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The Central Board of Indirect Taxes and Customs (CBIC), formerly the Central Board of Excise and Customs, is a statutory body under the Department of Revenue, Government of India. It oversees the administration of indirect taxes , including customs duties, excise duties, and the Goods and Services Tax (GST).
The level of customs duties is a direct indicator of the openness of an economy to world trade. However, there may also be import barriers that are not based on the levy of duties. The following table shows the tariff rate, in percentages, according to United Nations Conference on Trade and Development (UNCTAD) , [ 1 ] World Trade Organization ...
India is considering hiking import duties by 5%-10% on more than 50 items including smartphones, electronic components and appliances in the upcoming budget, three government sources privy to the ...
The IRS (Customs and Indirect Taxes) is controlled by a separate statutory body, the Central Board of indirect taxes and Customs (CBIC). The duties of the IRS (C&IT) include formulation and enforcement of policy concerning the Goods and Services Tax, prevention of smuggling and administration of matters related to Customs and Narcotics.
India plans to increase import duties on more than 50 items including electronics, electrical goods, chemicals and handicrafts, targeting about $56 billion worth of imports from China and ...
India raised the import duties on gold and other precious metals on Friday in a surprise move that industry officials say could dampen retail demand and boost smuggling in the world's second ...
As result, India is a net exporter of petroleum products. The export of petroleum products increased from 38.94 Mt in 2008–09 to 56.76 Mt during 2020–21. [28] India has an 82.8% import dependence for crude oil and 45.3% for natural gas. [29]
Custom duty is an indirect tax levied on import or export of goods in and out of country. [12] When goods are imported from outside, the tax known as import custom duty. when goods are exported outside India, the tax is known as export custom duty. The tax collected by Central Board of Indirect Taxes and Customs. In February 2020, as part of ...