MUMBAI: Automobile major Volkswagen has approached Bombay high court to challenge a notice issued by revenue authorities last year for an “impossibly enormous” demand of $1.4 billion.The show cause notice issued in Sept 2024 under the Customs Act pertains to import of automobile parts. Customs authorities say that the unit of the German manufacturer in…
India’s textile industry must focus on capitalising on the shifting global supply chain landscape, driven by the ongoing political crisis in Bangladesh. With global retailers scrambling to find alternative suppliers amidst the ongoing crisis in Bangladesh, industry stakeholders and experts urge the Indian government to introduce significant budget reforms to revitalise the country’s textile sector….
Representative image CK Venkataraman, MD, Titan Company, says the profits took a big dip in Q2 and substantially on account of the losses that they had called out in their last quarterly call relating to the customs duty drop. When Titan imports gold through gold on lease, the customs duty part of that price of…
MUMBAI: In a win for the scientific community, the finance ministry has rolled back a customs duty hike levied on lab chemicals. In the recent Union budget, government had hiked customs duty on laboratory chemicals from 10 per cent to 150 per cent , throwing research budgets astray.TOI, on July 31, had reported that customs…
MUMBAI: University research centres across India are seeing a series of cancelled work orders following the govt’s decision to hike customs duty on laboratory chemicals from 10% to 150%.The move announced in the recent Budget has thrown research budgets at premier labs out of shape. All research labs, barring those for physics and maths, buy…
Jewellers are applauding FM Nirmala Sitharaman‘s proposed reduction in custom duty to 6 per cent on gold and silver along with a reduction in custom duty on platinum to 6.4 per cent. They are calling the Union Budget 2024 a game-changer for the diamond, gems, and jewellery industry and it has provided an opportunity for…
Representative image Budget 2024 proposes to cut the customs duty to 6% on Gold and Silver. Moreover, the finance minister has also proposed to reduce customs duty on platinum to 6.4%. Mahendra Luniya, chairman & founder of Vignaharta Gold said that in FY23, India’s gold imports totaled an estimated Rs 2.8 lakh crore and at…
Representational New Delhi: India’s gold and silver imports from its free trade agreement (FTA) partner UAE have skyrocketed 210 per cent to USD 10.7 billion in 2023-24 and there is a need to potentially revise the concessional customs duty rates under the pact to mitigate the arbitrage driving this surge, a report said on Monday….
