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, leather, and textiles sectors, one of the people cited above said on the condition of anonymity. Addressing the inverted duty structures in these crucial sectors is vital for maintaining competitiveness, particularly against international rivals, aligning with the government's push for domestic manufacturing. India has been raising import duties since 2014-15 to amend the inverted duty structure for non-free trade agreement countries.

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India may tweak customs duties, regulations in budget to back local component manufacturing, ease trade
34 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 …

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 …

In boost to Make in India, multibagger capital goods stock completes key import transaction
1 year, 4 months ago

In boost to Make in India, multibagger capital goods stock completes key import transaction

India TV News  

The capital goods sector is one of the most critical segments for achieving the vision of Make in India. Soon after coming to power in 2014, the Modi government approved the National Capital Goods Policy to boost manufacturing activities. According to the Confederation of Indian Industry, the capital goods sector is the base of many industries and is thus an …

Aluminium firms raise duty anomaly
2 years ago

Aluminium firms raise duty anomaly

Live Mint  

The aluminium industry has urged the government to correct the inverted duty structure on critical raw materials in the upcoming budget to make domestic aluminium prices competitive and prevent dumping of the metal in the country. In its representation to the finance ministry, the association also wanted a hike in import duty on sub standard aluminium scrap to 10% from …

Fix inverted tariff structures to boost industrial growth in India
3 years, 11 months ago

Fix inverted tariff structures to boost industrial growth in India

Live Mint  

A steady decline in import tariff rates in manufacturing industries had been an important feature of India’s economic reforms during the 1990s and 2000s. During 2000-2011, India’s exports recorded high annual growth rates of 21% and 24%, respectively, for goods and services. The forthcoming budget should begin the process of cutting India’s high import tariff rates. It may be noted …

Union Budget 2021: Centre may address inverted duty structure for steel products to boost manufacturing, say sources
3 years, 11 months ago

Union Budget 2021: Centre may address inverted duty structure for steel products to boost manufacturing, say sources

Firstpost  

New Delhi: The government is likely to address the issue of inverted duty structure for certain steel products in the Budget next week to boost domestic manufacturing, sources said. Inverted duty structure refers to taxation of inputs at higher rates than finished products that results in build-up of credits and cascading costs. Presently the import duty on key inputs for …

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, …

Indian manufacturers upset over zero duty on imported masks and gloves
4 years, 9 months ago

Indian manufacturers upset over zero duty on imported masks and gloves

Deccan Chronicle  

Hyderabad: While there is zero duty for masks and gloves for importers but those who make these products in India will have to pay goods and services tax ranging from 5 to 11 per cent. Indian manufacturers of masks and gloves are very upset that no import duty will be levied on these items while they pay goods and services …

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 …

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 …

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 …

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