IMPORT DUTIES
China extends suspension of 24% tariffs on US goods by two months, retains 10% duty
China announced its decision to prolong the suspension of the extra 24% tariffs on US goods by two more months, keeping the 10% duty on American imports in place. This extension comes in light of a prior agreement made between the leaders of both nations, effective from November 10, 2025. The recent announcement signifies ongoing trade discussions and the complexities involved in US-China economic ties.
Bengaluru woman, an ISB graduate, explains why it took her 8 years to pay her Rs 43 lakh education loan: ‘I started earning in 22…’
Repaying an education loan can be a lengthy and financially taxing experience. A woman from Bengaluru, Arpitha Rao, took eight years to pay off her education loan before achieving financial freedom. Her path included overcoming various financial challenges, personal economic struggles, and the extra duties associated with being a mother.
DGFT invites applications for vehicle import quotas under India-UK FTA
The government of India has opened applications for importers seeking duty concessions under the India-UK trade pact. This initiative relates to a quota of 24,500 passenger cars and 2,750 transport vehicles. The applications are accepted from November 6, 2026 to November 21, 2026, according to the Directorate General of Foreign Trade. The Comprehensive Economic and Trade Agreement allows reduced tariffs on vehicle imports between the two nations.
DGTR recommends imposition of quantitative restrictions on soda ash imports for 2 years
The Directorate General of Trade Remedies has signaled its intention to introduce protective measures to curb the influx of soda ash imports. This action responds to an appeal from the Alkali Manufacturers Association of India due to a troubling spike in imports. The proposed two-year quantitative restrictions will allocate specific quotas per country, distributing these annual restrictions in quarterly segments to ensure domestic manufacturers are protected.
Farmer bought land at less than stamp duty value, got income tax notice; How DVO report helped him win Rs 18.24 lakh tax dispute in ITAT Surat
Mr. Desai, encountered difficulties with the Income Tax Department after purchasing land for a price less than the stamp duty value. The Income Tax Department attempted to levy taxes on an Rs 18.24 lakh discrepancy, but his Chartered Accountant opposed this claim. The case was sent to the Departmental Valuation Officer, who appraised the land at Rs 14.08 lakh.
Gold gets its festive groove back in India as prices cool from record highs
India’s gold jewellery demand is picking up in the October-December quarter as lower prices and the wedding season draw buyers back to stores, with footfalls and purchase conversions improving, according to Crisil Ratings. However, consumers are favouring smaller purchases, including coins and bars.
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American midterm results will not have an impact on India-US interim trade deal: Sources
The Democrats' sweeping victory in the US midterm elections is unlikely to affect the India-US interim trade agreement, as the pact does not require formal Congressional ratification, sources said. However, ongoing Section 301 investigations into forced labour and excess industrial capacity could influence Washington's tariff structure and the finalisation of the agreement.
US tariffs squeeze Canadian cabinet makers facing doubling of Trump duty
As US tariffs on Canadian kitchen cabinets are set to double to 50%, the industry faces significant challenges. Companies like Cabico are considering relocating production to the US to mitigate costs. Many cabinet manufacturers have experienced reduced shipment volumes and workforce cuts due to tariffs. The Canadian government has proposed a provisional 25% surtax, but manufacturers want stronger measures.
Bringing gold jewellery, bars, coins from Dubai to India? Know how much a passenger can bring duty-free
A passenger who has been abroad for at least 6 months can bring up to 1 kg of gold, including bars, coins and ornaments, by paying a concessional duty in foreign currency. Ornaments studded with stones or pearls don't qualify for that concession. Know customs rules for different passengers for bringing gold from Dubai to India.
Budget 2027–28: ASSOCHAM calls for tax reforms to boost investment, manufacturing, ease of doing business and tax certainty
ASSOCHAM has called for a series of Direct and Indirect Tax reforms in the Union Budget 2027–28 to boost investment, strengthen domestic manufacturing, attract foreign capital and improve ease of doing business.
Gold retailers' revenue to rise up to 23% as volume decline moderates this fiscal: Crisil
India's organised gold jewellery retailers are expected to see a slower decline in sales volumes this fiscal, with revenue projected to grow 21-23 per cent despite elevated gold prices, while their credit profiles are likely to remain resilient on the back of healthy cash flows and controlled expansion, according to Crisil Ratings.
Indian travellers in Dubai can get up to AED 100 off at Dubai Duty Free using UPI
Indian travellers can now enjoy a 10% discount at Dubai Duty Free by using India's UPI for payments. This initiative, introduced by NPCI International, simplifies transactions for shoppers while eliminating the need for cash. With this exclusive offer, Indian visitors can experience a more rewarding shopping journey in Dubai, enhancing the convenience of their travel experience.
Prices of premium Scotch set to fall in Delhi after customs duty cut on British spirits
Prices for premium Scotch whiskies in Delhi are expected to decline shortly due to changes in customs duty. The reduction in import duty follows the Comprehensive Economic and Trade Agreement between India and the UK. Initially, the duty on British spirits will decrease from 150 to 75 percent, further dropping to 40 percent over the next ten years.
Scotch whisky in Delhi may get cheaper after Diwali as excise department begins price revision
Scotch whisky prices in Delhi could drop by around 7% due to changes in import duties. The new rates will likely affect popular brands like Johnnie Walker and Glenfiddich. Price revisions will be implemented initially in hotels, clubs, and restaurants, followed by retail outlets. Existing inventories must be cleared before new stocks can be sold under revised rates. The anticipated price changes are expected to occur before the wedding season.
Trump's midterm setback may put India under pressure for quick trade deal on US terms: GTRI
Amid electoral challenges, US President Donald Trump is likely to ramp up pressure on India to seal a trade deal. This potential agreement would require India to decrease import tariffs on US goods while the US keeps its tariffs intact. Analysts caution that such an arrangement may breach WTO MFN principles, undermining India's trade credibility. Additionally, compromising energy security and development aspirations could have serious implications.
India's palm oil imports hit 14-month high, soyoil purchases set record
In October, India experienced a surge in palm oil imports to 866,000 metric tons. Soyoil imports reached a record high of 653,000 tons, reflecting increased demand. The overall edible oil imports rose by 13%, reaching 1.74 million tons during the festive season. This demand is driven by concerns about limited domestic supplies and El Nino-related crop damage.
Gold smuggling jumps to 50 tonnes as 15% import duty widens gap for unofficial supply
Gold smuggling in India is estimated to have surged to 50 tonnes in the September quarter from three tonnes a year earlier after import duty rose to 15% from 6%, according to the World Gold Council. Meanwhile, demand remained 29% lower year-on-year as record-high prices weighed on purchases.
Johnnie Walker launches first India-inspired Blue Label festive blend in its 200-year history
The Johnnie Walker Blue Label Festive Blend, crafted by the brand's Master Blender Dr Emma Walker, draws on the country's rich culinary heritage and flavour traditions, the company said in a statement.
India’s illegal gold imports surge 1,500% after tax hike
India's illegal gold imports surged dramatically in the third quarter of 2023, reaching 50 metric tons. This rise is attributed to the government's recent duty hike on gold and silver imports. The increase in informal shipments is linked to previous tax increases that incentivized smuggling and cash sales. Gold demand typically rises during major festivals, though year-on-year metrics indicate a decline.
Indians refuse to cash in on gold in their lockers hoping for a better price
India’s gold demand is expected to fall to a six-year low of around 650 tonnes in 2026 as record prices, rising living costs and a weak monsoon weigh on jewellery purchases and investment, according to the World Gold Council (WGC).
India's gold bar game is next only to China despite 40% investment plunge
India’s gold investment demand rose 12% quarter-on-quarter to around 60 tonnes in the September quarter, although it remained below year-ago levels as easing price momentum and higher import duties weighed on buying, the World Gold Council said.
India's 2026 gold demand seen falling to six-year low on price rise: World Gold Council
India's gold demand is expected to fall to a six-year low of around 650 tonnes in 2026 as record-high prices, rising living costs and a weak monsoon weigh on jewellery purchases and investment demand, the World Gold Council (WGC) said.
Budget 2027: Customs duty relief on 118 goods under review
The Indian government is currently reviewing customs duty concessions applicable to 118 products set to expire. This review involves input from respective line ministries and industry stakeholders regarding these exemptions. Goods under review include materials for power projects and certain medical devices. A focus is on correcting the inverted duty structure to support local manufacturing initiatives. The outcomes of this review will influence the upcoming budget for 2027-28.
Why is India's probe of Scotch imports from Britain rattling liquor majors?
India's investigation into bulk Scotch whisky imports has triggered the first major trade dispute under the India-UK free trade agreement. The government argues bulk Scotch does not qualify for reduced import tariffs, potentially restoring duties to 150% from 75%. The dispute threatens a $65 billion global whisky market, putting Diageo, Pernod Ricard and Indian liquor makers at odds with customs officials.
India extends cotton import duty exemption till December 31
The Indian government has extended the customs duty exemption on cotton imports to December 31. This decision aims to support the textile industry by ensuring adequate raw material availability. The waiver allows greater flexibility for manufacturers to source inputs at reduced costs. Domestic cotton prices have remained firm due to production concerns, prompting this extension. The move is expected to strengthen Indian textiles in both domestic and international markets.
Govt extends customs duty exemption on cotton imports till December 31
The Indian government has announced an extension of the customs duty exemption on cotton imports until December 31, 2026. This move aims to improve the availability of raw materials for the textile and apparel industry. The extension supports Micro, Small and Medium Enterprises (MSMEs) while easing input cost pressures for manufacturers.
India extends cotton import duty exemption till December 31 to ease textile costs
The Centre has decided to extend the customs duty exemption on cotton imports until December 31, 2026. This extension aims to improve cotton availability, particularly benefiting India's textile sector and reducing costs. Manufacturers and consumers are expected to experience relief due to this measure and its impact on input costs. Small and medium enterprises in the domestic textile industry should see improved market conditions.
India jewellers hold off gold buying, betting prices will drop
Indian jewellers are delaying gold purchases ahead of the festive season, betting that prices will fall further after dropping below $4,000 an ounce. MMTC-PAMP India says large jewellery chains remain cautious, while higher import duties, subdued rural demand and tighter import rules are expected to weigh on gold demand and imports during the October-December quarter.
India expected to extend duty-free cotton imports through December, sources say
India is expected to extend the 11% customs duty exemption on cotton imports until the end of December to ease supply shortages, lower domestic prices and reduce costs for textile mills. Domestic cotton prices have remained firm amid lower crop prospects, with output estimated below 29 million bales in 2026-27 against demand exceeding 34 million bales.
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