IDFC First Bank has integrated with ICEGATE 2.0 to enable digital payment of customs duty, central excise, and service tax for its customers.
The Central Board of Indirect Taxes and Customs (CBIC) has enabled UPI, debit, and credit card payments for Customs duty on the ICEGATE portal, enhancing ease of doing business for importers and exporters.
The Central Board of Indirect Taxes and Customs (CBIC) announced the implementation of the Eligible Manufacturer Importers (EMI) scheme from April 1, allowing eligible importers to defer customs duty payments.
InterGlobe Aviation, the operator of IndiGo, has approached the Delhi high court seeking a refund of over Rs 900 crore it claims to have paid as Customs duty on aircraft engines and parts re-imported into India after overseas repairs. The petition came up for hearing on Friday before a bench of Justices Prathiba M Singh and Shail Jain.
The government proposes to cut custom duties on Trastuzumab Deruxtecan, Osimertinib and Durvalumab from 10 per cent to nil.
The Central Board of Indirect Taxes and Customs (CBIC) is set to significantly increase its use of artificial intelligence (AI), machine learning (ML), and real-time analytics in Customs processes, aiming for a near-touchless, near-digital clearance experience, according to Chairman Vivek Chaturvedi.
Revenue intelligence and customs officers are set to intensify surveillance and increase vigilance on international borders to combat potential gold smuggling following a significant increase in customs duty on gold.
A court in Mumbai sentenced a customs clearing agent to two years' imprisonment in four cases of import duty evasion, while acquitting three others due to flawed investigation by the CBI.
The Directorate of Revenue Intelligence (DRI) has dismantled a large-scale network involved in fraudulently importing South-East Asian areca nuts into India. The syndicate falsely declared the nuts as Bangladeshi origin to evade customs duty, leading to a potential revenue loss of over Rs 2,500 crore. Nine individuals have been arrested in connection with the scam.
The proposed exemption in customs duty on import of lithium, cobalt and other rare minerals in the Union Budget 2024-25 is likely to lower the battery production cost and help in making electric vehicles more affordable for the buyers, auto industry leaders said on Tuesday.
Three Indian passengers were intercepted at Delhi airport with 10 professional-grade drones, described as military-grade unmanned aerial vehicles, equipped with thermal imaging and laser range finders. The drones, valued at over Rs 1.03 crore, along with an iPhone 18 Pro Max, were recovered from passengers arriving from Hong Kong. The seizure was made by Customs officers based on intelligence, as the drones were brought into India without declaration or payment of duty.
The government has announced Customs duty exemptions for the newspaper and magazine publishing industry, which has been hit by the current economic slowdown.
There is nothing specific announced for Chemicals Industry, however, reduction in customs duty
"Customs duty collection is likely to cross the budgetary estimate this year despite lowering of the peak rate. Barring external factors... economy will continue to grow at a high rate and manufacturing at a brisk rate," the finance minister said.
This will boost availability of these items as well as make them cheaper, it said, adding that Modi also directed the revenue department to ensure seamless and quick custom clearance of such equipment.
The steep cut in Customs duty on silver in the FY25 Budget to 6 per cent from 15 per cent may provide the government temporary relief by checking the spurt in silver imports from the United Arab Emirates (UAE) under the Comprehensive Economic Partnership Agreement (CEPA). In FY24, silver imports from the UAE jumped to $1.7 billion from only $11.18 million in FY23, according to commerce department data. In May, about 87 per cent of India's silver imports came from Dubai.
Monthly gold imports have declined to 25-30 tonnes from 70-80 tonnes while recycling of old jewellery has increased following the recent hike in import duties.
India's gold demand saw a 6 per cent year-on-year decline in the April-June quarter of 2026, reaching 131.4 tonnes, primarily due to subdued seasonal sales, increased Customs duty, and Prime Minister Narendra Modi's call to reduce gold purchases, according to a World Gold Council report.
The Indian government has waived customs duty on critical petrochemical products until June 30 to ensure supply stability and provide relief to consumers amid disruptions caused by the crisis in West Asia.
India's Goods and Services Tax (GST) receipts, after accounting for refunds, surged by 18.1 per cent annually to approximately 1.77 trillion in September, marking its fastest growth in six months. This increase was primarily driven by a significant rise in tax revenue from imports, which grew 26 per cent annually.
India's organised gold jewellery retail sector is projected to experience a 13-15 per cent year-on-year decline in sales volumes this fiscal, following an 8 per cent drop last year, due to elevated gold prices and a recent import duty hike, according to a Crisil report.
FM announced no change in peak rate of customs duty for non-agriculture imports.
Titan Company reported a strong first-quarter performance for FY27, primarily driven by its jewellery segment, which saw a 30 per cent growth in sales. This robust Q1, coupled with expectations of continued outperformance, has led brokerages to raise earnings estimates and boosted the company's stock.
New Zealand Prime Minister Christopher Luxon stated that the historic Free Trade Agreement with India, now in effect, will help grow both economies, allowing Kiwi businesses to reach over a billion more customers with significantly reduced tariffs, leading to 'more jobs and higher wages for Kiwis'.
Remove anomaly of higher customs duty on inputs by cutting the customs duty on natural rubber, other inputs and on tyre manufacturing machinery and / or hike in customs duty on tyres.
The Union government's budget proposals next month would see a "substantial reduction" in customs duties, commerce secretary S N Menon said on Tuesday.
The Indian government has increased import duties on gold and silver from 6 per cent to 15 per cent to curb inbound shipments of precious metals amid a rising import bill due to the West Asia crisis.
The Indian Centre has spent 37 per cent of its ~12.22 trillion capital expenditure target in the first four months of FY27, marking a 30 per cent year-on-year increase, while simultaneously keeping the fiscal deficit under control at 27 per cent of the Budget Estimate.
While the country is liaising with other countries through free trade agreements, the Indian manufacturing industry is gradually losing its grip over the domestic market due to inverted Customs duty structure, a Ficci survey has said.
Basic Customs Duty is being reduced to 2.5 per cent for the equipments required for setting up or substantial expansion of iron ore pellet plants & iron ore beneficiation plants.
Include Crude Oil, Natural Gas and petroleum products under GST.
The gems and jewellery industry anticipates challenging times following the government's decision to increase gold import duty to 15 per cent, a move that exporters warn could fuel the grey market and heighten smuggling risks.
Industry demands the basic customs duty on all steel imports to be raised to 25%
Finance Minister P Chidambaram on Thursday said customs duty cut on a number of items has been advanced, including edible oils, to curb high inflation.
Vijay Kelkar, advisor to the finance minister, on Friday submitted the final reports on direct and indirect taxes to Finance Minister Jaswant Singh.
At 5% customs duty, the govt will earn more than $3 bn
Given the oversupply and weak domestic demand, the paper and paperboard players will be unable to pass on the entire increase in duties, and will see a further drop in their EBITDA margins.
A 23-year-old delivery executive, Sameer Hussain, allegedly died by suicide after being assaulted over a torn Rs 10 note in East Delhi. He recorded a video expressing his humiliation before consuming poison. Two accused have been arrested, and police have added abetment of suicide charges to the case.
