Category: Customs Import Duty

Customs Import Duty Tariff Rate updates in New Budgets

Feb 02

Budget 2023: Commerce Ministry urges reduction in gold import duties to boost jewellery exports

To address the current account deficit (CAD) and surging imports of the yellow metal, the Centre increased the import levy on gold from 10.75 per cent to 15 per cent in July of this year. 12.5 per cent is the standard customs charge on gold. The Commerce Ministry has requested that the import duty on gold be reduced in the upcoming Budget in order to boost exports and manufacturing in the gems and jewellery sector, PTI quoted sources as saying. Read Full Details…

Feb 01

Government must look at reducing import duty on gold in Budget 2023 to boost performance

For December 2022, the total gross export of Gold Jewellery (Plain & Studded) a decline of 4.55% to Rs 4,635.64 crores (declined 12.62% in dollar terms to $562.48 million) as compared to Rs 4,856.47 crores ($643.74 million) for the same period last year. For the month of December 2022, the total gross export of all kinds of Studded Gold jewellery declined 21.95% to Rs 2,265.90 crores (declined 28.51% in dollar terms to $275.03 million) as compared to Rs 2,903.01crores ($384.69 Read Full Details…

Jan 16

Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023- Reg.

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION-3, SUB-SECTION (i)]GOVERNMENT OF INDIAMINISTRY OF FINANCEDEPARTMENT OF REVENUECENTRAL BOARD OF INDIRECT TAXES AND CUSTOMSNOTIFICATION No. 03/2023-Customs (N.T.)New Delhi, the 11th January, 2023 G.S.R. .(E).- In exercise of the powers conferred by section 156 read with section 14 of theCustoms Act, 1962 (52 of 1962), the Central Government, hereby makes the following rules,namely:- (2) They shall come into force on 11th day of February, 2023. (a) “Act” means the Customs Read Full Details…

Jan 10

Customs duty on 35 items may be hiked in Budget 2023

India has drawn up a list of over 35 items that are being examined for a possible customs duty increase in the upcoming budget, scheduled to be announced on February 1. Private jets, helicopters, high-end electronic items, plastic goods, jewellery, high-gloss paper and vitamins are among items that are on the list prepared by the government. “A list has been drawn up based on the inputs from various ministries that are being examined,” said a government official. The move is Read Full Details…