Customs Duty

Customs Duty News

Govt hikes customs duty on 19 items: Import curbs not to have major impact on widening current account deficit
Business

Govt hikes customs duty on 19 items: Import curbs not to have major impact on widening current account deficit

The move to penalize imports of “non-essential” items may not be enough for India’s external trade woes to be addressed since external factors and rising oil prices are likely to continue to exert pressure

Hike in customs duty may impact festive sales, consumer durable industry; prices of large appliances to go up 3-5%
Business

Hike in customs duty may impact festive sales, consumer durable industry; prices of large appliances to go up 3-5%

Government's decision to double the basic customs duty on ACs, refrigerators and washing machines to 20 percent from the existing 10 percent would encourage domestic manufacturing

Apple commences trial run for iPhone 6s Plus manufacturing in India at Wistron's Bengaluru plant: Report
News & Analysis

Apple commences trial run for iPhone 6s Plus manufacturing in India at Wistron's Bengaluru plant: Report

Being the highest selling Apple iPhone models in the country, price cuts are expected, but not too soon.

GST mop-up: Govt now suspects under-reporting of Rs 34,000 crore for July-December 2017
Business

GST mop-up: Govt now suspects under-reporting of Rs 34,000 crore for July-December 2017

A preliminary analysis of GST returns filed between July and December 2017 shows that the scale of under-reporting could be as high as Rs 34,000 crore.

Harley-Davidson issue: Donald Trump says US getting nothing even after 'fantastic man' Narendra Modi slashed customs duty
Business

Harley-Davidson issue: Donald Trump says US getting nothing even after 'fantastic man' Narendra Modi slashed customs duty

This is for the second time in a month that Trump raised the issue of high import duty on Harley Davidson motorcycles by India

Apple iPhones see an average price rise by 3% after customs duty hike, only the iPhone SE price remains unchanged
News & Analysis

Apple iPhones see an average price rise by 3% after customs duty hike, only the iPhone SE price remains unchanged

A significant price hike is being noticed in the iPhone X 256 GB model which already had a price tag of Rs 1.05,720 and is now selling at Rs 1,08,930.

Budget 2018: Customs duty hike of 5% on mobile phones to force major brands to pass on burden to consumers
News & Analysis

Budget 2018: Customs duty hike of 5% on mobile phones to force major brands to pass on burden to consumers

According to industry experts, the customs duty hike will push foreign players towards manufacturing and sourcing components more within the country.

Assocham urges govt to reissue 10% customs duty on paper imports from ASEAN nations to cushion local industry
Business

Assocham urges govt to reissue 10% customs duty on paper imports from ASEAN nations to cushion local industry

Current demand for paper and paperboards in Indian market in 14.4 mtps constitutes about 3.6 percent of global demand

Budget 2018: Low growth, subdued investment, widening deficit are Narendra Modi's big challenges
Business

Budget 2018: Low growth, subdued investment, widening deficit are Narendra Modi's big challenges

The fact that this will be the last full budget before the 2019 elections and that the government has already spent all of its budgeted expenditure for this financial year will further complicate matters.

Govt raises customs duty on TV, mobile phones, water heater to give a push to domestic manufacturing
Business

Govt raises customs duty on TV, mobile phones, water heater to give a push to domestic manufacturing

As per a govt notification, customs duty on television set has been increased to 15 percent from existing 10 percent

Banks to pay 3% Integrated GST on gold imports: CBEC
Business

Banks to pay 3% Integrated GST on gold imports: CBEC

Under GST, "3 percent Integrated-GST is payable on all imports of precious metals in addition to the basic customs duty. IGST paid can be taken as input tax credit by the banks."

Mobile operators face 10% Customs duty on 4G equipment import
Business

Mobile operators face 10% Customs duty on 4G equipment import

The decision to impose import duty would come as a blow to the telecom sector as they have to shell out hundreds of crores in import duty for the import they have already made.

Indian government and Apple debate on a workaround for 'Make in India' plans
News & Analysis

Indian government and Apple debate on a workaround for 'Make in India' plans

The government is working on certain options to accommodate demands related to tax and duty concessions sought by iPhone maker Apple for setting up a manufacturing unit in India.

Govt reviewing regulatory policies related to gold, says finmin official
Business

Govt reviewing regulatory policies related to gold, says finmin official

Arvind Sahay, Head IGPC, IIM-Ahmedabad said that increase in customs duty to 10 percent is an issue

Govt slaps 20% export duty on sugar to check prices, improve domestic supply
Business

Govt slaps 20% export duty on sugar to check prices, improve domestic supply

India has exported 1.6 million tonnes of sugar so far in the 2015-16 marketing year

 Govt meets 68.6% of indirect tax collection target in Apr-Jan
Economy

Govt meets 68.6% of indirect tax collection target in Apr-Jan

The indirect tax revenue collections stood at Rs 3.98 lakh crore in the April-January period of the last fiscal.

Image of the day: Check out the car Tata Motors hopes will revive its India fortunes
Photos

Image of the day: Check out the car Tata Motors hopes will revive its India fortunes

The car, called Zest, is a compact sedan built on a new platform and, in a departure from previous models, boasts user-friendly features such as touch-screen control panels.<br />

Tata Motors bets on new sedan Zest to revive sales but analysts cautious
Corporate

Tata Motors bets on new sedan Zest to revive sales but analysts cautious

Tata Motors' domestic business has posted losses in four of the last eight quarters and Ranjit Yadav, head of passenger vehicles, said the Zest was key to the automaker's revamped domestic strategy.<br />

Govt reduces tariff value on gold to $425
India

Govt reduces tariff value on gold to $425

Continuing its losing streak for the third day, gold prices drifted by Rs 155 to settle at Rs 28,175 per 10 grams in the national capital today on sustained selling by stockists amid a weakening global trend.