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 of all goods other than mobile phones, base station and optical transport equipments has been raised to 10 percent. Duty has also been raised to 20 percent from 10 percent for base stations and for machines for the reception, conversion and transmission or regeneration of voice, images or other data, including switching and routing apparatus other than modems, voice frequency telegraphy, digital loop carrier systems and multiplexers, it said. The government had on 26 September doubled the import duty on 19 items, including air conditioners, household refrigerators and washing machines, to 20 percent.

Duty Cad 20 Percent Import Import Duty 10 Percent  items  govt  including  select  raised  duty  communication  diamonds  import  cad  check  hiked  hikes  widening  customs

History of this topic

India may tweak customs duties, regulations in budget to back local component manufacturing, ease trade
44 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 …

Budget could levy higher import duties to contain dollar demand, stem rupee slide: EY’s Srivastava
1 hour, 53 minutes ago

Budget could levy higher import duties to contain dollar demand, stem rupee slide: EY’s Srivastava

Live Mint  

New Delhi, Jan 15 The government, in the forthcoming Budget, could consider levying higher tariffs on imports to check the significant decline in rupee value witnessed in the past few months, said EY Chief Policy Advisor DK Srivastava. The noted economist argued that higher import duties would curb the demand for dollars from importers and help arrest the sliding value …

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 …

FICCI urges Chemicals Ministry to hike import duty on petrochemical products to 12.5%
3 weeks ago

FICCI urges Chemicals Ministry to hike import duty on petrochemical products to 12.5%

Live Mint  

Indian industries trade body, the Federation of Indian Chambers of Commerce and Industry, has written to the Ministry of Chemicals and Fertilizers requesting a hike in customs or import duty on petrochemical products, reported the news agency PTI. The trade body highlighted the need to increase import duty on petrochemical products like polypropylene and polyethene to 12.5 per cent, compared …

India’s imports rises to 27%, touches to record high of almost $70 billion
4 weeks, 1 day ago

India’s imports rises to 27%, touches to record high of almost $70 billion

The Hindu  

India’s merchandise exports fell 4.83% to $32.11 billion in November while the import bill jumped 27% to a record high of almost $70 billion, as per data released by the Commerce Ministry. This is the third time in four months that India’s import bill has hit a record high, but November’s tally surpasses the last two occasions by a wide …

India again plans to curb laptop imports to boost local manufacturing: Report
2 months, 3 weeks ago

India again plans to curb laptop imports to boost local manufacturing: Report

Hindustan Times  

India is expected to limit imports of laptops, tablets and personal computers after January, two government sources with direct knowledge of the matter said, a move to push companies such as Apple to increase domestic manufacturing. A similar plan to restrict imports was withdrawn last year following backlash from companies and lobbying from the United States {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} …

Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%
5 months, 3 weeks ago

Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%

Deccan Chronicle  

New Delhi: Finance Minister Nirmala Sitharaman announced a reduction of 15 per cent in the Basic Customs Duty on mobile phones while presenting the Union Budget for the fiscal year 2024-25 in Parliament on Tuesday. Along with mobile phones, the BCD on mobile Printed Circuit Board Assembly, and mobile chargers will be lowered to 15 per cent. In the interest …

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 …

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 …

The hike in import duties for gold, silver findings | Explained
11 months, 1 week 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 …

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, …

Deceptive signals: The Hindu Editorial on India’s October 2023 goods exports numbers
1 year, 1 month ago

Deceptive signals: The Hindu Editorial on India’s October 2023 goods exports numbers

The Hindu  

Last month, India’s goods exports recorded only their second uptick this financial year, with a 6.2% rise. Merchandise imports grew a sharper 12.3% over last October and nearly 21% over September’s tally to hit an all-time high of $65.03 billion. The Finance Ministry’s monthly economic review asserted that merchandise exports “surprised on the upside” with the highest growth in 11 …

India imposes import curbs on laptops, tablets, PCs to boost local manufacturing
1 year, 5 months ago

India imposes import curbs on laptops, tablets, PCs to boost local manufacturing

Deccan Chronicle  

New Delhi: The government on Thursday imposed import restrictions on laptops, tablets, and certain type of computers with immediate effect, a move that will curtail inbound shipments of these goods from countries like China and boost domestic manufacturing. “Import of laptops, tablets, all-in-one personal computers, and ultra small form factor computers, servers. “Exemption from import licensing requirements is provided for …

Finance Minister Nirmala Sitharaman exhorts exporters to 'foresee' impact of global slowdown, engage with govt
1 year, 10 months ago

Finance Minister Nirmala Sitharaman exhorts exporters to 'foresee' impact of global slowdown, engage with govt

Firstpost  

Nirmala Sitharaman further said that customs authorities at the borders are keeping a tab on both exports and imports New Delhi: Finance minister Nirmala Sitharaman on Wednesday exhorted exporters to be receptive and ‘foresee’ how the recession or slowing economy abroad will pan out for them, while asking them to constantly engage with the government. With regard to imports, she …

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 …

Union Budget 2022 | What is cheaper and what is costlier?
2 years, 11 months ago

Union Budget 2022 | What is cheaper and what is costlier?

The Hindu  

The government on Tuesday proposed to increase the basic customs duty on import of commonly used items, including headphones and earphones, loudspeakers, smart meters, imitation jewellery, solar cells, solar modules to promote domestic manufacturing in the in the Union Budget for 2022-23. However, imported cut and polished diamonds, frozen mussels, frozen squids, asafoetida, cocoa beans, methyl alcohol and acetic acid …

Budget 2021: Govt raises import duty on parts of mobile phones, chargers
3 years, 11 months ago

Budget 2021: Govt raises import duty on parts of mobile phones, chargers

India TV News  

The government on Monday proposed to impose import duty on components of mobile phones and chargers, to enhance local value addition. Finance Minister Nirmala Sitharaman announced a review of 400 exemptions in customs duty including those applicable on the mobile devices segment. Sitharaman presented the Union Budget 2021-22 on Monday, which was approved by the Union Cabinet headed by Prime …

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, …

Buying televisions in India can be costly from today. Here is why
4 years, 3 months ago

Buying televisions in India can be costly from today. Here is why

Live Mint  

New Delhi: Customs duty of 5 per cent has been imposed on import of a key component used in manufacturing of LED/LCD TVs from October 1, a government notification said on Wednesday. {{^adFree}} {{/adFree}} The government had last year exempted customs duty on open cells for a year till September 30 as the domestic industry had sought time to build …

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 …

Hike in gold import duty to force businesses to shift to neighbouring countries: GJEPC
5 years, 6 months ago

Hike in gold import duty to force businesses to shift to neighbouring countries: GJEPC

India TV News  

The gems and jewellery exporters on Saturday expressed disappointment over a significant increase in the import duty on gold and other precious metals saying the move would result in shifting of businesses to neighbouring countries. Gems and Jewellery Export Promotion Council Chairman Pramod Agrawal said: "We as an industry are greatly disappointed with the increase of import duty on precious …

Split AC, CCTV camera to get expensive as government hikes customs duty
5 years, 6 months ago

Split AC, CCTV camera to get expensive as government hikes customs duty

Live Mint  

New Delhi: The government on Friday proposed increasing customs duty on CCTV camera, IP camera, digital video recorder and network video recorder to 20% from 15%, in order to provide the domestic industry a level playing field. The government has also proposed increasing customs duty on the indoor and outdoor unit of split system air conditioner to 20% from the …

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 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 …

Government to raise import tariffs on several electronics to bolster falling rupee
6 years, 3 months ago

Government to raise import tariffs on several electronics to bolster falling rupee

Firstpost  

The tariff hike attempts to raise import barriers to curtail the import of goods. India said on 11 October it will raise import tariffs on several electronic items and communication devices, in another move to rein in imports and bolster a falling rupee. The tariff hike, the second such move by India in a two-week span, was announced late on …

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 …

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 …

India may restrict non-essential imports to check rupee fall
6 years, 3 months ago

India may restrict non-essential imports to check rupee fall

Live Mint  

New Delhi: After Friday’s measures to increase capital inflows to check a falling rupee and curb the rising current account deficit, the next in line could be trade-related measures to curb non-essential imports and boost exports. On Friday, finance minister Arun Jaitley said a broad policy decision has been made to take necessary steps to cut non-essential imports and increase …

Focus on boosting exports, import curbs may not help control CAD: FIEO to govt
6 years, 3 months ago

Focus on boosting exports, import curbs may not help control CAD: FIEO to govt

Live Mint  

New Delhi: The government should focus primarily on boosting exports to check the widening current account deficit as imposing curbs on imports may not have a significant impact, exporters’ body Federation of Indian Export Organisations said on Saturday. FIEO President Ganesh Gupta said the government should not restrict imports to address rising current account deficit and fall in rupee. The …

Discover Related