China has announced new export controls on key machinery, including tunnel boring machines, walking excavators, and dredger components, citing national security. These restrictions, effective November 18, could significantly impact India's infrastructure projects, such as metro systems and high-speed rail lines, as China has previously limited such exports to India.
The government should cut customs duties and streamline export promotion schemes and pay special attention to infrastructure to overcome the contracting exports on account of recession in India's major trading partners, the Economic Survey said.
India should accelerate the pace of reduction of customs duty rather than merely carry on building up the foreign exchange reserves, according to Montek Singh Ahluwalia, former finance secretary and one of the authors of India's economic reforms.
Impose safeguard duty on select paper varieties and hike customs duty
The apex body for liquor firms Confederation of Indian Alcoholic Beverage Companies has urged the government to gradually reduce customs duties on British alcoholic beverages under the proposed India-UK free trade agreement to support domestic players. India and the UK have formally launched negotiations for an FTA, under which duties would be reduced or eliminated on several goods traded between the two countries. The Confederation of Indian Alcoholic Beverage Companies (CIABC) has also suggested the government to ensure that the UK allows the selling of domestic whiskies as 'Indian Whisky', irrespective of whether they are made from malt, grain spirits or molasses-based spirits.
The steep hike in onion prices set alarm bells ringing in the government, which has imposed a ban on onion exports till January 15, 2011, to increase availability in the domestic market.
The domestic crude oil producers will benefit from levy of customs duty at 5% on crude oil, and effective tax incidence will come down due to weighted deduction on R & D as well as cut in the surcharge on corporate taxes for domestic companies
The ferro alloy sector seeks hike in customs duty on entire range of ferro alloys to 10%, except retaining customs duty on ferro nickel at 5%, which is fully imported.
The government will cut excise and customs duty on petrol, diesel, LPG and kerosene to contain the effect of spike in international crude oil prices, which touched an all-time high of $47 a barrel.
The govt has hiked customs duty for metallurgical coke.
The government may cut customs duty on petrol and diesel by 5 per cent each to avoid increasing prices that had been necessitated due to a spurt in international oil prices.
Move could fetch the exchequer Rs 14,000 cr
The Union government is likely to cut import duties on diesel, kerosene and cooking gas to cushion the impact of high international crude oil prices on the domestic market.
The Directorate of Revenue Intelligence has booked cases at Mumbai and Delhi against private airlines Jet Airways and Air Sahara for non-payment of customs duty, the Lok Sabha was informed on Friday.
A Mumbai consumer court has directed Flipkart and its seller to refund over Rs 1.11 lakh to a customer who received beard growth oil instead of an Apple iPhone, and to pay an additional Rs 70,000 in compensation and litigation costs, citing "unfair trade practice" and "deficiency in service."
The Central Board of Excise and Customs, through a notification on February 12, has slashed the duty on both the variants of motorcycles imported as completely build units (CBU) to 50 per cent.
In a moved aimed at bringing inflation under control, the government cut customs duty on 11 product categories, including portland cement, capital goods, project imports and raw materials, late Monday night.
Even as the government's move to hike import duties on 45 items is seen as a sign of protectionism, the prime minister was himself involved in the process.
Buckling under pressure from various quarters, the government on Monday withdrew the harsh provisions relating to excise and customs duty evasion cases. In Finance Bill 2012-13, it had earlier proposed to make certain excise and customs duty evasion cases non-bailable until the court had heard the public prosecutor.
The Indian government has approved the introduction of one billion polymer banknotes in Rs 10 and Rs 20 denominations for field trials, aiming to enhance durability. This move comes as the Finance Minister also addressed Parliament on declining retail inflation, GST reforms, and other fiscal measures taken to support the economy and household consumption.
East Bengal FC and Mohun Bagan are set to clash in the IFA Shield final on Thursday, a highly anticipated Kolkata derby. East Bengal aims to avenge last year's defeat and secure their 30th title, while Mohun Bagan seeks to retain the Shield and claim their 22nd. The match comes amidst a demanding schedule for both teams, particularly Mohun Bagan, with players returning from national duty, adding to the tactical challenges for coaches Panagiotis Dilmperis and Antonio Habas.
The government may tweak customs duties in the Budget next week on several goods, including furniture raw materials, copper scrap, certain chemicals, telecom equipment and rubber products, to promote domestic manufacturing and exports, sources said. They said that while import duties could be tweaked on over 20 products such as cut and polished diamonds, rubber goods, leather garments, telecom equipment and carpet, the customs duties could be removed on select raw materials (like wood in rough, swan wood and hard board) used for furniture manufacturing and copper concentrate.
Apple's upcoming iPhone 18 lineup is set to cost 20 to 43 per cent more in India, primarily due to rising global memory component costs and a depreciating rupee, while the new foldable iPhone Duo will be priced between Rs 3 lakh and Rs 4.5 lakh, matching the cost of some hatchback cars.
India's indigenous paper manufacturers are forced to use a variety of raw materials.
As domestic metal prices will rise faster than global prices if customs duty on metals is hiked, the capital goods sector seeks retaining them at current levels.
Customs duty cannot be levied on electricity supplied from a special economic zone (SEZ) to the domestic market, ruled the Supreme Court on Monday while upholding Adani Power's appeal against a 2019 judgment of the Gujarat high court. The 2019 judgment had denied relief to Adani Power from Customs duty on electricity supplied from its Mundra SEZ unit to the domestic tariff area (DTA).
Customs officials at Delhi airport seized 115 smuggled gold bars weighing 3.5 kg from an American national of Indian origin, who allegedly concealed the contraband in a specially designed belt.
Weak verbs and poor language can make even impressive achievements seem ordinary, points out Nayagam PP, a career coach and founder of EduJob360.
The United States has announced a preliminary countervailing duty of 125.87 per cent on imports of certain Indian solar goods, alleging unfair subsidisation. This move could impact India's renewable energy sector and its efforts to boost domestic solar manufacturing.
The Delhi High Court has ruled that a private company's provision of email services does not, by itself, make it amenable to writ jurisdiction, even if the account is crucial for a user's business. This decision came as the court dismissed a petition by a media company seeking restoration of access to its Gmail account.
The Supreme Court expressed dissatisfaction with the Centre's cap on anti-cancer drug trade margins, questioning why similar controls aren't applied to other medicines. The court highlighted significant markups on common drugs and medical devices, urging the government to expand its price regulation efforts and present modalities by October 27.
Exemption of custom duty on coal would help Chlor Alkali companies to lower their power cost wherever they have captive power generation based on coal.
Government should provide a level playing field to domestic manufacturers by making customs duty @ 10 per cent, CVD @ NIL and SAD @ 4 per cent on all categories of power projects including power generation, transmission and distribution projects in line with other infrastructure projects like roads, airports, ports, railways, transport terminals, bridges, tunnels and dams.
Metals and mining conglomerate Vedanta aims to achieve $10 billion in group Ebitda by FY27, a significant increase from $6 billion in FY26, and plans to reduce its overall debt by more than 20,000 crore during the same period, according to CFO Ajay Goel.
India-EU FTA opens a bigger European market for Indian carmakers while giving European brands greater access to India.
India on Friday revoked the 'most-favoured nation' status to Pakistan following the Pulwama terror strike.
