Topic
import duty
Trade Gold tariff hike boosts grey market, hurts organised trade, says WGC
India's decision to more than double gold import tariffs to 15% on May 13, 2026, has boosted the grey market and hurt organised trade, according to the World Gold Council (WGC). The tariff, combined with 3% GST, creates an 18% arbitrage that spurs illegal inflows. Net gold imports fell 23% year-on-year to 98.1 tons in the June quarter, the lowest since September 2020.
Commodities India Extends Duty Relief on Key Petrochemical Products Until July 15 Amid West Asia Tensions
The Indian government has extended duty relief on around 40 key petrochemical products including Anhydrous Ammonia, Methanol, and Styrene until July 15. The exemption, first introduced on April 2, aims to protect domestic industries from supply chain disruptions due to West Asia tensions. The extension comes as the government monitors global freight and supply chain impacts, with a customs revenue target of Rs 2.71 trillion for FY27.
Trade India to Allow Import of 3.78 Lakh UK Cars at Concessional Duty in First 15 Years of Trade Pact
Under the India-UK Comprehensive Economic and Trade Agreement (CETA), India will permit the import of 3.78 lakh (378,000) passenger cars from the UK at concessional duties over 15 years. Import duties on automotive products will drop from about 110% to 10%, with phased quotas. The pact takes effect on July 15.
Trade India's Gold Smuggling Surges Amid 15% Import Duty Hike
India's recent increase in gold import duty to 15% has led to a surge in smuggling, with gold entering from the Middle East, Bangladesh, and Nepal. The price gap between legally and illegally imported gold is significant, prompting concerns from industry experts.
Trade Indian Cotton Prices Drop as Import Duty Suspended
India suspends import duty on cotton from June 1 to October 31, easing domestic prices and benefiting the textile industry. The Cotton Corporation of India adjusts prices amid increased import options.
Trade India's Gold Demand Plummets 70% Amid Import Duty Hike
India's gold demand has decreased by 70% following a significant import duty increase from 6% to 15% effective May 13, 2026. The India Bullion & Jewellers Association reports a steep decline in purchases, impacting the unorganised sector heavily.
Trade India Waives Cotton Import Duty to Boost Supplies
The Indian government has waived the import duty on cotton until October 30, 2026, to enhance supply and reduce input costs for the textile industry. This policy aims to stabilize domestic prices and support the sector amid global supply chain challenges.
Trade India Waives Cotton Import Duty to Boost Textile Exports
India's Finance Ministry has waived the 11% import duty on cotton from June 1 to October 31, 2026, to support the textile industry. This move aims to stabilize input costs and enhance competitiveness in global markets.
Trade SC Cuts Duty on Exxsol Hexane to 2.5% After Ruling
The Supreme Court of India has ruled that Exxsol Hexane is a pure hydrocarbon, leading to a reduction in import duty to 2.5%. This decision impacts the classification and taxation of the product under customs regulations.
Trade India's Gold Market Reacts to Import Duty Hike
India's gold market is offering a ₹450/g discount following a significant import duty hike from 6% to 15% on May 13. The move aims to curb imports and manage forex outgo, impacting domestic pricing and demand.