Import Duties

The government should not make any changes in the customs duties for at least five years with a view to promoting domestic manufacturing, economic think tank GTRI said on Wednesday in its pre-Budget recommendations. The Global Trade Research Initiative (GTRI) also suggested retaining import duty on components; removal of inverted duty issues; and reduction of customs duty slabs to 5 from 25 at present to avoid confusion and minimise litigation. These suggestions will prepare India adequately to meet the challenging global economic environment, it said. The think tank noted that countries worldwide have turned inwards to brace for the tough global conditions and against this background India should announce a five-year duty freeze. "Any change may upset...production linked incentive scheme (PLI); phased manufacturing programme and other manufacturing initiatives. The government must reduce import duties only when a clear economic case is present," it said. The duty freeze should be

Practically, it is difficult to escape payment of customs duty and interest even when the goods are destroyed or re-exported

India imports more than two-thirds of its edible oil needs and has been struggling to contain a rally in local oil prices over the last few months

The duty cut made refined palm oil imports lucrative for Indian refiners, which traditionally prefer to import crude palm oil

Government's PLI schemes can help manufacturing and reduce import dependence in some sectors, say some experts

Concessional import duties on specified edible oils are in place till March 2023, the food ministry said on Sunday. This decision was taken on August 31, 2022 by the Central Board of Indirect Taxes and Customs (CBIC) in order to boost domestic supply and keeping retail prices under control. The food ministry in its latest statement said that the CBIC's decision of extending existing concessional import duties on specified edible oils is in place till March 2023. "The concessional customs duty on edible oil import has been extended by another 6 months, which means that the new deadline will now be March 2023," the statement said. The ministry also said that domestic edible oil prices have been on a declining trend driven by a fall in global prices. With falling global rates and lower import duties, retail prices of edible oils have fallen considerably in India. According to the statement, the current duty structure on crude palm oil, RBD Palmolein, RBD palm oil, crude soybean oil,

The official said the commerce ministry has sought views of different ministries, including finance, on the new bill

The Finance Ministry Thursday pegged the exchange rate for dollar at Rs 79.90 for calculation of import duty with effect from July 8, as against Rs 78.95 a fortnight ago. The sharp revision is due to depreciation of rupee against dollar following outflow of capital caused by various external factors, including the hardening of interest rate globally. Similarly, in case of pound sterling, the value has been fixed at Rs 96.10 as compared to Rs 96.70 earlier, according to a finance ministry statement. As regards euro, the conversion rate for calculating taxes on imported goods has been fixed at Rs 82.15 as compared to Rs 83.10 on June 16, it said. The sharp revision in exchange rates comes in the backdrop of the rupee depreciating by 4.1 per cent against the US dollar during the current financial year so far (up to July 5). However, it is modest relative to other EMEs and even major advanced economies. Since the war in Ukraine broke out in late February, RBI has expended its foreign

the duty concessions are available under exemption notifications and some of them mandate the procedures prescribed under the said IGCR Rules.

Musk recently said that his electric vehicle (EV) company wants to launch cars in India, but the country's import duties on EVs are "highest in the world by far"

Any duty rate cut by the government on imported electric vehicles would be very beneficial, says firm

Tesla founder Elon Musk said on Saturday that his company wants to launch cars in India, however, the country's import duties on electric vehicles are 'highest in the world by far'

Duty cut will reduce cost of raw materials, enabling local manufacturing in India. Import duties on raw materials can be brought down to zero to support domestic manufacturing, council says

Household consumption is expected to decline the longer prices remain elevated.

Hit by surging input costs, the foundry industry in the country has demanded reduction of import duty for pig iron and other raw materials, an official said on Friday.

The Brazilian government published a resolution eliminating import taxes on 141 medical products and hospital equipment

Trump said that a comprehensive trade agreement with India would take much longer to finalise than earlier expected

The coronavirus outbreak in China has disrupted supplies of raw material to other countries

A string of measures includes specific provisions in rules governing anti-dumping, safeguards, and basic Customs duties.

Higher customs duties are likely to hit goods such as mobile phone chargers, industrial chemicals, jewellery and handicraft items