AIDC
India notifies first tariff cuts under New Zealand FTA
India will implement duty concessions for certain imports from New Zealand starting October 20, under a new FTA. The concessions include zero basic customs duty for sheep meat and specific rates for fish and wine. Additionally, provisions have been made for manuka honey and kiwi fruit imports with varying duties. Sensitive categories like dairy products are excluded from this trade liberalization agreement.
India notifies first New Zealand FTA duty cuts; sheep meat gets zero duty, kiwi fruit at 15%
India has notified the first set of customs duty concessions for imports from New Zealand under their free trade agreement, effective October 20. The preferential rates cover products such as wine, manuka honey, kiwi fruit and sheep meat, with limited quantities of select goods allowed under tariff-rate quotas and dairy and other sensitive sectors excluded.
Assam Cabinet clears Rs 50,000 crore Viksit Assam push, solar and healthcare projects
In a landmark decision, the Assam Cabinet has approved a 30 MW solar energy initiative along with a 25 MW battery energy storage system. Land allocations have also been made for new industrial estates and a milk processing project. The tea garden stamp duty recalculation window has been extended, while ration card holders will continue receiving subsidized Masur Dal and sugar.
Part shifting of customs duty to AIDC to have marginal impact on state transfers: CBIC Chairman
Central Board of Indirect Taxes and Customs (CBIC) Chairman Sanjay Kumar Agarwal said that shifting part of the basic customs duty to Agriculture Infrastructure and Development Cess (AIDC) will have a marginal impact on states, with around Rs 4,000 crore redistributed among 30 states.
Budget rationalises customs tariff rates to 8; keeps effective duty at same level
The government of India has simplified basic customs duty rates by reducing the number of levies to eight. While the effective duty rates on most items remain unchanged, adjustments to the Agriculture Infrastructure Development Cess (AIDC) have been made. Specific tariff rates for items like soaps, plastics, and chemicals have been consolidated to ease business operations.
Alibaba integrates ecommerce platforms into a single business unit
Alibaba International Digital Commerce (AIDC) group chief Jiang Fan, a former head of Tmall who was demoted in 2020 following an online scandal, has been tapped to lead the new unit. He will report to Alibaba Group CEO Eddie Wu.
Centre exempts gold import by RBI from customs duty, agri cess
The Centre exempted gold imported by the Reserve Bank of India from import duty and Agriculture Infrastructure Development Cess. India, the second-biggest consumer of gold, depends on imports. Cumulative gold imports reached $37.85 billion from April-January in FY24, with imports in January alone standing at $1.9 billion.
Centre increased import duty on gold and silver coins to 15%
The government has increased import duties on gold and silver finding and coins to 15%, including basic custom duty and ADIC. The new rates will be effective January 22. The government also increased import duties on silver dore, bars, and articles to align with gold and platinum import duties.
Centre raises import duties on silver in Budget 2023
"I also propose to increase the import duty on silver dore, bars and articles to align them with that on gold and platinum," Finance Minister Nirmala Sitharaman said, while she was presenting the Budget for 2023-24 in Parliament.
Import Duty Exemption on Cotton Extended till Oct 31
The extension will give relief to the textile industry as sowing of cotton crop was delayed in some regions due to patchy monsoon rainfall.
Duty free import of raw cotton to push exports of value added textiles: FIEO
The finance ministry on Wednesday waived customs duty on cotton imports till September 30, a move which will benefit the textile industry and lower prices for consumers. Currently, cotton imports attract 5 per cent Basic Customs Duty (BCD) and 5 per cent Agriculture Infrastructure Development Cess (AIDC). The industry had been demanding a duty waiver to lower domestic prices.
Assam Industrial Development Corporation takes over assets of Hindustan Paper Corporation, Cachar Paper Mill
AIDC was declared the successful bidder. On behalf of the government of Assam, AIDC has taken over the assets of Nagaon and Cachar paper mills.
GJEPC welcomes govt move to exempt AIDC on gold, silver for exporters; says to boost exports
The Gem and Jewellery Export Promotion Council (GJEPC) on Thursday welcomed the government's move to exempt the Agriculture Infrastructure and Development Cess (AIDC) on gold and silver bars and dore for exporters, and said it will boost jewellery exports.
Budget brings new cess for agriculture infrastructure and development
As per the budget statement, basic customs duty rates have been cut on a range of items to offset the impact of the cess on consumers.
Will the new Agriculture Infrastructure & Development Cess affect common man?
The Finance Minister has presented the budget, which overall did not seem to touch the middle class in any major way. There was an Agriculture Infrastructure & Development Cess (AIDC), which has been brought in to aid the agri sector. The cess is not uniform and varies from product to product.
AAI and AAOCLAS to open perishable cargo centre in Guwahati airport
The team was led by Sanjeev Jindal, Regional Executive Director, AAI; Ramesh Kumar,Airport Director, LGBI Airport.
Assam Petrochemicals Limited to set up Methanol and Acetic Acid plant
The company is presently producing 100 TPD methanol and 100 TPD Formalin, which is sold in Eastern and Northern India besides being exported.
Assam to get Northeast's first integrated tea park
The first integrated tea park of the Northeast will come up on the outskirts of Guwahati. Around Rs 23 crore will be invested in the project.
HDFC Securities puts 'buy' on Bartronics India
HDFC Securities has initiated coverage on the stock with a ‘buy’ rating saying the fast growing AIDC (Automatic Identification and Data Capture) technology in India will further boost the company’s order book and topline.
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