Page 2 - Import Duty

No anti-dumping duty on fibre board from 4 countries: Revenue dept

The government has decided not to impose anti-dumping duty on imports of a certain type of fibre board, used to make furniture and cabinets, from Vietnam, Malaysia, Thailand, and Indonesia

Govt waives duty on materials for Covid test kits, APIs for Amphotericin B

The government has exempted basic customs duty on imports of specified API/ excipients for Amphotericin B and raw materials for manufacturing Covid test kits. In a notification dated July 12, the Finance Ministry said the basic customs duty exemption on raw materials for manufacturing Covid test kits would be till September 30, 2021. While the exemption on specified API (active pharmaceutical ingredients)/ excipients for Amphotericin B would be valid till August 31. EY Tax Partner Abhishek Jain said this is a well thought exemption being granted by the Indian government to fight the Covid crisis and is a step to make the domestic industry self-reliant while fighting the pandemic. Shardul Amarchand Mangaldas & Co Partner Rajat Bose said "this is likely to further bring down the cost of such items in India making it more affordable for the common man". Last month, the Finance Ministry's Revenue Department had notified the lower rates for 18 Covid related supplies, like hand ...

Soybean meal prices doubled; govt should permit import at zero duty: AIPBA

Expressing concern over rise in animal feed prices in domestic market, All India Poultry Breeders Association demanded govt to reduce import duty on soybean meal to zero for at least five months

Govt ready for another cut in import duty on steel to tame prices

The government has proposed to slash import duties on steel items further bringing it to zero or near-zero levels to provide relief to MSMEs

Lowering import duty to bring down vax price

The Customs has a critical role in facilitating the cross-border movement of the vaccines

Drug for spinal muscular atrophy already exempt from import duty: FM

Finance Minister Sitharaman said imported life-saving drugs including those for spinal muscular atrophy disease for personal use are exempted from basic customs duty but they attract 5 per cent GST

Centre waives import duty, GST worth Rs 6 cr on infant's imported medicines

The Union government has waived import duty and GST of Rs 6 crore on medicines for a five- month-old girl suffering from a rare medical condition, BJP leader Devendra Fadnavis said on Tuesday.

Duty cut could bring down domestic steel prices by 10%, says ICRA

Government's proposal to reduce import duty on steel products in Budget 2021-22 would make their imports more competitive and in turn exert near-term pricing pressures on domestic steelmakers

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

The import duty on PCBA for making any charger is proposed to be raised to 15 per cent

India plans higher levy on some imported goods to boost local manufacturing

Refrigerator, washing machines, cloth dryers, aluminum and electrical goods are among products likely to see an increase in customs duty, the people said asking not to be identified citing rules

Government removes import restrictions on room and car fresheners

A notification in this regard was issued by the Directorate General of Foreign Trade (DGFT), under the commerce ministry

Gems, jewellery industry proposal on duties under consideration: Goyal

Gems and Jewellery Export Promotion Council Chairman Colin Shah has suggested cutting import duty on gold to 4.5 per cent from 12.5 per cent, and on diamond to 2.5 per cent from 7.5 per cent

Govt cuts import duty on crude palm oil to 27.5% effective Nov 27

The government on Thursday reduced the basic customs duty on crude palm oil to 27.5 per cent, a move that would increase availability of the commodity in the domestic market.

Centre's FTA norms led Samsung to resume local television production

Samsung, which holds more than 27% of the local TV market, has been importing finished sets from Vietnam, where it has a large production-cum-assembly base

Import duty can't be retrospective on goods from Pakistan: Supreme Court

The Supreme Court has held that the Centre's decision to increase import duty on goods from Pakistan by 200% in the backdrop of last year's Pulwama attack could not be applied retrospectively

Open cells used in TV manufacturing to attract 5% import duty from Oct 1

The TV industry has been arguing that it is under pressure as price of fully built panel has gone up by 50% and customs duty of 5% on open cell would lead to a rise in TV price by about 4%

CII wants end to inverted duty structure to make India an exporting nation

Industry body has asked for policies to hike country's share in global merchandise trade to 5% and services export to 7% by 2025

Jewellery industry urges govt to cut import duty on gold, polished diamonds

Agrawal also announced that GJEPC is coming up with a new show in Jaipur in Rajasthan -- India Gem and Jewellery Show -- to be held from April 1-3, especially for international buyers.'

Toy importers go on strike after Union Budget imposes 200% duty hike

Protesting the move, the toy wholesalers of the city went on a one-day strike, contending that the import duty hike will result in the closure of businesses and a spur in unemployment.

Budget 2020: Govt may cut import duty on raw material for fertiliser sector

During April-December 2019-20, the country's crude and manufactured fertiliser imports grew by 8.47 per cent to USD 6.2 billion.