicle parts exempted

India TV News  

Finance Minister Nirmala Sitharaman on Friday proposed a hike in customs duty on certain automobile parts and digital camera while waiving the same on certain electric vehicle components. Presenting the first Budget of the Modi government in its second term, Sitharaman also announced customs duty exemption on components of specified electronic goods. She said basic customs duty on auto parts, …

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 …

Govt in favour of aluminium import duty hike: Suresh Prabhu
6 years ago

Govt in favour of aluminium import duty hike: Suresh Prabhu

Live Mint  

New Delhi: The commerce ministry is in favour of hiking import duty on aluminium with a view to support domestic manufacturers, union minister Suresh Prabhu has said. The industry has demanded increase in import duties on aluminium scrap and primary aluminium amid a high growth in inward shipments of these items. They are demanding to raise the import duty on …

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 …

Airline stocks hit 52-week low, fall up to 5% on hike in import duty of jet fuel
6 years, 3 months ago

Airline stocks hit 52-week low, fall up to 5% on hike in import duty of jet fuel

Firstpost  

The government on Wednesday raised import duties on 19 items, including jet fuel as it looks to check the widening current account deficit resulting from high crude oil prices and the rupee dipping to a historic low. New Delhi: Aviation stocks tumbled up to 5 percent on Thursday after the government raised import duty on jet fuel. The government has …

Import duty hikes: Much ado about nothing
6 years, 3 months ago

Import duty hikes: Much ado about nothing

Live Mint  

How effective will be Wednesday’s import duty hikes on 19 supposedly non-essential items? Even as the government has included consumption- Reports say the current nominal import duty hikes will help the government raise revenue worth about Rs4,000 crore. Another casualty could be Havells India since it currently imports 70% of its subsidiary Lloyds’ requirement, although the company has the option …

Imported ACs, refrigerators to cost more as customs duty hiked to reduce widening CAD, stem rupee slide
6 years, 3 months ago

Imported ACs, refrigerators to cost more as customs duty hiked to reduce widening CAD, stem rupee slide

Firstpost  

Mumbai: The government said on Wednesday it is raising import tariffs on 19 “non-essential items,” marking a further tilt toward protectionism as it tries to reduce its widening current account deficit and tackle a sharp slide in the rupee. The new tariff structure, which goes into effect Thursday, will see the government raise customs duties on items such as air …

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 …

Government extends deadline for imposition of higher import duties on 29 US products, new rates to come to effect from September 18
6 years, 5 months ago

Government extends deadline for imposition of higher import duties on 29 US products, new rates to come to effect from September 18

India TV News  

The government on Saturday extended the deadline for imposition of higher customs duties on 29 products, including almond, walnut and pulses, imported from the US by 45 days. India has said the duty imposed by the US has affected steel exports by USD 198.6 million and aluminium shipments by USD 42.4 million. India has also dragged the US to the …

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