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customs duty

Customs Violation Cases: Power to attach bank accounts should be exercised after examining facts carefully, CBIC tells field offices

Customs Violation Cases: Power to attach bank accounts should be exercised after examining facts carefully, CBIC tells field offices

Mon, Jul 29, 2024

Under the Customs Act, Principal Commissioner or Commissioner of Customs can order in writing about the attachment of bank accounts for up to six months in cases where it is in the interest of revenue or for preventing smuggling. Such attachments can be extended by another six months.

Customs 2.0 in offing, to provide fully automated stakeholder service: Revenue Secretary

Customs 2.0 in offing, to provide fully automated stakeholder service: Revenue Secretary

Sat, Jan 27, 2024

The World Bank's Logistics Performance Index 2023, which was released in April last year, had ranked Customs processes at 47th spot, down from 40th position in 2018.

Finance Minister Nirmala Sitharaman says every partner needs to collaborate for India to become third-largest economy by 2027-28

Finance Minister Nirmala Sitharaman says every partner needs to collaborate for India to become third-largest economy by 2027-28

Sat, Jan 27, 2024

With a common purpose of ease of doing business for nation building during India's 'Amrit Kaal', all the stakeholders need to come together and contribute for benefits to citizen of India, the Finance Minister said.

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

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

Thu, Apr 06, 2023

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.

Govt hikes duty on X-ray machine imports to 15% from April 1

Govt hikes duty on X-ray machine imports to 15% from April 1

Sun, Mar 26, 2023

The changes in the customs duty rate was brought in as part of the amendments to the Finance Bill, 2023, which was passed by the Lok Sabha last Friday. The new rates would be effective from April 1, 2023, the amendment said.

Budget 2023: Fully imported cars, including EVs, to cost more

Budget 2023: Fully imported cars, including EVs, to cost more

Wed, Feb 01, 2023

Customs duty on vehicles in completely built units (CBUs) costing less than USD 40,000 or with engine capacity less than 3,000 cc for petrol-run vehicles and less than 2,500 cc for diesel-run vehicles has been raised from 60 per cent to 70 per cent, as per the Budget document.

India proposes 15% retaliatory duties on 22 items imported from UK against curbs on steel products

India proposes 15% retaliatory duties on 22 items imported from UK against curbs on steel products

Wed, Sep 28, 2022

India has proposed additional customs duties of 15 per cent on the import of 22 products, including whiskey, cheese and diesel engine parts, from the UK in retaliation to Britain's decision to impose restrictions on steel products.

Made in India toys: Manufacturers scale up production capacity amid rise in demand; eyes global markets

Made in India toys: Manufacturers scale up production capacity amid rise in demand; eyes global markets

Sun, Aug 14, 2022

According to the industry, the sector is also going global, as manufacturers are scouting new markets and increasing exports to the Middle East and African countries.

Exemption of customs duty on COVID-19 vaccines imports extended till this date

Exemption of customs duty on COVID-19 vaccines imports extended till this date

Fri, Oct 01, 2021

The exemption of customs duty which is given on the import of COVID-19 vaccine till September 30, 2021 has been extended till December 31, 2021.

Customs duty hike: Cement, fruit shipments from Pakistan among 10 most hit imports after Pulwama terror attack

Customs duty hike: Cement, fruit shipments from Pakistan among 10 most hit imports after Pulwama terror attack

Mon, Feb 18, 2019

Pulwama terror attack: Hike in the duty would drastically increase the prices of Pakistani goods in Indian markets which would make them far less competitive as compared to other imported goods.

Pulwama terror attack: India hikes customs duty to 200% on all goods imported from Pakistan

Pulwama terror attack: India hikes customs duty to 200% on all goods imported from Pakistan

Sat, Feb 16, 2019

Increasing duties would significantly hit Pakistan's exports to India, which stood at USD 488.5 million (around Rs 3,482.3 crore) in 2017-18.

Harley-Davidson issue: Trump says 'getting nothing' after India reduces tariffs on motorcycles

Harley-Davidson issue: Trump says 'getting nothing' after India reduces tariffs on motorcycles

Tue, Feb 27, 2018

President Donald Trump has once again raked up the issue of high import duty on Harley-Davidson motorcycles by India, saying the US was "getting nothing" with the New Delhi's recent announcement that it had slashed customs duty on imported motorcycles from high-end brands to 50 per cent.

This budget will be Modi government's biggest challenge in 4 years

This budget will be Modi government's biggest challenge in 4 years

Tue, Jan 16, 2018

The tinkering of indirect taxes, which was an aspect of the budget that affected everyone in all corners of the country, is not within the Centre`s domain anymore.

GST mop-up,compliance unlikely to improve near-term: Report

GST mop-up,compliance unlikely to improve near-term: Report

Tue, Nov 28, 2017

"Both collection as well as compliance of GST remains low, with the compliance being at around 50 per cent and is unlikely to increase significantly till the complete framework including returns matching, e-way bill, and reverse charges, are implemented fully," it noted.

10% customs duty on mobiles, hike on more items likely

10% customs duty on mobiles, hike on more items likely

Sat, Jul 01, 2017

In a bid to protect local manufacturers, the government has imposed a 10% basic customs duty (BCD) on cellular mobile phones and specified parts of cell phones like charger, battery, wire headset, microphone and receiver, key pad and USB cable from Saturday, an official statement said here.

Govt imposed 10% custom duty on wheat

Govt imposed 10% custom duty on wheat

Tue, Mar 28, 2017

Govt imposed 10% custom duty on wheat. Watch this special segment and get to know more here.

Direct tax collection records growth of nearly 11% in April-February; indirect tax collection up 22%

Direct tax collection records growth of nearly 11% in April-February; indirect tax collection up 22%

Fri, Mar 10, 2017

The Government of India's net refunds of direct tax collection from April to February 2016-17 has risen 10.7% to Rs 6.17 lakh crore as compared to same period last year.

Here are 20 key Budget 2017 terms that you need to know

Here are 20 key Budget 2017 terms that you need to know

Wed, Feb 01, 2017

Here are 20 key Budget 2017 Glossary terms that you need to know before you watch FM Arun Jaitley's Union Budget speech on Wednesday.

Budget 2017: FM Arun Jaitley may cut taxes, lack of indirect-tax data may make it tough

Budget 2017: FM Arun Jaitley may cut taxes, lack of indirect-tax data may make it tough

Thu, Jan 26, 2017

Tax experts have said that Finance Minister Arun Jaitley is likely to cut taxes in Budget 2017.

Products across 6 manufacturing sectors face inverted customs duty: Ficci

Products across 6 manufacturing sectors face inverted customs duty: Ficci

Tue, Aug 30, 2016

Products across six manufacturing sectors such as capital goods, cement, electronics and electricals, among others face inverted customs duty structure that erodes their competitiveness against lower-duty finished product imports and discourages domestic value addition, said Ficci in its latest r

Indirect tax collections registers 30% growth upto July 2016

Indirect tax collections registers 30% growth upto July 2016

Tue, Aug 09, 2016

During the month of July the total indirect tax collections had increased by 23.4% as it stood at Rs 68,341 crore in July 2016 from Rs 55,388 crore in the same month a year back.

Govt to extend incentives to boost India's exports, says Nirmala Sitharaman

Govt to extend incentives to boost India's exports, says Nirmala Sitharaman

Fri, Jun 17, 2016

"So it is a time when the help will have to be extended whether in the form of interest subvention or in the form of any kind of incentives for exports. We have been looking at sectorally," Sitharaman told reporters.

Govt imposes 20% export duty on sugar to boost domestic supply

Govt imposes 20% export duty on sugar to boost domestic supply

Fri, Jun 17, 2016

The move comes at a time when prices have surged sharply in various commodities including tomato, wheat and pulses.

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