import duty: Current Affairs, GK & News - 2020-2021

GoI: Anti-Dumping Duty imposed on steel from China, South Korea and Vietnam

Published: June 24, 2020

The Government of India recently imposed anti-dumping duty on the steel imported from China, South Korea and Vietnam. Highlights The duty has been imposed on steel products that are imported from these countries below its associated normal value. This is causing the dumping and leads to unfair trade in India. The issue was found by ..

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Enhanced Import Duty on Bamboo Sticks

Published: June 12, 2020

The Government of India had recently announced that the import duty on bamboo sticks is to be increased from 10% to 25%. This is to have great impact on Agarbatti industry creating at least 1 lakh new jobs according to KVIC (Khadi and Village Industries Commission). Background The decision of enhancing the import duty was ..

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Import duty on Green Energy Equipment hiked by 20% in Budget 2020-21

Published: February 3, 2020

The Budget 2020-21 that was presented by the finance Minister Nirmala Sitaraman in the Parliament increased the import duty of green energy equipment like cells by 20%. This is being implemented to drive local manufacturing of the equipment and lowering the import of low-quality Chinese equipment. The step is being introduced to protect the local ..

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What is GSP in the United States of America?

Published: December 14, 2019

The United States of America’s Generalized System of Preferences (GSP) is the oldest and largest trade preference program established under the Trade Act of 1974 by the US government. The GSP promotes economic development by eliminating certain import duties on thousands of products imported from any of the beneficiary countries under the US’s Generalized system ..

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Govt scraps import duty on open cell TV panel used to make TV sets

Published: September 19, 2019

In a bid to boost domestic manufacturing, the Central government has removed 5% custom duty that was imposed on import of open cell TV panel. Open cell TV panel are used in manufacturing of television sets such as LED TVs. Key Highlights As per the notification issued by Union Ministry of Finance in this regard ..

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