Page 13 - Basic Customs Duty News Today

The Indian textiles and clothing industry has broadly welcomed the Union Budget 2021-22 presented by finance minister Nirmala Sitharaman in Parliament on February 1. Setting up of 7 mega textiles parks under MITRA, and reducing duty on nylon raw materials are welcomed by all trade bodies, while there is a mixed reaction to 10 per cent import duty on cotton. The grant to the textiles and clothing sector in Union Budget 2021-22 is ₹3,614.64 crore, which is about 10 per cent higher than th...

Union Budget 2021: FM Sitharaman proposes agri cess on petrol, diesel ANI | Updated: Feb 01, 2021 14:44 IST New Delhi [India], February 1 (ANI): Union Finance Minister Nirmala Sitharaman has announced the imposition of Agriculture Infrastructure and Development Cess (AIDC) of Rs 2.5 per litre on petrol and Rs 4 per litre on diesel. However, there would be no additional burden on the consumer overall as Sitharaman during Budget presentation also proposed to...

Synopsis The FM announced that there will be a reduction in Customs duty uniformly to 7.5% on semis, flat, and long products of non-alloy, alloy, and stainless steels. Budget 2021: 10 key takeaways from FM Sitharaman’s announcements for MSME sector Presenting the Budget 2021, Finance Minister Nirmala Sitharaman proposed to review more than 400 old exemptions in customs this year. The government is to put into place a new customs duty structure by Oct-1, 2021, Sitharaman announced today . Be...

DNA Explainer: Why agri cess on petrol, diesel will not affect common man Union Finance Minister Nirmala Sitharaman on Monday (February 1) proposed agri cess of Rs 2.5 per litre on petrol and Rs 4 per litre on diesel. Share Updated: Feb 1, 2021, 02:07 PM IST In a significant development, Union Finance Minister Nirmala Sitharaman on Monday (February 1) proposed agri cess of Rs 2.5 per litre on petrol and Rs 4 per litre on diesel. Sitharaman made the announcement while presenting Union Budget 20...

Shares of state-run oil marketing companies were off days high after the Finance Minister proposed an Agricultural Infrastructure and Development Cess on petrol and diesel. Indian Oil Corporation rose 1.66% to Rs 94.85. The stock hit high of Rs 96.50 in intraday trade. Bharat Petroleum Corporation rose 0.7% to Rs 386.55 after hitting high of Rs 398 in intraday trade. Hindustan Petroleum Corporation fell 0.55% to Rs 217.50 after hitting high of Rs 222.35 in intraday trade. Finance Minister Ni...

01 Pic: Shutterstock The Tiruppur Exporters Association (TEA) has termed the Union Budget 2021-22 as pragmatic as it addresses issues of all sectors at a time when the Indian economy is getting back to normalcy. The association also welcomed the announcement of setting up seven mega textile parks in the country over a period of 3 years with plug and play facilities. Union minister of finance and corporate affairs Nirmala Sitharaman presented the Budget in Parliament today. TEA president...

Mixed reactions to Union Budget in Erode Updated: Updated: Industrialists say their expectation has not been met Share Article Industrialists say their expectation has not been met The Union Budget presented on Monday evoked mixed response from the people and industrialists as they said it failed to fulfil their expectations. B. Kandavel, coordinator, Tamil Nadu Federation of Powerlooms’ Associations, said that they were against imposition of anti-dumping duty on viscose spun yarn and were ...

Four options for manufacturing in India A leg-up for manufacturing   -  THE HINDU× The Manufacturing Under Customs Bond scheme can lead to substantial savings for firms, but it has its pain points In November last year, the government announced the Production Linked Incentives (PLI) scheme for promoting manufacturing in 10 sectors. The initial response indicates that many new large-scale factories would soon be set up in the PLI supported product groups. The government provides four broad o...

Union Budget 2021: Higher budgetary allocation needed to improve precarious financial position of DISCOMs The distribution segment is one of the weakest links of the power sector in India, reeling under financial distress Amol Kotwal January 29, 2021 21:38:00 IST Power line. Image courtesy Tony Boon/Wikimedia Commons In a few days time, the Union Finance Minister will pres...

The 9 percent tax is available for certain goods that fall mainly within the categories of agricultural and utility items, while the 13 percent tax applies to other goods subject to the VAT like manufactured goods. Taxable services provided by foreign entities or individuals in China are subject to 6 percent of VAT as before. The import VAT can be calculated based on the following formula: Import VAT = Composite Assessable Price × VAT Rate                      = (Duty-Paid ...