India increases tariffs on 28 US goods

Last Updated at: November 04, 2019
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India increases tariffs on 28 US goods

In retaliation to the US’ withdrawal of preferential access for Indian products, India has imposed higher customs duties on 28 US goods, including walnuts, almonds, apricots, apples, phosphoric acid and chickpeas, finished metal items, effective June 16, 2019. This is said to bring additional revenue of $217million.

This move comes in response after the US President ended the trade concessions on $5.7 billion of goods like leather products, imitation jewellery, chemicals and farm items that India shipped to the U.S. as of 2017.

The import duty on walnut has been raised to 120% from 30%, chickpeas to 70%. Also, this move comes just days ahead of two bilateral meetings with the first visit by Secretary of State, Mike Pompeo and the G-20 Summit meeting in Japan.

Get Your Company Registered

The preferential trade agreements give the signing parties special or preferential access to each other’s market, thereby giving a boost to overall trade. America’s Generalized System of Preference (GSP) is a trade programme to promote the economic growth of developing countries – with a duty-free entry for up to 4,800 products. One-hundred and twenty-nine countries are included in the programme.

Who can be the primary authorized signatory for GST registration?

The promoter of a business should be preferably the primary authorized signatory for GST registration as he/she is the one responsible for taking action on the GST System Portal.Understand the procedure for GST registration and GST returns here.

Why is MSME important?

The MSMEs play an important role in the development of the economic growth and social development of the country. The Indian government gives importance to micro, small and medium enterprises.More on Income Tax Return Filing.

How will I get my excess paid tax refunded back?

There are chances that you employer deducts more tax and it would be refunded by the income tax department when filing the income tax returns. Learn more about ISO Certification.

Who wrote the ISO 9001 standard?

International Organization for Standardization or ISO created the ISO 9001 principles. It is an organization based in Switzerland and have representatives all over the world. More info on NGO Registration in india.

Should I open a bank account for my NGO?

A separate bank account is necessary in the name of the NGO. Otherwise it will be treated as your personal income and you will need to pay tax on the same.More about Udyog Aadhar Registration.

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India increases tariffs on 28 US goods

876

In retaliation to the US’ withdrawal of preferential access for Indian products, India has imposed higher customs duties on 28 US goods, including walnuts, almonds, apricots, apples, phosphoric acid and chickpeas, finished metal items, effective June 16, 2019. This is said to bring additional revenue of $217million.

This move comes in response after the US President ended the trade concessions on $5.7 billion of goods like leather products, imitation jewellery, chemicals and farm items that India shipped to the U.S. as of 2017.

The import duty on walnut has been raised to 120% from 30%, chickpeas to 70%. Also, this move comes just days ahead of two bilateral meetings with the first visit by Secretary of State, Mike Pompeo and the G-20 Summit meeting in Japan.

Get Your Company Registered

The preferential trade agreements give the signing parties special or preferential access to each other’s market, thereby giving a boost to overall trade. America’s Generalized System of Preference (GSP) is a trade programme to promote the economic growth of developing countries – with a duty-free entry for up to 4,800 products. One-hundred and twenty-nine countries are included in the programme.

Who can be the primary authorized signatory for GST registration?

The promoter of a business should be preferably the primary authorized signatory for GST registration as he/she is the one responsible for taking action on the GST System Portal.Understand the procedure for GST registration and GST returns here.

Why is MSME important?

The MSMEs play an important role in the development of the economic growth and social development of the country. The Indian government gives importance to micro, small and medium enterprises.More on Income Tax Return Filing.

How will I get my excess paid tax refunded back?

There are chances that you employer deducts more tax and it would be refunded by the income tax department when filing the income tax returns. Learn more about ISO Certification.

Who wrote the ISO 9001 standard?

International Organization for Standardization or ISO created the ISO 9001 principles. It is an organization based in Switzerland and have representatives all over the world. More info on NGO Registration in india.

Should I open a bank account for my NGO?

A separate bank account is necessary in the name of the NGO. Otherwise it will be treated as your personal income and you will need to pay tax on the same.More about Udyog Aadhar Registration.

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A lawyer with 14 years' experience, Vikram has worked with several well-known corporate law firms before joining Vakilsearch.