DUTY REDUCTION

Will BJP win? This market awaits June 4 results for potential shakeups in India's trade policies & global food prices

India's agricultural markets are under scrutiny as a new government prepares to take office, potentially impacting global food prices. Prime Minister Modi's policies aimed at ensuring domestic supplies have influenced key crop exports. Changes post-election could affect rice, wheat, and sugar markets, with industry leaders seeking policy shifts to address supply and demand challenges.

Margin improvement will start from H2; holding on to guidance of 15% for FY25: VIP Industries MD

Neetu Kashiramka, MD of VIP Industries, anticipates a margin increase to 18% next year, emphasizing strategies for FY25 and the implications of shifting manufacturing to India. The discussion covers various aspects including market share targets, e-commerce revenue outlook, pricing trends, and ad spends.

IOC, BPCL, HPCL post Rs 81,000 cr record profit in FY24

The retailers have resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that they needed to recoup losses incurred in the year when they kept rates lower than cost.

IOC, BPCL, HPCL post Rs 81,000 cr record profit in FY24

The retailers have resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that they needed to recoup losses incurred in the year when they kept rates lower than cost.

Mercedes-Benz, BMW and Audi may steer clear of India's new EV policy

The luxury car makers that have already been present in India for decades would rather accelerate local assembly in the country as the money will need to be ploughed in within three years of receiving approval under the scheme, said auto executives. The aforementioned companies didn’t officially comment on investments under the new policy.

Have high import tariffs helped India improve manufacturing & counter China?

The government has successfully used tariff protection in some segments, but the policy needs a review if the country has to see improvements in efficiency and sustainability fronts.

India, EFTA trade pact to help push growth of domestic wine industry: CIABC

The Confederation of Indian Alcoholic Beverage Companies (CIABC) Director General Vinod Giri said that time-bound reduction of customs duties on an equitable and sustainable level will support the domestic industry. As per the documents of the agreement, duty concessions on wine are similar to those given to Australia, with no concessions for wines costing less than USD 5.

India-EFTA trade deal: Swiss watches, chocolates to enter Indian market at lower prices

India and the four-European nation bloc EFTA signed a trade and economic partnership agreement (TEPA) on Sunday to boost trade and investments between the two regions. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.

EFTA Deal: India to link duty cuts with investments from companies of member nations

India plans to link duty reductions under the trade agreement with the European Free Trade Association (EFTA) to investments made by member countries like Switzerland, Norway, Iceland, and Liechtenstein. These nations have committed to investing $100 billion over 15 years. The FTA is scheduled to be signed on Sunday following its clearance by the Union cabinet on Thursday evening.

Upfront cost on property registration goes up in Karnataka

Currently, the stamp duty in Bangalore is 6.6% of the property's market value. The advance stamp duty will be adjusted against this at the time of the registration of the property. For resale, there is no impact as property registration often happens in a month.

Enough time given to airlines to prepare for new duty period rules for pilots: Government

DGCA has deferred implementation of new flight duty rules to June 1, allowing time for airlines to prepare. The rules extend the night period, limit duty period and landings, and address cumulative fatigue. Airlines suggest implementing their own fatigue monitoring systems. The airlines are particularly worried about the new definition of night period, extending it by an hour - from 12 AM-5 AM to 12 AM- 6AM - and limits the duty period to 10 hours and number of landings a pilot can do to two.

Airlines say India's new pilot rest rules are the most restrictive in the world

Indian airlines have requested DGCA to delay new pilot rest rules. The rules would require them to increase the number of pilots by 25% and could force them to cancel up to 20% of flights. Airlines argue that the rules are ambiguous and restrictive compared to global standards.

VinFast echoes Tesla's demand for India to cut import duty on electric cars

Vietnamese electric vehicle maker VinFast has requested India to reduce import duties on its cars for about two years while a local manufacturing plant comes on stream in Tamil Nadu. VinFast hopes to start production, for domestic sales first and then exports, by the middle of next year. India is considering the requests but has not made a decision.

Govt extends 20% export tax on parboiled rice until further order

The Indian government has decided to extend the 20% export tax on parboiled rice beyond March 31, aiming to ensure sufficient local stock and stabilize domestic prices. This measure, initially imposed in August last year and later extended until March 31, 2024, will now continue indefinitely. Additionally, the duty-free import of yellow peas has also been prolonged, provided that the bill of landing is issued on or before April 30, 2024.

India cuts import duty on blueberries, turkeys; fully exempts extra long staple cotton from levy

The Finance Ministry has slashed import duty on certain items of blueberries and cranberries from 30 per cent to 10 per cent in some cases and 5 per cent in other cases.

Govt not considering cut in import duty on rubber: Official

The government maintains the differential between local and international prices, and is not considering any cut in import duty on rubber. The duty on import of dry rubber was increased, and port entry for import of natural rubber has been restricted.

Tesla may head to India on incentive-paved road

India imposes 100% import duty on cars with cost, insurance and freight value of more than $40,000 (about Rs 33 lakh), and 60% for those below that threshold. Tesla is willing to invest up to $2 billion if the Indian government offers reduced import duty of 15% on imported electric cars in the first two years of operations, ET reported in December.

Govt slashes import duty on mobile parts

The Indian government has cut import taxes on some components of mobile phones in a bid to make the local industry more competitive. The move will help the likes of Apple and Samsung to ramp up exports, according to exports. The India Cellular and Electronics Association (ICEA) had earlier submitted a report comparing import duties among India, China, Vietnam and other countries, where they flagged a steep cost disability due to high tariffs on input parts.

Import duty cut to lower cost pressure, push exports: Industry

The government on Tuesday rationalised import duties on some parts that are crucial for mobile phone manufacturing - including mechanics and display assembly - to 10%, complying with the demands of the industry that have been asking for such rationalisation to increase cost competitiveness.

Budget 2024: Gem and jewellery industry calls for reduction in import duties on gold, cut and polished diamonds

Union budget 2024: The Gem and Jewellery Export Promotion Council (GJEPC) has called on the Indian government to lower import duties on gold and cut and polished diamonds ahead of the Union Budget. The GJEPC believes that increased import taxes on polished and cut gemstones would lead to lower exports and fewer jobs in the jewellery sector, losing its competitive advantage to rival nations like China and Thailand.

India extends import duty reduction for edible oils to March 2025

India has extended the lower import tax rates on edible oils, including crude palm oil, crude sunflower oil, and crude soyoil, until March 2025. The move aims to manage local prices and ensure a steady supply of essential commodities. India is the world's largest importer of vegetable oil, the report said

Poultry sector to seek reduction in import duty on maize & soyabean

Broken rice and maize are the main components of poultry feed. The industry fears that the prices of maize and broken rice would spike in the coming months as the diversion of these two raw materials for ethanol is expected to increase after the ban on use of sugarcane juice for ethanol.

Commerce Ministry on Centre’s move to reduce tariff on US apples, says only additional US rates have been removed