Custom Duty Hike

Amid system glitches faced by EXIM traders, the CBIC on Thursday waived interest on Customs duty payable through the Electronic Cash Ledger (ECL) between April 1-10. An upgraded Customs duty payments system was launched by the Central Board of Indirect Taxes and Customs (CBIC) on April 1. However, members of trade complained of difficulties in making duty payments over the customs automated system. "In order to alleviate burden of EXIM Trade, owing to pending resolution of duty payment issues on customs portal, CBIC has waived interest on duty payable in respect of goods where payment is to be made from ECL from April 1 to April 10," CBIC said. Through the Customs (Waiver of Interest) Order, 2023, the CBIC said in respect of the Bills of Entry for which import duty payment has already occurred and integrated in ICES during the said period, traders can claim refund of interest. KPMG Tax Partner Abhishek Jain said importers have been facing challenges for the last couple of days owin

For mass segment cars priced above Rs 35 lakh, move can lead to more localisation

The government has also issued quality control orders to curb the imports of these non-essential items

Step seeks to stop project developers from avoiding basic customs duty, but it could raise cost of production

India exported around 1.8 MT broken rice between April-June

Gold domestic futures jumped by about 3 per cent to over Rs 52,000 per 10 gram in initial trading

The government has raised the customs duty on import of some capital goods and issued notifications to raise the customs duty on many more capital goods in due course of time

In her Budget speech, the finance minister said, "MSMEs and other user industries have been severely hit by a recent sharp rise in iron and steel prices

However, auto parts makers welcome it as a step that will help localisation

Industry body CII has urged the Ministry of Finance in its memorandum submitted on Monday to impose the basic custom duty (BCD) on solar equipment as announced in the last general Budget

The planned 5 per cent increase in duty on open cells to further worsen TV makers plight

The US move follows a US Section 301 probe, which concluded the French tax discriminates against US tech firms such as Google, Facebook and Apple Inc

In a letter to US Trade Representative, Robert Lighthizer, the Senators said that thousands of US jobs rely on the soda ash industry and keeping tariffs low will help US workers and economy nationwide

Firms expected to pass on higher cost but it will come with a lag, impacting margins in the near term

On Friday, LG India Managing Director (MD) Kim Ki-Wan said the duty hikes were ill-timed and would hit the Rs 700 billion domestic electronics market