 "What is Customs duty")
Customs duty
What is Customs duty
The Budget estimate of the government's
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Latest Updates on Customs duty
Issues faced during customs duty payment to be resolved soon: CBIC
The Central Board of Indirect Taxes Monday said the difficulties being faced by traders in paying customs duties in the newly launched upgraded duty payments systems will be resolved at the earliest
 "Issues faced during customs duty payment to be resolved soon: CBIC")
Govt hikes duty on X-ray machine imports from 10% to 15% starting April 1
The government has hiked customs duty on import of X-ray machines and non-portable X-ray generators to 15 per cent with effect from April 1
 "Govt hikes duty on X-ray machine imports from 10% to 15% starting April 1")
Customs duty cut, I-T slab rejig to boost consumer durable stocks: Analysts
With revised customs duty across consumer electronics' manufacturers, analysts believe this measure would reduce costs for manufacturing mobile phones, TV panels, and kitchen chimneys
 "Customs duty cut, I-T slab rejig to boost consumer durable stocks: Analysts")
'In CIF/CFR contracts, the seller bears risk of variation in freight rates'
'As long as you expect to realise the CIF/CFR value of the goods and declare it correctly in your shipping bill/EDF, there is no violation under FEMA'
 "'In CIF/CFR contracts, the seller bears risk of variation in freight rates'")
Duty hike won't apply brakes on luxury car demand, say automakers
For mass segment cars priced above Rs 35 lakh, move can lead to more localisation
 "Duty hike won't apply brakes on luxury car demand, say automakers")
Cut in customs duty, support to MSMEs will boost shipments: Exporters
Tweaking customs duties in certain sectors and measures to support MSMEs will help in boosting domestic manufacturing and the country's outbound shipments, exporters said on Thursday
 "Cut in customs duty, support to MSMEs will boost shipments: Exporters")
Making the regime less taxing: Pain points & what's on offer in Budget
New co-operatives commencing manufacturing activities till March 31, 2024, will get the benefit of a lower tax rate of 15% , currently available to new manufacturing companies
 "Making the regime less taxing: Pain points & what's on offer in Budget")
Up but not out of the woods: Pain points & what's on offer in Budget
There was a 7 per cent year-on-year decline in the January numbers reported by the country's largest manufacturer Tata Motors
 "Up but not out of the woods: Pain points & what's on offer in Budget")
Budget 2023-24: Customs duty rejig to boost domestic manufacturing
As many as 14 items have seen a jump in import duty to tackle the issue of cheap quality imports of items such as toys
 "Budget 2023-24: Customs duty rejig to boost domestic manufacturing")
Budget 2023: Many PLI schemes are in the pipeline, says Piyush Goyal
As and when other PLI schemes get approved, the cabinet is empowered to approve it
 "Budget 2023: Many PLI schemes are in the pipeline, says Piyush Goyal")
Budget 2023-24: Relief to middle class set to spur private consumption
The government plans to collect just over Rs 9 trillion via personal income tax in FY24
Budget 2023: TV, mobile to be cheaper; gold, imported cars to be dearer
Mobile phones and TV sets manufactured in India would become cheaper with Finance Minister Nirmala Sitharaman announcing cuts in Basic Customs Duty (BCD) on import of their components
 "Budget 2023: TV, mobile to be cheaper; gold, imported cars to be dearer")
Budget 2023 wishlist: ICEA calls for rationalisation of duties on parts
The industry body has also suggested that the government should ease the Basic Customs Duty (BCD) on high-end phones
 "Budget 2023 wishlist: ICEA calls for rationalisation of duties on parts")
Finance ministry looks to curb smuggling of top-end mobile phones
FinMin considers proposal to reduce basic Customs duty on phones with a cost, insurance and freight value of over Rs 35,000
 "Finance ministry looks to curb smuggling of top-end mobile phones")
US agriculture associations fear market loss to India's FTA partners
In June 2019, India hiked tariffs on 28 items exported by the US, including almonds, apples, walnuts
 "US agriculture associations fear market loss to India's FTA partners")
Chatroom: 'Export duty is not part of the price paid or payable for goods'
You must show the export duty amount separately in the invoice and collect the aggregate amount from the buyer (whether in one or more instalments)
India may exempt 30 GW of solar plants from equipment duty: Report
In March 2021, the government announced 25% basic customs duties on solar photovoltaic cells and 40% on solar photovoltaic modules with effect from April 1, 2022
 "India may exempt 30 GW of solar plants from equipment duty: Report")
'DGFT should clarify duty payment for destruction of imported goods'
Practically, it is difficult to escape payment of customs duty and interest even when the goods are destroyed or re-exported
 "'DGFT should clarify duty payment for destruction of imported goods'")
'Proving identity of re-imported goods essential for claiming exemption'
Funds held in the foreign currency accounts of SEZ units cannot be loaned or made available to any person or entity resident in India, not being a unit in Special Economic Zones
Top Headlines: Tax-free slab to Rs 5 lakh, basic Customs duty cut, and more
Business Standard brings you the top headlines at this hour
 "Top Headlines: Tax-free slab to Rs 5 lakh, basic Customs duty cut, and more")
