Import Duty Hike

The government is also looking for ways to separate commodities that come under the same Harmonized System of Nomenclature (HSN) code for imposing duties

The association has argued that a 15 per cent duty difference would help reduce refined palmolein imports and replace the same with crude palm oil imports

It is being presumed that the increase in duty on platinum is to plug a loophole which is helping bullion importers to make record profits

The government may provide direct incentives to the producers of solar modules as it believes that tax cuts may lead to practical difficulties

Indian gold imports in May were recorded at 107 tonnes, a rise of 790 per cent year-on-year, and impacting the current account deficit negatively

The government's new levies could help balance the Budget and leave room for more money to be spent on infrastructure like roads. Read more on this in our top headlines

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

The government on Monday proposed to impose import duty on components of mobile phones and chargers, to enhance local value addition

Finance Minister Nirmala Sitharaman will unveil the budget on Feb. 1

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Indian business community felt it would be swamped by imports with low duties, which it would not be able to compete with. The govt decided that it cannot afford to take the chance

Amid the government hiking import duties on a slew of products to help boost local manufacturing, a report on Monday pitched for lowering such levies

Commerce ministry has recommended an increase in import duty on a Korean synthetic rubber for two years in order to guard domestic industry from significant jump in inbound shipments of the product

Customs duty of 5 per cent has been imposed on import of a key component used in manufacturing of LED/LCD TVs from October1, a government notification said on Wednesday. The government had last year exempted customs duty on open cells for a year till September 30 as the domestic industry had sought time to build capacity. The finance ministry, through a notification on Wednesday, prescribed 5 per cent customs duty on open cells for LED/LCD TV panels. EY Tax Partner Abhishek Jain said this levy seems to aim at fostering domestic manufacturing of open cells for televisions in India. "While this could entail increased costs for some TV manufacturers, a duty leverage could incline TV manufactures for procuring / manufacturing domestically produced open cells and thus, advance the Make in India initiative of the Government," Jain added. Till last year, televisions worth Rs7,000 crore were being imported. Television import has also been put on the restricted category with effect from ..

No immediate hike, marginal increase likely to be implemented only after lockdown is lifted

Industry sales have sagged for about 18 months and prices were anyway rising with the compulsory nationwide switch to the stiffer BS-VI emission standards by April 1

Protesting the move, the toy wholesalers of the city went on a one-day strike, contending that the import duty hike will result in the closure of businesses and a spur in unemployment.

This duty benefit, which will help boost exports, is expected to continue till March 31, 2020

From drug price ceiling to additional duties on steel imports and export ban to counter onion shortage - govt response to several problems shows the lessons may not have been learnt, writes T N Ninan

In the last Budget, the government has increased the import duty on the yellow metal to 12.5%