Handset prices are unlikely to fall despite the government announcing concessions in customs duty on specific mobile phone components. Industry experts say the original equipment manufacturers (OEMs) will instead get a cushion to absorb the other high costs arising out of component shortages and supply chain issues. “The reduction in BCD (basic customs duty) on … Read more
The Central Board of Indirect Taxes and Customs (CBIC) has fully exempted imports of Covid 19 vaccines from basic customs duty, from October 1 till December 31. “The Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the goods of the description specified when imported into … Read more
The government will impose a basic customs duty of 5% on open cell television panel imports from October 1, the Central Board of Indirect Taxes and Customs (CBIC) notified late Wednesday evening. The levy has been implemented despite repeated requests from the industry to defer it. The government aims to foster domestic manufacturing of open … Read more
NEW DELHI: The ministry of new and renewable energy has asked solar manufacturers to provide a list of machinery and capital goods that should be exempted from basic customs duty (BCD), indicating that the duty may soon be imposed. “Ministry of New and Renewable Energy had consultation with Ministry of Finance and Department of Heavy … Read more