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 tariff measures, by way of increase in the basic customs duty, to curb import of certain imported items. Curbing non-essential imports was part of the five-pronged steps announced by the government to check widening current account deficit and capital outflows.

Customs Items Import Customs Duty  customs  effective  items  refrigerators  curb  cost  imports  import  midnight  nonessential  duty  flying  hiked  acs

History of this topic

Reduce customs duty slabs to 5; simplify structure to boost mfg, exports:GTRI to Govt
1 day, 22 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 …

Ahead of festivals, Centre plans steps to keep prices of commodities stable
3 months, 2 weeks ago

Ahead of festivals, Centre plans steps to keep prices of commodities stable

Hindustan Times  

The Centre has initiated several steps to keep prices of essential commodities stable ahead of the festive season, when demands soar, increasing the number of goods whose prices are federally monitored, a senior official said. Effective September 14, the government raised the basic customs duty on crude soyabean oil, crude palm oil and crude sunflower oil to 20% from zero, …

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 …

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 …

Undervaluing imports could trigger 1-2 years of extra obligations
2 years, 3 months ago

Undervaluing imports could trigger 1-2 years of extra obligations

The Hindu  

Importers found to be under-declaring the value of shipments will face additional obligations for at least one year and no more than two years, for first instances of such violations, the Central Board of Indirect Taxes and Customs has proposed. To address the issue of undervaluation in imports, this year’s Finance Bill introduced amendments to the Customs Act of 1962 …

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 …

Union Budget 2021: Refrigerators, ACs, mobile phones to become costlier; gold, silver to be cheaper
3 years, 11 months ago

Union Budget 2021: Refrigerators, ACs, mobile phones to become costlier; gold, silver to be cheaper

Firstpost  

New Delhi: A large number of commonly used items, including refrigerators, air conditioners, LED lights and mobile phones, will become more expensive due to hike in customs duty on their imported parts, as proposed by Finance Minister Nirmala Sitharaman in the Union Budget for 2021-22. Likewise, customs duty on solar inverters has been hiked to 20 percent from five percent …

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 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 …

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, …

After withdrawal of MFN status, basic customs duty on goods exported to India from Pakistan raised to 200%
5 years, 10 months ago

After withdrawal of MFN status, basic customs duty on goods exported to India from Pakistan raised to 200%

Op India  

The dastardly Pulwama attack India has withdrawn MFN status to Pakistan after the Pulwama incident. Upon withdrawal, basic customs duty on all goods exported from Pakistan to India has been raised to 200% with immediate effect. With the customs duty hiked, as a response to the Pulwama attack, the financial state of Pakistan would take a hit. While the customs …

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 …

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 …

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 …

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 …

Discover Related