In 2019, the DRI had found a large-scale fraud wherein Areca nut from a third non-FTA country was being imported into India from a FTA partner country, duly covered by Certificates of Origin which were found to be incorrect.
Moneycontrol's Shraddha Sharma gets in conversation with Viswanath Pilla to know how the additional cess will impact the patients and the medical ecosystem.
Reducing import dependence and curbing non-essential imports means going back in time. The overarching need for the economy to simply become more globally competitive also seems to have got a bit eclipsed.
In 2012, January gold import duty raised by 2 percent. However, in 2013 the United Progressive Alliance second term raised three times and set import duty at 10 percent in August 2013.
In the latest round of duty hike effective October 12, the Finance Ministry increased the levy of import of base station, IP Radios, soft switches and Voice over Internet Protocol (VoIP) equipments, and optical transport equipments, among others, to up to 20 percent.
Restricting imports is a part of the government’s five-point strategy to arrest the rupee’s slide.
If you have any intense air travel planned for the upcoming holiday season, perhaps you might want to rethink.
Import duty on diamonds has been raised to 7.5 percent from 5 percent.
The government has already imposed 15 percent import duty on chargers, battery, headset, speaker, microphone, keypad etc as per phased manufacturing programme (PMP).
"Open cell (15.6” and above) for use in the manufacture of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels" would attract 5 per cent customs duty, the Central Board of Excise and Customs (CBEC) said in a notification.
Explaining the purpose of the duty hike, Adhia said the government wanted to give some comfort to MSME who are in a position to make many of these items.
The higher tax has been imposed with immediate effect and without an end date.
The Modi government must simplify all the taxes, together, in one stroke, writes Sushil Kedia. Here's how.
The government says the hike in duties is justified as it benefits the domestic manufacturing industry
According to sources, the Agriculture Ministry has moved a proposal to impose import duty on chana as it fears that the prices of this rabi crop could fall sharply to the disadvantage of farmers.
"The reduction in duty on imported LNG will benefit standard gas based steel plants and encourage more sponge iron producers to adopt the gas based production route which is more environments friendly," the steel ministry said in a statement.
Speaking to CNBC-TV18, Surendra Mehta, Director of IBJA said that the organisation is looking at an import duty cut because it is damaging the organised sector as the illegal import in the country is creating a big price difference with the unorganised players.
The government is expected to announce steps like cut in the gold import duty and incentives to set up gems and jewellery parks in the next Budget to promote growth of the industry.
Steel makers like Tata Steel and Visa Steel have sought removal of import duty and clean energy cess on coking coal and giving thrust to domestic infrastructure forecasting tepid global demand next year.
Ahead of the Union Budget 2017-18, the Steel Ministry has sought reduction in import duty on both coking coal and nickel -- vital components of steel making -- a move that may revive the sector, a top official said.
The government does not have any immediate plans to cut import duty on sugar as the country would have sufficient supply of the sweetener considering fall in consumption this year and a likely bumper crop next year.
The government has recently scrapped import duty on wheat to boost domestic supplies and curb price rise. The private players has imported more than 1.7 million tonnes of wheat so far and more shipments are expected at zero Customs duty.
The government is likely to lower the import duty on gold to 6 percent from 10 percent, reports CNBC-TV18 quoting agencies. Sanjeev Bhatia, CFO of PC Jewellers feels this is a pleasant this will help plug the price gap between domestic and international prices.
The sharp fall in the gold imports may lead to a cut in the import duty on the yellow metal, reports CNBC-TV18, qouting a government official.
The government will import 90,000 tonnes of chana dal through state-owned trading firm MMTC and examine import duty on sugar to boost supply and check prices of the two essential commodities that continue to rule high.