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.
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.
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 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 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.
The government proposes to cut custom duties on Trastuzumab Deruxtecan, Osimertinib and Durvalumab from 10 per cent to nil.
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.
The Customs department seized gold worth Rs 3.15 crore from two passengers at Mumbai airport, including a finance professional smuggling gold due to US-Iran conflict concerns.
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 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.
The Indian government has marginally exceeded its indirect tax collection target for fiscal year 2025-26, with strong performances in customs, excise, and GST revenues.
Indian Customs officials have arrested five individuals from West Bengal and Assam for their involvement in smuggling high-end used cars from Bhutan. The investigation revealed a widespread network of forged documents and illegal vehicle registrations.
The Swadeshi Jagran Manch (SJM) is advocating for the termination of the moratorium on customs duties for electronically transmitted digital products, arguing that it hinders self-reliance, causes revenue losses, and restricts India's ability to tax emerging technologies like AI.
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).
A 76-year-old man in Belagavi was allegedly cheated of Rs 7.9 lakh in an online investment scam that used an AI-generated deepfake video misusing the name of Finance Minister Nirmala Sitharaman to lure investors.
Sitharaman in her budget speech said that the customs proposal "aim to further simplify the tariff structure, support domestic manufacturing, promote export competitiveness, and correct inversion in duty".
India has capped gold imports under the Advance Authorisation scheme at 100 kg, a day after significantly increasing import duties on precious metals. This move aims to tighten conditions for duty-free gold imports by jewellery exporters and curb non-essential imports amidst a ballooning import bill.
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.
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
The Supreme Court of India has emphasised that a husband's obligation to maintain his wife is a primary and continuing duty, ensuring she lives with dignity and in a manner commensurate with her marital status.
"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.
Total pending Customs arrears, including amounts under litigation, court stays and cases where the appeal period has not expired, stood at about Rs 1.36 trillion at the end of December 2024.
Customs officials at Delhi's Indira Gandhi International Airport have thwarted two separate gold smuggling attempts, seizing over 3.17 kg of gold worth approximately Rs 4.35 crore and arresting three foreign nationals.
As many as 17 cancer drugs, along with medicines and food for special medical needs for seven rare diseases, components for microwave ovens are some of the items that are set to become cheaper with Finance Minister Nirmala Sitharaman announcing cuts in customs duty in the Union Budget 2026-27.
German carmaker Audi plans to reassess and adjust its product launch strategy in India once the specific details of import duty reductions under the India-EU free trade agreement (FTA) become clear, according to Balbir Singh Dhillon, the brand's director in India.
The Confederation of Indian Industry (CII) has proposed a 20-point policy agenda to the finance ministry, including a conflict-linked emergency credit line guarantee scheme and tax rationalisation on energy inputs, to support MSMEs, exporters, and energy-intensive industries affected by the ongoing West Asia war.
FM announced no change in peak rate of customs duty for non-agriculture imports.
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.
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.
For patients, the immediate impact is a reduction in the final cost of therapies that often run into lakhs per month.
Include Crude Oil, Natural Gas and petroleum products under GST.
Air India is significantly embracing artificial intelligence to enhance operational efficiency, improve customer services, increase revenues, and reduce costs as part of its ambitious transformation plan under the Tata Group.
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