Import Duty

A group of ministers (GoM) in the Madhya Pradesh government deliberating on excise matters has given the consent to reduce the import duty on beer and wine in the state, state home minister said

In the wake of rising input costs, especially primary steel, the government's decision to remove import duty on raw materials for the metal production would lower costs for domestic steelmakers

Our government need not merely wait for the global commodity prices to drop but take active measures to supplement the actions of the monetary authorities

Indian exports to Australia primarily consist of consumer and manufactured goods

"Ukraine and the UK have legally enshrined the abolition of import duties and tariff quotas in bilateral trade by signing an agreement," the ministry was quoted as saying by Xinhua news agency

Several states are reeling under power shortages with the situation being further affected by extra-ordinary heatwave setting in quite early this year

The two countries are working on a double taxation avoidance agreement

India's 60 per cent of the edible oil requirement is met through imports

The government's decision to remove import duty on cotton is likely to help bring down prices of the commodity, Textiles Secretary U P Singh said on Thursday. The finance ministry on April 13 waived customs duty on cotton imports till September 30, a move that will benefit the textile industry and keep prices low for consumers. Currently, cotton imports attract 5 per cent Basic Customs Duty (BCD) and 5 per cent Agriculture Infrastructure Development Cess (AIDC). The industry has been demanding a waiver of duty to lower domestic prices. "It would enable people who want to import. We are expecting that within a day or two, you would certainly see the impact on prices going down but at the same time we would not expect the prices to be very low because there is a shortage all over (the world)," Singh told reporters here. In India, cotton crops get affected because of unseasonal rains, and in the US, there were drought-like conditions. "So supply is less, demand is high....import duty

With edible oil prices ruling high throughout last year, the government had on multiple occasions cut import duty on palm oil to increase domestic availability.

The Centre estimates cotton production in 2021-22 at 36.25 million bales, while traders said it was around 33-34 million bales

The Budget for FY23 will be tabled in the Parliament on February 1

This comes after recovery of documents during searches on its premises that indicated remittance of royalty and licence fee to US and Chinese firms under contractual obligations

Goyal also thanked the prime minister for the decision to defer the increase of GST slab from five per cent to 12 per cent for the textiles sector

Southern India Mills Association urged Prime Minister to remove the 11% import duty on cotton and cotton waste and also cotton from MCX and NCDEX features

The cut in import duty and cess, effective from October 14, will remain in force till March 31, 2022.

Industry experts say that Tesla has been sourcing auto components from the country after signing up non-disclosure agreements

Analysts also believe an import duty cut on EVs will spur growth and help create a market for high-end vehicles

Customs duty is not the way to fast lane

This is a bid to boost domestic supply and check rising prices.