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CBIC Chairman Vivek Chaturvedi (File photo- ANI) The Central Board of Indirect Taxes and Customs (CBIC) is set to introduce the proposed Eligible Manufacturer-Importer (EMI) scheme by March 1, with a draft framework expected to be released in five to six days for stakeholder consultation, a top official said on Thursday.Addressing a media interaction in…
India’s 2026 Baggage Rules: Are UAE Travellers Finally Getting a Fair Deal? India has introduced a major overhaul of its customs baggage rules for 2026, bringing changes that will significantly benefit international travellers, especially UAE residents, Indian expats (NRIs) and tourists of Indian origin flying into the country. These changes come into effect from February…
Finance minister Nirmala Sitharaman Finance minister Nirmala Sitharaman, presenting her ninth consecutive Union Budget on Sunday, announced several major healthcare measures, including customs duty waivers on 17 cancer drugs and duty exemptions for medicines for seven rare diseases. The finance minister highlighted India’s economic stability, fiscal discipline, and sustained growth under the Narendra Modi-led NDA…
File photo: Union finance minister Nirmala Sitharaman Finance minister Nirmala Sitharaman is set to present her ninth consecutive Union Budget on February 1, with expectations centred on tax reforms, a revamp of the customs duty structure and measures to support economic growth amid heightened geopolitical uncertainty. The Budget is also expected to outline a clear…
Dhruv Gadh, Partner- Transport, Logistics and Infrastructure PwC India lists the top expectations for maritime sector: This budget presents an opportunity to transform the maritime sector by focusing on three key areas: 1. Capital allocation for Maritime Amrit Kaal VisionAlign investments to support the long-term Maritime Amrit Kaal Vision by scaling up the Sagarmala Programme….
The Centre on Wednesday revised customs duties on display-related products to support domestic electronics manufacturing and fix the existing duty structure. The Union finance ministry raised the Basic Customs Duty (BCD) on flat panel displays to 20%, while reducing the duty on open cells and key components to 5%. The changes are aimed towards strengthening…
Budget 2026: As the Union Budget for the financial year 2026-2027 draws closer, Indian companies are expecting a GST like transformation in the customs duty framework to promote trade facilitation and simplify dispute resolution. Key demands include a rationalisation of customs duty rates, a reduction in the number of duty slabs, and the introduction of…
The IT industry body MAIT has urged the government to reduce basic customs duty on key electronic components and enhance tax incentives in the upcoming Union Budget to strengthen domestic manufacturing and improve global competitiveness.In its pre-Budget recommendations submitted to the finance and IT ministries, the Manufacturers’ Association for Information Technology (MAIT) proposed cutting basic…
India needs a comprehensive overhaul of its import tariff structure and customs administration to reduce trade costs, improve manufacturing competitiveness and revive export growth, think tank Global Trade Research Initiative (GTRI) said on Saturday, PTI reported. In a report titled A Blueprint for Modernizing India’s Import Tariffs and Customs Regime, GTRI recommended a gradual move…
A key industry demand relates to strengthening the Customs Authority for Advance Rulings (CAAR). (AI image) As the Centre readies the Union Budget 2026-27, industry and tax experts have flagged mounting customs litigation, uneven trade facilitation and gaps in digitalisation as areas needing urgent policy attention. In its pre-Budget memorandum, FICCI has outlined a series…
