Customs Duty News
SC extends criminal law safeguards to GST, Customs Act
A three-judge Supreme Court bench ruled that individuals accused under GST and customs laws would be entitled to the same legal protections as those accused under criminal law.
3 min read27 Feb 2025India slashes customs duty on bourbon whiskey to 50% amid mega trade deal with US
India has slashed the customs duty on bourbon whiskey to 50 per cent amid the mega India-US trade deal. There has been no reduction in basic customs duty on the import of other liquors.
1 min read14 Feb 2025Budget 2025: Not all LED TV makers are thrilled about duty exemption on open cell parts
A section of manufacturers sees the budget announcement as a big boost, but others say the relief will only benefit specific companies like China’s TCL and India’s Dixon.
4 min read3 Feb 2025Dry fruits industry seeks lower import duty in budget
India imported dry fruits worth $2.85 billion in 2023, making it the world’s largest importer of dry fruits.
2 min read22 Jan 2025India may tweak customs duties, regulations in budget to back local component manufacturing, ease trade
The Indian government is considering customs duty revisions in FY26 to promote local manufacturing and exports, inspired by the mobile phone sector’s success. Experts emphasise the need for a balanced approach to tariffs to ensure competitiveness while fostering job creation and economic growth.
4 min read15 Jan 2025Reform import tariffs to sharpen the competitive edge of Indian manufacturers
Comprehensive tariff reforms, an initiative announced by FM Nirmala Sitharaman in her budget speech, aimed at fixing import duty inversions can arrest the ‘cost competitiveness leak’ of Indian manufacturing, boost ‘Make in India’ and support economic growth.
1 min read17 Nov 2024India plans ‘safeguard duty’ to protect steel companies from cheap imports
Since a substantial share of imports are through free trade agreements, raising customs duty won’t help curb these, officials said.
4 min read19 Oct 2024Centre restores 10% import duty on chemicals for lab use, subject to conditions
The 10% duty will apply to genuine users of lab chemicals, provided they declare the end use of the imported consignment. Importers that don’t comply with this condition will be ineligible for the concessional rate.
1 min read1 Aug 2024Popular Topics
Budget
The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared