Import Duty Hike

Centre to levy import duties on non-essential items as exports fall: Report

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

SEA urges govt to hike refined palm oil import duty to save local refiners

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

India raises total import duty on platinum to 15.4% from 10.75%

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

Central government to help domestic solar industry after sharp duty hike

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

How will the hike in import duty of gold affect customers in India

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

Top Headlines: UK crisis to delay FTA; revenue from govt's new levies

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

High duty may extend slack season for gold, keep prices in check for now

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

Budget 2021: Govt raises import duty on parts of mobile phones, chargers

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

Budget seen raising import duties by 5%-10% on dozens of items: Report

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

RCEP with China, minus India: Is the trade deal a threat or opportunity?

In this podcast, Business Standard's Subhomoy Bhattacharjee explains what is RCEP, how will it benefit member nations, why did India pull out of RCEP and more

RCEP decoded: Why India chose to stay out of Asia's mega free trade pact

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

Hiking import duties won't promote manufacturing or improve exports: Report

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

Comm Min recommends import duty hike on Korean synthetic rubber for 2 yrs

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

5% import duty on key component used in TV manufacturing from Oct 1

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 ..

Govt plans another excise hike on petroleum products to offset revenue loss

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

Higher import duty on auto components likely to increase burden of industry

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

Toy importers go on strike after Union Budget imposes 200% duty hike

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.

Govt likely to restore 2% additional duty incentive on mobile phones export

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

A lesson to learn: Economic problems can have counter-intuitive solutions

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

Commerce Ministry seeks cut in gold import duty in Budget to push export

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