Import Duty

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.

The Central Board of Indirect Taxes and Customs (CBIC) said Covid vaccines, when imported into India by central government or state governments, would be exempt from the whole of customs duty from January 14, 2023 till March 31, 2023.

The Directorate of Revenue Intelligence (DRI) said Samsung India Electronics Ltd misclassified networking devices called remote radio heads to avail undue exemption of basic customs duty, the Economic Times reported.

Ahead of the Budget, Medical Technology Association of India (MTaI) on Wednesday urged the government to reduce customs duties and removal of health cess on imported medical devices.

The industry is pinning its hope on the forthcoming Budget to push exports and generate jobs in the sector, Ex Chairman, Gems and Jewellery Export Promotion Council (GJEPC), Colin Shah said.

The duty has been imposed to remove "injury" to the domestic industry, according to a government notification.

Australia's zero import duty access to India, which was earlier 5 per cent, will provide a level-playing field with exports from China, Vietnam and Bangladesh, the Ratings agency said on today.

The platinum imports in September jumped multifold to a record high as refiners imported a large amount of gold containing small amounts of platinum but registered the purchases with customs as platinum alloy to avoid paying higher duties, government and industry officials told Reuters.

The Central Board of Indirect Taxes and Customs (CBIC) has said that import of mobile phone display assembly, which are fitted with items like speakers, SIM tray and power key, will attract a 15 per cent basic customs duty (BCD). Such assembly, consisting of display assembly and any other parts, is not eligible for the benefit of concessional rate ...

Tackling criticism over India buying Russian oil amid the Ukraine war, Foreign Minister S Jaishankar on Tuesday put out a strong statement justifying the move.

The commerce ministry is proposing a host of direct and indirect incentives such as deferral of import duties and exemption from export taxes to revamp Special Economic Zones through a new legislation, an official said.

Celsius Network, the crypto lender that recently filed for bankruptcy, defended is decision to begin Bitcoin mining operations at a bankruptcy court hearing on Monday. The lender received approval from the court to spend $3.7 million (roughly Rs. 30 crore) in construction costs at a new Bitcoin mining facility and $1.5 million (roughly Rs. 12 crore...

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.

Oppo India says it is reviewing Rs. 4,389 crore notice issued by the Directorate of Revenue Intelligence (DRI). The company was served with the show-cause notice for import duty invasion after searches on its premises by the DRI. Oppo India said it has a "different view" on the charges and will take appropriate steps, including legal remedies.

Chinese phone maker Oppo's India unit has been slapped with a notice for alleged Rs 4,389 crore import duty evasion, the Finance Ministry said on Wednesday.

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.

The Central Board of Indirect Taxes and Customs (CBIC) said Covid vaccines, when imported into India by central government or state governments, would be exempt from the whole of customs duty from January 14, 2023 till March 31, 2023.

The Directorate of Revenue Intelligence (DRI) said Samsung India Electronics Ltd misclassified networking devices called remote radio heads to avail undue exemption of basic customs duty, the Economic Times reported.

Ahead of the Budget, Medical Technology Association of India (MTaI) on Wednesday urged the government to reduce customs duties and removal of health cess on imported medical devices.

The industry is pinning its hope on the forthcoming Budget to push exports and generate jobs in the sector, Ex Chairman, Gems and Jewellery Export Promotion Council (GJEPC), Colin Shah said.

The duty has been imposed to remove "injury" to the domestic industry, according to a government notification.

Australia's zero import duty access to India, which was earlier 5 per cent, will provide a level-playing field with exports from China, Vietnam and Bangladesh, the Ratings agency said on today.

The platinum imports in September jumped multifold to a record high as refiners imported a large amount of gold containing small amounts of platinum but registered the purchases with customs as platinum alloy to avoid paying higher duties, government and industry officials told Reuters.

The Central Board of Indirect Taxes and Customs (CBIC) has said that import of mobile phone display assembly, which are fitted with items like speakers, SIM tray and power key, will attract a 15 per cent basic customs duty (BCD). Such assembly, consisting of display assembly and any other parts, is not eligible for the benefit of concessional rate ...

Tackling criticism over India buying Russian oil amid the Ukraine war, Foreign Minister S Jaishankar on Tuesday put out a strong statement justifying the move.

The commerce ministry is proposing a host of direct and indirect incentives such as deferral of import duties and exemption from export taxes to revamp Special Economic Zones through a new legislation, an official said.

Celsius Network, the crypto lender that recently filed for bankruptcy, defended is decision to begin Bitcoin mining operations at a bankruptcy court hearing on Monday. The lender received approval from the court to spend $3.7 million (roughly Rs. 30 crore) in construction costs at a new Bitcoin mining facility and $1.5 million (roughly Rs. 12 crore...

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.

Oppo India says it is reviewing Rs. 4,389 crore notice issued by the Directorate of Revenue Intelligence (DRI). The company was served with the show-cause notice for import duty invasion after searches on its premises by the DRI. Oppo India said it has a "different view" on the charges and will take appropriate steps, including legal remedies.

Chinese phone maker Oppo's India unit has been slapped with a notice for alleged Rs 4,389 crore import duty evasion, the Finance Ministry said on Wednesday.