Part shifting of customs duty to AIDC to have marginal impact on state transfers: CBIC Chairman
1 month, 3 weeks ago

Part shifting of customs duty to AIDC to have marginal impact on state transfers: CBIC Chairman

Live Mint  

New Delhi, Feb 6 CBIC Chairman Sanjay Kumar Agarwal on Thursday said the part shifting of the basic customs duty to AIDC will only have a marginal impact on transfers to states as the total sum involved would be about ₹4,000 crore across 30 states. In the Budget for 2025-26, the government has rationalised basic customs duty rates, slashing the number of levies to just eight, but has kept the effective duty rates on most items the same by adjusting cess to further ease of doing business. Economic think tank Global Trade Research Initiative has said the Budget has reinforced a fiscal strategy the government has followed since 2021-22, reducing basic customs duty while increasing the agriculture infrastructure and development cess. Earlier on February 3, the chairman has informed that India has significantly reduced its average customs duty rate to 10.66 per cent from 11.65 per cent and is now moving towards the same levels as prevalent in the Southeast Asian countries.

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History of this topic

Budget lowers India’s average customs duty rate, sends positive signal to the US: CBIC Chair
1 month, 3 weeks ago

Budget lowers India’s average customs duty rate, sends positive signal to the US: CBIC Chair

Live Mint  

New Delhi: The customs duty rejig announced in the Union budget for FY26 lowers India’s average customs duty rate sharply from 11.65% to 10.66% and sends a positive signal to India’s trading partners like the US, Central Board of Indirect Taxes and Customs Chairperson Sanjay Kumar Agarwal said in a post-budget interview. The reduction in basic customs duty on cars …

Budget FY26: Govt could cut customs duty on raw materials to boost manufacturing
2 months, 1 week ago

Budget FY26: Govt could cut customs duty on raw materials to boost manufacturing

Live Mint  

New Delhi, Jan 19 The government could reduce customs duty on inputs used in manufacturing medical equipment, electronic goods and footwear industries in the forthcoming Budget to boost local manufacturing, according to tax experts. On the proposed Customs duty rationalisation announced in the Budget in July 2024, Singh said the sectors which could see rationalisation are healthcare, manufacturing of medical …

Reduce customs duty slabs to 5; simplify structure to boost mfg, exports:GTRI to Govt
2 months, 2 weeks 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 …

The hike in import duties for gold, silver findings | Explained
1 year, 1 month ago

The hike in import duties for gold, silver findings | Explained

The Hindu  

The story so far: In a move towards standardisation and preventing the circumvention of duty, the Finance Ministry on Tuesday hiked import duties on gold and silver findings and coins of precious metal to 15%. As observed in the Ministry of Commerce’s Trade Stat database, import of unwrought gold and/or gold in semi-manufactured form in October 2023 rose 95.41% on …

Budget 2021: Govt may increase customs duty on certain components, says report
4 years, 2 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 2019: CEAMA urges govt to hike customs duties on imported finished goods; seeks subsidy on locally made goods
6 years, 2 months ago

Budget 2019: CEAMA urges govt to hike customs duties on imported finished goods; seeks subsidy on locally made goods

Firstpost  

Ahead of the interim budget, CEAMA has suggested to increase the basic customs duty on import of finished goods such as TV, AC, refrigerators and washing machines. New Delhi: The Consumer Electronics and Appliances Manufacturers Association Friday urged the government to raise customs duties on imported finished goods while lowering the same on components in order to promote domestic manufacturing. …

Govt hikes import duty on select communication items to up to 20% to check widening CAD
6 years, 5 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 …

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