Increased Import Duty
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Budget May Increase Import Duties To Check Rupee Decline: EY Chief Policy Adviser
The government, in the forthcoming Budget, could consider levying higher tariffs on imports to check the significant decline in rupee value witnessed in the past few months, said EY Chief Policy Advisor DK Srivastava.
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Ahead Of PM Modi-Joe Biden Meet, India Removes Additional Duties On US Products
India has removed additional duties on about half a dozen US products, including chickpeas, lentils and apples, which were imposed in 2019 in response to America's decision to increase tariffs on certain steel and aluminium products.
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Budget 2023: Fully Imported Cars, Including EVs, To Cost More
Prices of imported vehicles with invoice value less than $40,000 are expected to go up by around 2 per cent with Finance Minister NIrmala Sitharaman proposing to increase customs duty on such vehicles from 60 per cent to 70 per cent in the Union Budget 2023-24.
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Budget 2023: Industry Body Seeks Increase In Import Duty Of Aluminium, Aluminium Products
The present import duty on aluminium and aluminium products is 10 per cent. Aluminium, a resilient metal that retains its fundamental properties even when recycled, is widely utilised.
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New Tax Changes To Offset Fuel Duty Cut And Boost Overall Collection: Report
Changes in import duty and a windfall tax on fuel exports will offset duty cuts on fuels and increase overall tax collection over the budget target this fiscal to Rs 20.70 lakh crore, per a report.
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Gold Import Tax Hike To Fuel Smuggling, Please Reconsider Decision: Industry Bodies
Jewellery and industry experts on Friday said the increase in import duty on gold to 15 per cent will fuel smuggling and urged the government to review the tariff rate on the yellow metal.
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JSW Steel To Maintain Europe Supplies Sans Export Tax Levy
JSW Steel will continue to supply products to European buyers without passing on any increase in costs despite Government imposing export tax
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Consumer Electronics Makers Seek Customs Duty Hike On Finished Products
The domestic appliances and consumer electronics industry expects an increase in customs duty on finished goods to discourage imports
-
Tesla Asked To Increase Localisation, Share India Plans Before Getting Tax Breaks
Tesla Inc. is the most valued automotive manufacturer in the world and the company wrote to the government of India on getting tax breaks. But the government has asked Tesla to increase localisation and share plans for India market, before it offers tax breaks, if it will.
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Budget 2021: Phones May Get Costlier as Exemptions Revoked, Analysts Say It's a 'Short-Term' Issue
In the Budget 2021 speech, Finance Minister Nirmala Sitharaman announced mobile phone parts like the Printed Circuit Board Assembly (PCBA), Camera Module, and Connectors will see a withdrawal of exemption from custom duty and a moderate 2.5 percent tax will be levied, instead of the ‘nil’ rate offered earlier. Similarly, parts and sub-parts for...
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Centre Open To Raising Auto Import Duty To Boost Domestic Production: Piyush Goyal
The government wants companies to reduce imports, increase domestic production and play a bigger role in the global supply chain in an effort to make the country more self-reliant.
-
Coronavirus Pandemic: Government To Increase Excise Duty on Petrol, Diesel To Increase By Up To Rs. 8 Per Litre
Notably, Rs. 8 per litre hike would be a great move for the government as it would increase its annual excise collection from the sector to Rs. 1,20,000 crore. The increase in petroleum products along with saving over $15-20 billion in oil import bill in the financial year 2021 will ensure enough boost to bring the economy back on the track after n...
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Union Budget 2020: Customs Duty For CBU Commercial Vehicles Increased
Customs duty on fully imported commercial vehicles through the completely built unit (CBU) route has been raised to 40 per cent from the current 25 per cent.
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Government Likely to Raise Import Duties on Electronics Next Week
India plans to increase import duties on more than 50 items including electronics, electrical goods, chemicals and handicrafts, targeting about $56 billion worth of imports from China and elsewhere, officials and industry sources said.
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More Than 300 Items May See Customs Duty Hike In Budget
On footwear and related products, the Ministry has suggested an increase in duty to 35 per cent from the current 25 per cent while for new pneumatic tyres of rubber, it has proposed to hike customs duty to 40 per cent from the current 10-15 per cent. The ministry has proposed to increase import duty on wooden furniture to 30 per cent from the cu...
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Budget May Increase Import Duties To Check Rupee Decline: EY Chief Policy Adviser
The government, in the forthcoming Budget, could consider levying higher tariffs on imports to check the significant decline in rupee value witnessed in the past few months, said EY Chief Policy Advisor DK Srivastava.
-
Ahead Of PM Modi-Joe Biden Meet, India Removes Additional Duties On US Products
India has removed additional duties on about half a dozen US products, including chickpeas, lentils and apples, which were imposed in 2019 in response to America's decision to increase tariffs on certain steel and aluminium products.
-
Budget 2023: Fully Imported Cars, Including EVs, To Cost More
Prices of imported vehicles with invoice value less than $40,000 are expected to go up by around 2 per cent with Finance Minister NIrmala Sitharaman proposing to increase customs duty on such vehicles from 60 per cent to 70 per cent in the Union Budget 2023-24.
-
Budget 2023: Industry Body Seeks Increase In Import Duty Of Aluminium, Aluminium Products
The present import duty on aluminium and aluminium products is 10 per cent. Aluminium, a resilient metal that retains its fundamental properties even when recycled, is widely utilised.
-
New Tax Changes To Offset Fuel Duty Cut And Boost Overall Collection: Report
Changes in import duty and a windfall tax on fuel exports will offset duty cuts on fuels and increase overall tax collection over the budget target this fiscal to Rs 20.70 lakh crore, per a report.
-
Gold Import Tax Hike To Fuel Smuggling, Please Reconsider Decision: Industry Bodies
Jewellery and industry experts on Friday said the increase in import duty on gold to 15 per cent will fuel smuggling and urged the government to review the tariff rate on the yellow metal.
-
JSW Steel To Maintain Europe Supplies Sans Export Tax Levy
JSW Steel will continue to supply products to European buyers without passing on any increase in costs despite Government imposing export tax
-
Consumer Electronics Makers Seek Customs Duty Hike On Finished Products
The domestic appliances and consumer electronics industry expects an increase in customs duty on finished goods to discourage imports
-
Tesla Asked To Increase Localisation, Share India Plans Before Getting Tax Breaks
Tesla Inc. is the most valued automotive manufacturer in the world and the company wrote to the government of India on getting tax breaks. But the government has asked Tesla to increase localisation and share plans for India market, before it offers tax breaks, if it will.
-
Budget 2021: Phones May Get Costlier as Exemptions Revoked, Analysts Say It's a 'Short-Term' Issue
In the Budget 2021 speech, Finance Minister Nirmala Sitharaman announced mobile phone parts like the Printed Circuit Board Assembly (PCBA), Camera Module, and Connectors will see a withdrawal of exemption from custom duty and a moderate 2.5 percent tax will be levied, instead of the ‘nil’ rate offered earlier. Similarly, parts and sub-parts for...
-
Centre Open To Raising Auto Import Duty To Boost Domestic Production: Piyush Goyal
The government wants companies to reduce imports, increase domestic production and play a bigger role in the global supply chain in an effort to make the country more self-reliant.
-
Coronavirus Pandemic: Government To Increase Excise Duty on Petrol, Diesel To Increase By Up To Rs. 8 Per Litre
Notably, Rs. 8 per litre hike would be a great move for the government as it would increase its annual excise collection from the sector to Rs. 1,20,000 crore. The increase in petroleum products along with saving over $15-20 billion in oil import bill in the financial year 2021 will ensure enough boost to bring the economy back on the track after n...
-
Union Budget 2020: Customs Duty For CBU Commercial Vehicles Increased
Customs duty on fully imported commercial vehicles through the completely built unit (CBU) route has been raised to 40 per cent from the current 25 per cent.
-
Government Likely to Raise Import Duties on Electronics Next Week
India plans to increase import duties on more than 50 items including electronics, electrical goods, chemicals and handicrafts, targeting about $56 billion worth of imports from China and elsewhere, officials and industry sources said.
-
More Than 300 Items May See Customs Duty Hike In Budget
On footwear and related products, the Ministry has suggested an increase in duty to 35 per cent from the current 25 per cent while for new pneumatic tyres of rubber, it has proposed to hike customs duty to 40 per cent from the current 10-15 per cent. The ministry has proposed to increase import duty on wooden furniture to 30 per cent from the cu...
