India has ended its silver and platinum imports from the UAE due to removal of concessionary duties, as per a recent trade agreement. The cessation follows New Delhi’s decision to reduce import taxes, diminishing the duty arbitrage bullion dealers had been exploiting. On Tuesday, the world’s second-largest bullion consumer cut import duties on gold and […]
India’s duty cut halts concessionary silver, platinum imports from UAE
Govt eases norms for EPCG license holders
2 years ago
The government eased norms for the Export Promotion Capital Goods (EPCG) scheme to boost ease of doing business. Licence holders now have three years to submit a certificate from customs authorities confirming machine installation after importing. Earlier, they had only six months.
India purchased a record amount of edible oils for July delivery, driven by increased palm oil and soyoil purchases ahead of anticipated import duty hikes. Imports are projected to reach 1.92 million metric tons, up 26% from the previous month. These actions are expected to reduce inventories in top producer countries and support benchmark prices.
The Central Board of Indirect Taxes and Customs (CBIC) Chairman said that the duty was hiked in July 2022 as at that time there was a worsening current account deficit (CAD) due to the geo-political situation.
In a step to streamline imports under Free Trade Agreements (FTA), the Indian government has proposed accepting self-certification to prove the origin of goods, replacing the requirement of a certificate of origin. This change was proposed through an amendment in the Customs Act in the FY25 Budget, aiming to update the language from “certificate” to […]
The Union Budget presented by Finance Minister Nirmala Sitharaman in the Lok Sabha has been met with enthusiasm from the UK business and investor community. Key proposals include a fall in the Corporate Tax rate for foreign companies from 40 to 35% and the abolition of the “Angel Tax.” Experts believe that the budget’s announcements […]
India has revamped customs duties to support domestic manufacturing and align with global value chains. Changes include adjustments for mobile phones, electronics, precious metals, critical minerals, and more. The aim is to promote local value addition and boost export competitiveness.
India’s IT services exports show a shift in composition with a decline in software share and a rise in other business services, according to Economic Survey. The growth of GCCs is highlighted, with revenue projected to reach $100 billion by 2030. However, IT sector hiring has slowed down in FY24, signaling potential challenges ahead.
The Economic Survey 2023-24 highlights that Indian exporters are expanding their global footprint amidst geopolitical uncertainties. India benefits from strong trade relations with Asia, Europe, and the US, and is diversifying its export destinations regionally.
GTRI advises government to maintain current import tariffs on smartphone components to sustain growth in India’s manufacturing sector. Experts highlight success of policies like PLI scheme, driving significant exports and local production. Cutting tariffs may hinder long-term manufacturing growth and global competitiveness, they argue.