NEW DELHI: The commerce ministry has recommended restricting purchase of tax-free alcohol to one bottle at duty-free shops as part of steps to reduce import of non-essential goods, sources said. The ministry has also recommended to its finance counterpart that purchase of cigarette cartons at duty-free shops should be prohibited, they said. These recommendations are part of proposals made by the commerce ministry for the forthcoming Budget, which would be unveiled by finance minister Nirmala Sitharaman on February 1. Currently inbound international passengers are allowed to buy two litres of alcohol and a carton of cigarette from these shops. According to sources, there are countries that allow only one litre of liquor to international passengers and the same practice can be adopted in India. This suggestion assumes significance as the government is looking at various ways to curtail import of non-essential goods into the country to rein in trade deficit. A duty-free shop is … [Read more...] about Commerce ministry for restricting duty-free alcohol purchase to one bottle
Duty on imports
NEW DELHI: The domestic steel industry is seeking reduction in basic customs duty on key raw materials such as coking coal, pet coke, limestone and dolomite in the upcoming Budget. Finance Minister Nirmala Sitharaman is scheduled to present the Budget for financial year 2020-21 on February 1. "Anthracite coal, coking coal, coke, limestone, dolomite are vital inputs for the steel industry. The availability of these items in good quality is declining in the country and the industry has to depend on imports on regular basis," industry body Ficci said in its Budget recommendations for Indian steel sector. The basic customs import duty on anthracite coal is 2.5 per cent. Since ferro alloy industry plays a vital role in steel manufacturing, it is necessary to make available these reductants at international competitive price to make Indian steel mills more competitive, it said while recommending that customs duty on anthracite coal be reduced to zero from 2.5 per cent. Met coke, another … [Read more...] about Steel industry seeks duty cut on key raw materials in Budget
BEIJING, Jan. 19 (Xinhua) -- China's Ministry of Commerce (MOC) announced on Sunday it will continue to take anti-dumping measures on solar-grade polysilicon imported from the United States and the Republic of Korea. … [Read more...] about China extends anti-dumping duties on U.S., ROK solar-grade polysilicon
India has emerged as one of the world's fastest growing import markets for Scotch whisky, a trade body said, on Friday, while seeking urgent help from the UK government to bring down India's "exorbitant" 150 per cent customs duty on liquor. … [Read more...] about Guess who imports the maximum amount of Scotch wiskey?
Days after commerce and industry minister Piyush Goyal warned against imports under the ‘others’ category, the ministry issued a trade notice on Friday asking traders to strictly mention the respective tariff codes (called HS code in trade parlance) in their bills of entry at the time of imports, failing which the government will consider imposing restrictions for inbound shipments of those goods. The Directorate General of Foreign Trade (DGFT) also asked traders to suggest appropriate HS codes for products imported by them which do not have any classification and fall under the ‘others’ category. Every traded product is categorised under an HSN code (harmonised system of nomenclature)—the global systematic classification of goods. Of over $500 billion worth of imports in 2018-19, the ‘others’ category accounted for goods worth $130 billion. Goyal had last week said that high duty will be imposed within a month on products categorised as … [Read more...] about Govt asks traders to suggest tariff codes for goods without classification, warns of licensing regime for ‘others’