-
As India’s reliance on crude edible oils grows, Russia and Argentina have emerged as key suppliers, displacing traditional Southeast Asian exporters.
-
Copper importers have received retrospective show-cause notices from the customs department, prompting industry to send a representation to the Finance Ministry seeking relief for the traders.
-
2023 was the first non-Covid year during the current government’s 10-year regime when the number of items facing tariff cuts was higher than the items witnessing a rise in tariffs
-
GST collections growth for FY26 is estimated at 10.9 percent in the budget, similar to the previous fiscal.
-
This entire exercise has resulted in a loss of Rs 1,900 crore, says Sanjay Kumar Agarwal, Chairman, Central Board of Indirect Taxes and Customs
-
There are more than 40 different rates and the government is keen on streamlining the customs duty structure to simplify trade
-
On the proposed Customs duty rationalisation announced in the Budget in July 2024, Singh said the sectors which could see rationalisation are healthcare, manufacturing of medical equipment, white goods, electronics, footwear and toys.
-
These adjustments are part of the government's ongoing efforts to bolster domestic oilseed farmers, especially with the new soybean and groundnut crops expected to arrive in markets from October 2024, it said
-
India’s import of palm and sunflower oil have increased over 30 percent in volume in the first six months of the year
-
Analysts believe that this reduction in gold duties could lead to lower gold prices, which could negatively impact gold loan companies in the near term by diminishing their financial cushion or 'margin of safety.'
-
Customs duty reduction, long-term capital gains tax at 12.5 percent and window shrinking to 24 months means the parallel trade or recycling of gold from abroad that was happening, but not recorded, will end. Popley says he foresees the rollout of a new government scheme for people to declare gold.
-
Duty exemption on some cancer medicines will make treatment more accessible. In future, budget needs to consider higher healthcare allocations
-
The customs duty on ferro nickel has been slashed from 2.5% to zero, making it duty-free. Duty exemption on ferrous scrap has been extended to March 2026
-
Budget 2024: Also on the wish list is the extension of duty exemption on a host of goods, including solar cells and lithium-ion batteries.
-
Since 1998, WTO members have periodically agreed to extend the moratorium on the imposition of customs duties on electronic transmissions. The last extension was agreed in June 2022 at the WTO's 12th Ministerial Conference
-
The duty exemption notifications which were expiring on March 31, 2024, have thus been extended to September 30, 2024, Sanjay Kumar Agarwal tells Moneycontrol.
-
The commerce ministry has sent a list of items to the finance ministry to correct the inverted structure in the customs duty levied on certain items.
-
Bureaucrats and industry mavens agree that protectionism by way of import duty shields cannot continue for long
-
In the wind energy sector, most of the manufacturers are actually exporting all their products. I'll do away with the LMM for wind energy if this continues, said Union minister for power and renewable energy RK Singh.
-
Extension on the scheduled date of commissioning of solar or hybrid projects will be examined on a case-by-case basis. If found that adequate measures such as land acquisition or placing orders for modules have not been done as yet, then the entire project will be liable for cancellation, the MNRE stated.
-
The Global Trade Research Initiative (GTRI) also said the import duty changes in Union Budget 2023-24 affect products that count for less than USD 14 billion or 2 per cent of the value in India's current import basket.
-
The basic customs duty rate has been reduced from 21 percent to 13 percent other than textiles, making a host of articles cheaper. Cigarettes to become costlier
-
The current basic customs duty on import of primary zinc products is five per cent.
-
The DRI, in the notice, has asked why a penalty should not be imposed against the senior management of the company. It has also issued a notice to PwC and an associate director, who was questioned during the probe.
-
In its Budget wishlist submitted to the finance ministry, the Cellular Operators' Association of India (COAI) has also pushed for abolition of the Universal Service Obligation Fund or USOF.
