Finance Minister Nirmala Sitharaman made an announcement during the presentation of the union budget that can lead to further increases in mobile tariffs in the country.
The increase in the import duty, effective January 22, is aimed at regulating imports and supporting the domestic economy.
The drugs or medicines generally attract basic customs duty of 10 per cent.
CBIC announced the exemption from customs duty and Agriculture Infrastructure Development Cess on cotton imports in a notification.
India's most-awaited budget is just a week away. Finance minister Nirmala Sitharaman will unveil the Budget 2021-22 on February 1. Meanwhile, sources have told PTI that the government may tweak customs duties on several goods to promote domestic manufacturing and exports.
The government is considering basic customs duty of around 20 per cent on solar energy equipment to provide an edge to domestic manufacturers and discourage imports, particularly from China.
The Confederation of All India Traders (CAIT) has amplified its call to boycott Chinese imports, listing out as many as 500 items that the traders' body wants to do away with. Importantly, CAIT has also approached the Central government, seeking hike in customs duty on imported Chinese products.
The government is considering hiking customs duty on a number of products, mainly imported from China, amid ongoing border tensions with the neighbouring country, a source said.
The government on Thursday exempted customs duty and health cess on ventilators, surgical masks, PPEs and COVID-19 test kits amid the ongoing coronavirus crisis in India.
Finance Minister Nirmala Sitharaman on Friday in her maiden budget speech has an announcement that might not be music for the middle-class consumers who buy gold for various reasons. The government has increased customs duty on gold and other precious metals to 12.5 per cent from the existing 10 per cent, said Finance Minister in the Lok Sabha.
The warrant was issued by a court in Surat in Gujarat after he failed to appear before it in connection with the case, officials said.
On Thursday, Finance Minister Arun Jaitley while presenting the Union Budget 2018-19 announced an increase in customs duty on mobile phones from 15 to 20 percent
Customs duty on television sets, imported smartphones, LED lamps has been increased while tax on import of microwave ovens has been doubled.
As per a government notification, customs duty on television set has been increased to 15 per cent from the existing 10 per cent.
Mumbai: Gems and jewellery players today said the gold monetisation scheme annunced in the Union Budget will increase the supply and help in reducing imports of the precious metal.The industry players, however, expressed disappointment over
Top News
Latest News
