On account of Interim Budget 2019-2020, due to be presented on 01-Feb-2019, filing of Bill of Entry (Import good declaration) in ICES would not be available from 08.00 PM onwards on 01st Feb 2019 till further notice.
ICES is designed to exchange/transact customs clearance related information electronically using electronic data interchange (EDI)
To boost MSME* sector exports, the Reserve Bank increases the interest SUBSIDY on post and pre-shipment export credit** to 5 percent from 3 percent, Which means the you will get Loan at reduced Interest rate.
It has been decided by the Government of India to increase w.e.f. November 02, 2018 Interest Equalization rate from 3 percent to 5 percent in respect of exports by the Micro, Small & Medium Enterprises (MSME) sector manufacturers under the Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit
The increased subsidy is applicable from November 2.
*MSME means of Micro, Small & Medium Enterprises, These can be further divided into Manufacturing & Service Enterprises.
Manufacturing Enterprises -Enterprises engaged
In the manufacture or production of goods pertaining to any industry specified in the first schedule to the industries (Development and regulation) Act, 1951) OR
Employing plant and machinery in the process of value addition to the final product having a distinct name or character or use.
The Manufacturing Enterprise are defined in terms of investment in Plant & Machinery.
Service Enterprises:-The enterprises engaged in providing or rendering of services and are defined in terms of investment in equipment..
The limit for investment in plant and machinery / equipment for manufacturing / service enterprises,
**Credit/Loan extended to an exporter for his daily business expenses till he receives his export proceeds. It can be pre as well as post shipment.
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Prices of Gadgets such as Mobiles. Printer Ink Cartridges, Digital Cameras, Electronic Integrated Circuits & Other Gadgets may reduce after 12th November 2018.
Do you know why???
1. Information Technology Agreement(ITA) enforced by the World trade organization (WTO) in 1997 aims to lower all taxes and tariffs on information technology products by signatories to zero.
2.India, which is a signatory to the Information Technology Agreement (ITA) in 1996, is required to follow the Import Duty Custom Duty Rates.
This Means that all IT related Gadgets including Mobile Phones Import duty should be Zero as per Agreement done by India with Other countries in Year 1996.
3.US, China, Japan, Canada & Norway are expected to object at the world trade organization (WTO) to customs duty on information and communications technology (ICT Products) particularly mobile phones and other gadgets on the ground that India is not adhering to its bound tariff commitments.
4.The Six Countries are expected to challenge India to clarify on 12th November 2018 whether it is adhering to its bound/Scheduled Tariff commitments on ICT Products.
5.India have already given the Justification on the same that IT Goods in question do not fall under ITA. India said that IT & Telecom Technologies have evolved with the new applications and equipment which were neither nor even conceived at the time of signing the ITA-I in December 1996, at the WTO’s First trade ministerial meeting in Singapore.
6.India have argued the new IT Products including Apple Phones products and other IT Products do not strictly fall under the scope of ITA-1 Agreement.
What happens on 12 th November 2018 Meeting in WTO no body knows but it is very uncertain that Import Duty will be reduced to Zero as per agreement, But there is expectation that Import duty will be reduced after the meeting on 12th November 2018.
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The Central Government has taken tariff measures, by way of increase in the basic customs duty, to curb import of certain imported items.
In all the customs duty has been increased on 19 items as detailed:-
Custom Duty increased from 10% to 20%
Air conditioners ,House hold Refrigerators ,Washing machines less than 10 kgs.
Custom Duty increased from 7.5% to 10%
Compressor for air conditioners and refrigerators from 7.5 to 10
Custom Duty increased to 10% to 15%
Speakers,Radial Car tyres.Bath, shower bath, sink, wash basin, etc. of plastics,Articles of plastics for conveyance and packing such as boxes, case, containers, bottles, insulated ware etc,Tableware, kitchenware and other household items of plastics,Miscellaneous items of plastics such as office stationery, fitting for furniture’s, decorative sheets, statuettes, beads, bangles etc.,Trunks, Suitcase, Executive cases, Brief Cases, travel bags and other bags etc.,
Custom Duty increased from 20% to 25%
Custom Duty increased from 5% to 7.5%
Non industrial diamond (other than rough diamonds), i.e., cut and polished diamond, Diamonds-semi processed, half cut or broken, Lab grown diamonds Cut and polished Colored gemstone.
Custom Duty increased from 15% to 20%
Articles of jewellery and parts thereof, of precious metal or of metal clad with precious metal.,Articles of Goldsmith or silversmith wares and parts thereof of precious metal or of metal clad with precious metal.