Customs duty News

Import duty on edible oils is one of the important factors that impact the landed cost of edible oils and thereby domestic prices. 

The Finance Minister said that there is immense potential in manufacturing heavy capital equipment domestically The rate structure will be comprehensively reviewed in due course She proposed to withdraw exemptions on tunnel boring machine

Government seeks that the step will help limit import of Palm Oil from Malaysia, thereby benefiting domestic farmers directly.

Presently, customs duty on sugar is 50% and that on chana is 30%.

The industry body has also sought policy measures to facilitate private sector participation in plantation development programmes.

Check out the prices of the Apple iPhones post the custom duty hike.

Apple imports nearly 88 percent of its devices into the country.

As per a government notification, customs duty on television set has been increased to 15 percent from the existing 10 percent.

Certain exemptions that are currently available to domestic handset makers will have to go after the GST regime comes into force.

Medical devices industry has strongly opposed the government's proposal to increase the import duty, saying it will increase healthcare costs for patients and hurt the Rs 50,000-crore industry.

The government on Friday slashed the import tariff value on gold for the second straight week to USD 354 per 10 gm in line with weak global prices of the precious metal.

During last fortnight, the tariff value on imported gold was USD 398 per 10 grams and on silver at USD 567 per kg.

Government proposes to reduce by 10 percent the penalty levied in cases involving fraud and other means to evade customs duty.

The rates of service tax, central excise and customs duties be maintained at the current level in the Budget in order to aid the success of the 'Make in India' initiative, industry body CII has said.

Industry body CII Wednesday said the government should announce measures like removal of anomalies in customs duty, reduction in CST rate, rationalisation of CENVAT credit scheme, among others in the forthcoming Budget.

The import tariff value is the base price at which customs duty is determined to prevent under-invoicing. It is revised on a fortnightly basis considering volatile global prices.