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News Indirect Tax-Customs

  • Oct 20, 2018
  • Government imposes anti-dumping duty on certain steel products from China

    India has imposed anti-dumping duties of up to USD 185.51 per tonne for five years on certain varieties of Chinese steel to guard domestic players from cheap imports from the neighbouring country. The revenue department imposed the duty based on recommendations of the Directorate General of Trade Remedies (DGTR), according to a government notification. JSW Steel Ltd, Sunflag Iron & Steel Co, Usha Martin, Gerdau Steel India, Vardhman Special Steels and Jayaswal Neco Industries Ltd had jointly filed an application before DGTR for initiation of investigations and levying of anti-dumping duties on some steel products.

  • Oct 12, 2018
  • Govt raises import duties up to 20% on telecom equipment, components

    The government on Thursday raised tariffs on certain telecom equipment and components by up to 20 per cent, in its efforts to rein in the widening current account deficit (CAD). Set to go live from Friday onwards, the latest set of imports includes equipment used for industrial use as well as a few components for mobile devices. These had a total import bill of nearly $5 billion in 2017-18 (FY18). India imported $21 billion worth of electronics in FY18, led mostly by mobile phones and their components, making up the third-biggest chunk of the import bill after crude oil and gold.

  • Oct 09, 2018
  • India imposes anti-dumping duty for 5 years on nylon filament yarn import from Vietnam, EU

    India has imposed an anti-dumping duty of up to USD 719 per tonne for five years on import of nylon filament yarn from the European Union (EU) and Vietnam following recommendations by the commerce ministry’s investigation arm DGTR.”The anti-dumping duty imposed… shall be effective for a period of five years (unless revoked, superseded or amended earlier) from the 6th day of October, 2018 and shall be paid in Indian currency,” the department of revenue has said in a notification.The Directorate General of Trade Remedies (DGTR) in its probe has stated that nylon filament yarn (multi filament) has been exported to India from these two regions below normal values, and the domestic industry has suffered material injury on account of such dumped imports.

  • Sep 28, 2018
  • Trimming current account deficit: Duty hikes to have marginal impact

    The government’s move to raise customs duties on 19 products, including consumer goods and aviation turbine fuel (ATF), to trim the current account deficit (CAD) and ease the pressure on the rupee will have only a limited impact, as demand is unlikely to fall meaningfully due to the upcoming festival season, said analysts. As such, at Rs 86,000 crore, imports of these items accounted for only 2.5% of total merchandise imports and 0.5% of nominal GDP in 2017-18. However, the move sends a signal that the country is willing to act to curb “non-essential imports”, they said.

  • Sep 27, 2018
  • Customs duty hiked on 19 products – Check what could get costlier

    Intervening to support a falling rupee, the government on Wednesday increased the import taxes (basic customs duty) on 19 items ranging from white goods, gold jewellery and aviation turbine fuel to footwear and certain plastic items by 2.5 to 10 percentage points. The move covering goods whose aggregate imports last fiscal were `86,000 crore could jack up the prices of these goods in the domestic market and make air travel costlier. While many of these items like air conditioners and refrigerators saw a reduction in the goods and service tax (GST) rates recently, domestic manufactures could now use reduced competition from imports to hike prices, analysts said.

  • Aug 08, 2018
  • Government doubles import duty on 328 textile items to 20%

    The government today doubled import duty on as many as 328 textile products to 20 percent to provide a boost to manufacturing of these items in the country. A notification to this effect was tabled by Minister of State for Finance Pon Radhakrishnan in the Lok Sabha. The notification said it seeks to "increase customs duty on 328 tariff lines of textile products from the existing rate of 10 percent to 20 percent under Section 159 of the Customs Act, 1962".

  • Jul 20, 2018
  • ECGC to halve export credit cover for banks

    In the backdrop of record claims payment of Rs.1,283 crore in FY2018, government-owned ECGC has decided to reduce export credit cover for banks to 50 per cent of the outstanding amount, against 65-75 per cent earlier, and revise insurance premium upwards. The export credit agency has also asked banks to seek its approval in cases where the working capital limits of their large exporter clients exceed Rs.600 crore. Of the total claims of Rs.1,283 crore paid out by ECGC in FY2018, banks accounted for a chunk (Rs.1,131 crore). In FY2017, the corporation paid claims amounting to Rs.885 crore.

  • Jun 21, 2018
  • India hikes customs duty on 30 items imported from US

    In a retaliatory move, India has hiked customs duty on several goods, including Bengal gram, lentils and artemia, imported from the US. The import duty hike would be effective from August 4, the Finance ministry said in a notification.The import duty on chickpeas and Bengal gram has been increased to 60 per cent, while that on lentils has been hiked to 30 per cent.The duty on boric acid and binders for foundry moulds has been hiked to 7.5 per cent, while that on domestic reagents was raised to 10 per cent.Duty on artemia, a kind of shrimp, has been hiked to 15 per cent.

  • Apr 03, 2018
  • Govt levies 10% import duty on key smartphone parts to push Make in India

    India has imposed a 10 per cent tax on imports of key smartphone components including populated printed circuit boards, which are at the heart of smartphones, according to a government document.The government's move on Monday confirmed a Reuters report from last week that the country was exploring new duties on the imports of populated printed circuit boards that include components such as processors, memory and wireless chips.A 10 per cent customs tax was also imposed on the imports of camera modules for phones and connectors.

  • Feb 05, 2018
  • Customs hike to hit $65 billion imports, may lead to WTO dispute

    The government's decision to increase import duty on a number of products will impact at least $65 billion worth of imports, and could even land the country in a trade dispute at the World Trade Organisation (WTO), experts say.The Union Budget has proposed higher customs duty on goods including mobile phones, completely or semi-knocked down automobile parts, electronics, capital goods, edible oils, footwear, imitation jewellery and juices, whose imports in the first seven months of this fiscal are valued at more than $38.3 billion. Higher import duties are intended to discourage imports from China and propel the Make in India mission forward, and domestic manufacturers have welcomed them.

  • Feb 02, 2018
  • Arun Jaitley raises rates to boost Make in India

    The government is hoping to garner Rs 60 billion by raising import duties on about 50 items — ranging from phones and TV parts to juices and edible oil — in the Budget for 2018-19. The customs duty hike in the range of 5 to 10 percentage points is aimed to encourage local manufacturing under the government’s flagship Make in India programme launched in 2014. This is the second hike in two months by the government, as it aims to achieve twin objective of boosting domestic manufacturing and garnering additional revenue amid floundering goods and services tax (GST) collections.

  • Jan 25, 2018
  • Customs duty to hog the limelight

    The indirect tax structure has undergone a complete transformation with the roll out of the Goods and Services Tax in July 2017. Multiplicity of taxes and too many tax-levying authorities were the factors impeding the ease of doing business in the country. Revenue leakages due to tax evasion, lack of transparency and cascading taxes, were the other ills that plagued the previous indirect tax regime.

  • Jan 10, 2018
  • India mulls 70% safeguard duty on solar equipment imports

    India has proposed to levy a 70 per cent safeguard duty on import of solar power equipment from countries like China for 200 days to protect domestic industry from "serious injury". The Directorate General of Safeguards in a January 5 recommendation to the finance ministry said solar cells are "being imported into India in such increased quantities and under such conditions so as to cause or threaten to cause serious injury to the domestic industry manufacturing like or directly competitive products."The existing "critical circumstances" justify the immediate imposition of a provisional Safeguard Duty to save local units from further serious injury, which would be difficult to repair in case the safeguard measure is delayed, it said.

  • Dec 16, 2017
  • Customs duty on colour TVs, phones, microwave ovens hiked

    To curb surging imports of electronic items such as mobile phones and TV sets, the Finance Ministry on Friday increased the basic Customs duty on a host of products, which makes them more expensive. The move will also give a boost to the ‘Make in India’ programme. According to the notification, the Customs duty on mobile phones has been hiked to 15 per cent. The duty on TV sets and microwaves has been doubled to 20 per cent while the duty on video cameras has been hiked to 15 per cent from 10 per cent.

  • Dec 15, 2017
  • Government raises basic customs duty on mobile phones to encourage Make In India

    India has raised basic customs duty on mobile phones to 15 per cent from 10 per cent, imposed in July as it looks to encourage Make In India. Duty has also been raised on coloured television sets and microwave ovens to 20 per cent. "This to encourage industry to make in India....Those already manufacturing should also remain competitive," an official told ET. The government had imposed customs duty on mobile phones for the first time from July One, coinciding with the roll out of goods and services tax.

  • Dec 05, 2017
  • Soon, imported items may be released without upfront payment of duty

    India may release imported items without any upfront duty payment as part of a revamp of the Customs framework to speed up movement of goods across borders, which can currently take more than a week. Such a move would provide a massive boost, industry said. The upcoming budget, the first after the rollout of the goods and services tax (GST), is likely to include several measures aimed at relaxing the Customs regime for businesses. Other measures could include allowing traders to know their tax liability in advance even for existing transactions.

  • Oct 31, 2017
  • Customs duty on polyester fabric raised to 20%

    The central government has decided to increase the basic customs duty on polyester fabric to 20 per cent, from 10 per cent, with effect from last Friday. In the Goods and Services Tax regime, countervailing duty has been replaced with Integrated GST and Special Additional Duty (SAD) has been scrapped. Polyester fabric attracted 10 per cent basic customs duty, 12.5 per cent countervailing duty and four per cent SAD in the pre-GST regime. After scrapping of the SAD and levy of five per cent GST on the fabric, the imported variety attracted 10 per cent basic customs duty and five per cent IGST.

  • Sep 25, 2017
  • Mandatory self-sealing of export containers deferred to Nov 1

    The finance ministry has deferred by a month the mandatory self-sealing of export containers and use of radio-frequency identification tags to November 1 as traders are facing difficulties in locating vendors of the tracking devices. In a bid to improve ease of doing business, the Central Board of Excise and Customs (CBEC) in the ministry has decided to do away with the sealing of containers with export goods by officials and move towards a trust based compliance environment.The process had to come into force from October 1, but "considering the difficulties expressed by trade associations in locating vendors for RFID seals, the Board had decided that the date for mandatory self-sealing and use of RFID container seals is deferred to November 1, 2017", said a CBEC circular.

  • Sep 19, 2017
  • With Rs 1.56 lakh cr stuck in litigation, CBEC orders officers to target Rs 10 cr and above cases, deliver quick solutions

    With legal cases piling up and blocking revenue flow, the Central Board of Excise and Customs (CBEC) has urged its field formations across the country to expedite resolution of disputes that are worth over Rs 10 crore. There are over 3,000 such pending cases with an accumulated revenue demand of Rs 1.56 lakh crore. In a ‘litigation management’ meeting last month, the revenue secretary is believed to have asked the CBEC to pay special attention to pending cases involving over Rs 10 crore.

  • Sep 06, 2017
  • Self-seal export cargoes without Customs monitoring from October 1

    The Customs department has allowed self-sealing procedure from October 1 for containers to be exported, as it aims to move towards a 'trust based compliance environment' and trade facilitation for exporters.In a circular to all Principal Chief Commissioners, the Central Board of Excise and Customs (CBEC) said exporters who were availing facility of sealing at the factory premises under the supervision of customs authorities will be automatically entitled for self-sealing facility. It said that permission once granted for self-sealing at an approved premise will remain valid unless withdrawn. However, in case of change in the premise, a fresh approval from Customs department will be required.

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