Import Duty

Besides, since importers are not able to clear their goods at the ports, the CBIC has urged shipping lines to waive detention and demurrage charges till April 10

The government has exempted basic customs duty on all drugs and food for special medical purposes imported for personal use for treatment of rare diseases. The import duty waiver will come into effect from April 1. Also, the government has exempted Pembrolizumab (Keytruda), used in treatment of various cancers, from basic customs duty. Drugs/Medicines generally attract basic customs duty of 10 per cent, while some categories of life saving drugs/vaccines attract a concessional rate of 5 per cent or Nil. "The Central Government has given full exemption from basic customs duty on all drugs and Food for Special Medical Purposes imported for personal use for treatment of all Rare Diseases listed under the National Policy for Rare Diseases 2021," a finance ministry statement said. Food for Special Medical Purposes is a food formulation intended to provide nutritional support to persons who suffer from a specific disease, disorder or a medical condition, as a part of their dietary ...

The government has removed the basic customs duty of 10 per cent on whole tur or pigeon peas as part of steps to check the local prices of the lentil. In a notification dated March 3, the Central Board of Indirect Taxes and Customs (CBIC) said import duty on Tur (whole) will be 'Nil'. The reduced duty is effective from March 4. However, import of tur, other than whole tur, continues to attract basic customs duty of 10 per cent. The exemption to whole tur import duty comes amidst lower tur production estimates in the country. Tur production is pegged lower at 3.89 million tonnes in the 2022-23 crop year (July-June) from 4.34 million tonnes in the previous year as per the initial projection made by the agriculture ministry. Tur is a kharif crop. Fearing likely shortage, the government in January said it has made an advance plan to import about 10 lakh tonnes higher quality of tur dal via private trade this year to meet the domestic requirement.

Cut in import duty from 252% to zero will put India in global business of car testing, says Mahendra Nath Pandey, minister of heavy industries

Germany's imports and exports both increased year-on-year in 2022 amid the energy crisis and high inflation, according to preliminary figures published by the Federal Statistical Office (Destatis)

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

Whereas to protect the domestic jewellery market, it has suggested that the basic customs duty on gold/silver/platinum jewellery should be increased from 20% to 25%

The effective duty on gold is currently 18.45%, which includes 12.5% import duty, 2.5% agriculture infrastructure development cess and other taxes

This was the largest amount since 2019, when 3,673 kilograms of gold was seized

Finance Minister Nirmala Sitharaman will be presenting the Union Budget on February 1, 2023, in Parliament, outlining her tax and expenditure plans for 2023-24

Indian exports and manufacturing will be equally benefited with the duty-free import of raw materials from Australia for their competitiveness

Why is India Inc protectionist?

As a response to a falling rupee and rising current account deficit, the govt is mulling tariff hikes on non-essential imports. But, does India Inc also favours protectionism? Let's find out

The central government is looking at ways to plug a loophole in regulations that are allowing solar power developers to avoid paying duties of nearly 40% on cells and modules

India's auto industry push for a phased duty reduction to protect interests

Move aimed at enabling tracking of goods to ensure they don't end up in replacement market

This issue of importing gold disguised as platinum has come to light in the past few weeks, said a source in the know

Liquidating some stocks from the Central pool for private traders and a curb on excess holding could be considered

According to official sources, Food Secretary has written to the SEA, Indian Vegetable Oil Producers Association (IVPA) and Soybean Processors Association of India (SOPA) in this regard

The problem of gas in Europe, oil in the US and gold in India is a lifestyle problem. High taxes and import duties aren't going to solve it

To curb gold imports, govt hikes customs duty on the metal to 15% from 10.75%