Custom Duty Hike

CBIC waives interest on Customs duty payable via ECL between April 1-10

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

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Budget 2021: Mobile phone makers slam higher duty on China imports

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

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Xiaomi, Haier, others get vocal on Customs duty hike in Budget 2018

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