Search Result for : Import Duty

ASSOCHAM urges Govt to impose 10% customs duty on pulp imports

The Dollar Business Bureau The apex industry body Associated Chambers of Commerce and Industry of India (ASSOCHAM), in its pre-budget recommendations, urged the Government to levy a 10% customs duty on hardwood chemical pulp and bleached chemi-thermo mechanical pulp (BCTMP) imports in order to promote production of pulp in the country. The industry said that this would provide a fillip in creating jobs and support overall economic development of the country’s vast rural hinterland which covers pulpwood plantations. “These measures would help energise creation of sustainable sources of fibre required by Indian pulp and paper industry,” ASSOCHAM said in a statement on Tuesday. It also asked for policy measures for facilitating participation of private sector in plantation development programmes. As per estimates, India imports more ...

Govt levies 30% import duty on Chana, Masoor

The Dollar Business Bureau In order to protect the interests of farmers, the Government on Thursday imposed an import duty of 30% on masoor (red lentil) and chana (chickpeas) to support domestic prices. Earlier, there was no import duty on these pulse varieties and these could be freely imported. “The Government has decided to impose 30% import duty on chana (chickpeas) and masoor (lentils), with immediate effect,” Ministry of Finance said in a statement. “Production of chana and masoor is expected to be high during the forthcoming Rabi season, and cheap imports, if allowed unabated, are likely to adversely affect the interest of the farmers,” it added. According to the Ministry of Agriculture data, plantings of gram were 14% higher on yearly basis till the end of last ...

Import tariff rate on specified electronic goods under first Schedule to the Customs Tariff

Dated 14th December, 2017 | Copy of | Notification No.91/2017-Customs WHEREAS the Central Government on being satisfied that the import duty leviable on certain goods and parts thereof, falling under chapters 85, 90 and 94 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), should be increased and that circumstances exist which render it necessary to take immediate action. NOW, therefore, in exercise of the powers conferred by sub-section (1) of section 8A of the said Customs Tariff Act, the Central Government, hereby directs that the First Schedule to the said Customs Tariff Act, shall be amended in the following manner, namely:- In the First Schedule to the said Customs Tariff Act,- (a) in Section ...

Govt raises import duty on edible oils to boost local prices

The Dollar Business Bureau The Government has raised the import duty on nearly all the edible oils in a bid to control cheap imports and to boost domestic prices to support the local refiners and farmers.  “Import duty on crude palm oil has been increased to 30% from 15% and on refined oil to 40% from 25%,” according to notification (No.87/2017-customs), issued by the Department of Revenue, Ministry of Finance. Import duty on sunflower oils, soyabean oil, canola/mustard oils, including crude as well as refined format, has been increased, the notification said. The basic custom duty on crude palm oil has been doubled to 30%, whereas the import duty on refined crude palm oil been raised to 40% from the current 25%, it said. In addition, ...

Central government allows import of 3 lakh MT of raw sugar at 25% duty

The Dollar Business Bureau The Central government has allowed imports of 3 lakh metric tonnes of raw sugar at a concessional rate of 25% tariff duty. The sugar can be imported only through southern ports such as Tuticorin, Chennai in Tamilnadu, Karaikal in Puducherry, Mangalore in Karnataka, Kakinada, Vishakhapatnam and Gangavaram in Andhra Pradesh. According to the notification released by the DGFT No- 27/2015-2020 dated September 7, 2017, the validity of the tariff duty of 25% is for 60 days ie until the 1st week of November. The move to allow the imports of raw sugar by the government comes after sugar mills in Tamilnadu sought permission to import the commodity duty-free. Harvesting of sugar in the state has come down drastically due to ...

Gujarat textile industry demands heavy import duty on Chinese fabrics

The Dollar Business Bureau Textile industry of Gujarat is demanding imposition of heavy duty on the imports of fabrics from China in order to protect small and medium enterprises (SMEs) of the State. Apex trade body Southern Gujarat Chamber of Commerce and Industry (SGCCI) and Pandesara Weavers' Coooperative Society Ltd has submitted a representation to the Ministry of Commerce and to the Confederation of Indian Industries (CII) demanding an for imposition of import duty on the Chinese fabrics to safeguard the SMEs in Surat. SGCCI has raised apprehensions about the heavily under-invoiced fabrics import from China and said that the import has touched over Rs.5,500 crore in the past one year, but it could be more than Rs.10,000 crore. P M Shah, President, SGCCI said, “The Government of China provides ...

Indias proposal on services trade gets mixed response at WTO

The Dollar Business Bureau India’s proposal on Trade Facilitation Agreement (TFA) in Services at the World Trade Organisation (WTO) has got mixed response from the member nations, Commerce and Industry Minister Nirmala Sitharaman has informed the Parliament. India had circulated the proposed draft text on the TFA in Services at WTO in February this year. The draft has been discussed at relevant bodies of the WTO, said Sitharaman said in a written response to the Rajya Sabha. The proposal offers an outline for addressing various barriers to trade in services in a holistic and comprehensive manner, she said. “India’s proposal received a mixed response from the WTO members. Some members appreciated India’s proposal as being comprehensive in scope and well balanced,” the Minister said. “However, various developing and developed ...

Govt hikes import duty on sugar to 50%

The Dollar Business Bureau The government on Monday hiked the duty on raw sugar imports to 50%, in order to control the cheap imports of the commodity and to maintain the prices in the domestic market.  “Import duty on raw sugar, refined or white sugar and raw sugar if imported by a bulk consumer has been increased to 50% from the current 40% rate with immediate effect and without an end date,” Department of Revenue said in a notification (No.66/2017-Customs) dated July 10, 2017. The Government’s move will improve the paying capability of sugar mills owners to farmers for their cane supplies, as per the sugar industry.  Welcoming the government’s move, Abinash Verma, Director General, Indian Sugar Mills Association (ISMA) said in a statement, ...

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