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 or tax imposed under the Customs Act, 1962. The basic customs duty varies for different items and the Central government has the power to reduce or exempt any goods from the charges. Protective duties: Whenever the Central government feels the need to protect the interests of Indian industry, it imposes protective customs duty at recommended rates as per Section 6 of Customs Tariff Act, 1975.

India Tax Customs Duty Value Method Goods Protect Imported Goods Determine Customs Duty Major Source  value  imports  duty  goods  valuation  industries  imposed  protect  major  source  determine  customs  govt  helps  revenue  union  tax  method  india

History of this topic

India may tweak customs duties, regulations in budget to back local component manufacturing, ease trade
29 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 …

Reform import tariffs to sharpen the competitive edge of Indian manufacturers
1 month, 4 weeks ago

Reform import tariffs to sharpen the competitive edge of Indian manufacturers

Live Mint  

India’s manufacturing sector has struggled to exceed 17% of GDP over the past 20 years. CUTS International undertook an in-depth study on IDS across four critical sectors: textiles and apparel, electrical products and electronics, chemicals, and metals. As private investments must pick up to support economic growth and manufacturing must expand at a much faster pace to generate employment, we …

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 …

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 …

‘Rationalise corporate tax rates for...': US group appeals to finance minister ahead of budget
1 year, 11 months ago

‘Rationalise corporate tax rates for...': US group appeals to finance minister ahead of budget

Hindustan Times  

Ahead of the annual budget presentation, an India-centric top US strategic and business advocacy group has urged Union Finance Minister Nirmala Sitharaman to simplify and rationalise direct and indirect taxation system in India, a move it believes would increase the confidence of global investors and yield greater foreign direct investment. Union finance minister Nirmala Sitharaman will present the Union budget …

Financial Benefits To Assessee Can't Be A Ground To Levy Interest Without A Statutory Provision: Bombay High Court
2 years, 2 months ago

Financial Benefits To Assessee Can't Be A Ground To Levy Interest Without A Statutory Provision: Bombay High Court

Live Law  

The Bombay High Court has ruled that penalty or interest on additional customs duty and special additional duty of customs, or surcharge, which is not connected to the basic customs duty, cannot be imposed in the absence of an explicit substantive provision. It argued that the Finance Act, 2000 and the Customs Tariff Act, 1975 do not borrow the provisions …

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 …

Delhi Customs Intercepts Pak-origin Smuggled Cosmetic Goods Worth Rs 1.2 Cr
3 years, 1 month ago

Delhi Customs Intercepts Pak-origin Smuggled Cosmetic Goods Worth Rs 1.2 Cr

News 18  

Delhi Customs has intercepted Pakistan-origin smuggled cosmetic goods weighing 2,800 kg worth Rs 1.2 crore, the finance ministry said on Friday. "Any imported goods originating from Pakistan attract Basic Customs Duty at the rate of 200 per cent of the value of the goods. "The goods were attempted to be cleared through courier mode by mis-declaring the origin and description …

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 Frames Norms for Enforcement of 'Rules of Origin' for Imports Under FTAs
4 years, 4 months ago

Govt Frames Norms for Enforcement of 'Rules of Origin' for Imports Under FTAs

News 18  

The government has come out with norms for the enforcement of 'rules of origin' provisions for allowing preferential rate of customs duties on products imported under free trade agreements. These rules "shall apply to import of goods into India where the importer makes a claim of preferential rate of duty in terms of a trade agreement," it said. The ''rules …

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 …

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 …

India has world’s “worst” tariffs on U.S. products, says top American Senator
5 years, 4 months ago

India has world’s “worst” tariffs on U.S. products, says top American Senator

The Hindu  

India is “the worst” in terms of high tariffs on American products, a top American Senator claimed on Sunday, ahead of U.S. President Donald Trump’s crucial meeting with Prime Minister Narendra Modi on the sidelines of the G-7 Summit in France which is likely to be dominated by trade frictions between the two countries. President Trump, championing his ‘America First’ …

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 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 …

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