The country's leading steel companies were considering a price increase of Rs 1,000-2,000 per tonne from April 1, despite a partial rollback last month.
'Increasingly, they treat gold as a financial asset in their portfolio rather than just as jewellery.'
Indian drugmakers supply 47 per cent of the generic medicine requirements in the US, and tariffs would have increased prices in the US domestic market for patients, who are already dealing with drug shortages.
While recalling the order, the bench agreed to the contention of the law officer that there was a "breach of principle of natural justice" as the government department was not accorded the hearing.
Industry leaders urge India to pursue diplomatic talks with the US, strengthen manufacturing, and consider China ties to gain leverage against tariff pressures.
Telecom Regulatory Authority of India has suggested reduction of customs duty on mobile phones to five per cent from 10 per cent
The government on Saturday imposed a 40 per cent duty on the export of onions to increase domestic availability amid signs of increasing prices. The export duty, which is the first time ever on onion, has been imposed as the retail sale price of the kitchen staple, according to government data, touched Rs 37/kg on Saturday in Delhi. The finance ministry through a Customs notification imposed a 40 per cent export duty on onions till December 31, 2023.
This will also give an impetus to the National Manufacturing Policy.
S&P Global Ratings on Wednesday said the impact of the US reciprocal tariff will be limited on India as the economy is domestically oriented with less reliance on exports. YeeFarn Phua, Director, Sovereigns and International Public Finance Ratings, Asia-Pacific S&P Global also said India will clock a 6.7-6.8 per cent GDP growth over the next two years.
Surging global crude oil prices failed to shore up customs revenue substantially as India Inc resorted to advance licence scheme, which allows duty-free imports for value-added exports.
The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
Move after spurt in shipments from the south-east Asian country Thai govt response awaited.
Raheja, who was returning from London, was arrested on Wednesday night at the Mumbai International airport for evading payment of customs duty.
The producer was returning with undeclared items from Thailand.
India's gold and silver imports from its free trade agreement (FTA) partner UAE have skyrocketed 210 per cent to $10.7 billion in 2023-24 and there is a need to potentially revise the concessional customs duty rates under the pact to mitigate the arbitrage driving this surge, a report said on Monday. Economic think tank Global Trade Research Initiative (GTRI) said this sharp rise in gold and silver imports is primarily driven by import duty concessions granted by India to the UAE under the India-UAE Comprehensive Economic Partnership Agreement (CEPA).
HP has been charged with underpaying customs duties while importing products and spare parts.
The N K Singh task force on power sector reforms has proposed wide-ranging fiscal measures, including cut in customs duty, abolition of special ad valorem duty and tax holiday to step up investments in a bid to bring down tariffs.
However, worries on inadequate import and issues for the FTA pacts.
Vietnam-based electric vehicle maker VinFast, a rival of Tesla in the global market, has set foot in India and began work on building its Rs 16,000 crore EV manufacturing facility at Thoothukudi in Tamil Nadu. The company has already sought a reduction in import duties on its cars for about two years until customers get familiar with the brand and its unit in the state. The global major kicked off the construction of the first phase of its integrated EV hub, which may see Rs 4,000 crore of investment initially and will create more than 10,000 jobs.
The primary drivers: Geopolitical disruptions inflating fuel and operational costs, and a surge in travel demand.
Presently, customs duty on natural rubber, the principal raw-material for tyres is 20 per cent, whereas the customs duty on tyres (the finished product) is 10 per cent, or even lower depending upon preferential/concessional tariff under various regional/bi-laterial trade agreements.
While duty on products such as methyl alcohol (methanol) and acetic acid has been brought down to 2.5 per cent and 5 per cent, respectively from the existing 10 per cent.
Under pressure from the United States and the European Union, which have dragged it to the World Trade Organisation over high duties on wines and spirits
The Indian Textile Industry is currently one of the largest and most important industries in the Indian economy in terms of output, foreign exchange earnings and employment.
Domestic customers will get access to high-quality Swiss products such as watches, chocolates, biscuits, and clocks at lower prices as India will phase out customs duties under its trade pact with the EFTA bloc on these goods over a period of time. India and the four-European nation bloc EFTA signed a trade and economic partnership agreement (TEPA) on Sunday to boost trade and investments between the two regions. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.
Higher excise duty at 12 per cent would have negative impact on pesticides manufacturers.
Overall market reaction to the Budget was neutral. Investors absorbed the changes to the tax rates (positive for salaried class) and capital gains taxes (CGTs, negative due to the removal of indexation and increases. Other proposals largely pertain to supporting rural development, buybacks taxed as dividends, Custom duty changes that impact multiple sectors, higher outlays for clean energy, etc. There's some moderation in the growth of capex outlay across defence, fer
India's merchandise exports to the US rose by 16.93 per cent to $8.83 billion in May, while imports dipped by 5.76 per cent to $3.62 billion during the month, according to the commerce ministry data. During April-May, the country's exports to the US increased by 21.78 per cent to $17.25 billion, while imports rose by 25.8 per cent to $8.87 billion, the data showed.
Private and public sector oil firms have opposed levy of five per cent customs duty on crude saying this would make import of products like jet fuel cheaper than manufacturing them in the country.
Market reaction to the Union Budget was overall neutral. The income tax "gift" wasn't enough to move the needle. There was some apparent rationalisation of Customs duty structure as well as cuts on import duties of some key components for the telecom and IT industry and duty cuts on vehicle imports. Other proposals related to development of agriculture and rural economy and renewables seem to be generally positive.
Tata Steel's UK operations, which have largely been a struggle since the acquisition, are expected to turn earnings before interest, tax, depreciation, and amortisation (Ebitda)-positive this financial year (2025-26/FY26) and possibly profitable by the next. Responding to shareholder queries at Tata Steel's annual general meeting, Tata group chairman N Chandrasekaran said, "We expect the UK to perform much better this year compared to last year - it will definitely be Ebitda-positive."
US President-elect Donald Trump's pledge to impose high tariffs on three of its trading partners, including China will provide huge export opportunities for India and the domestic industry should prepare itself to tap into that, Niti Aayog CEO BVR Subrahmanyam said on Wednesday. Trump last week vowed to introduce 25 per cent tariffs (or customs duty) on imports from Mexico and Canada and an additional 10 per cent on China.
The exemption of the value of right to use packaged software would be beneficial to the gaming industry.
The Union Government has forgone a whopping Rs 39,704 crore (Rs 397.04 billion) duty under export promotion schemes during 2003-04, accounting for 82 per cent of customs duty collected in that year, a CAG report has said.
The United States announced a 25 per cent tariff on India as the White House released an expansive list of duties that Washington, DC will impose on exports from countries around the world.
Prices of scotch whiskey and wine may fall by a third on the low-end brands, while savings on premium brands like Johnnie Walker and Chivas Regal would be in the range of Rs 350-500 per bottle.
Meanwhile, California Governor Gavin Newsom said Trump is "pulling a military dragnet" across Los Angeles.
