New Delhi, April 8 (IANS) The shortfall in the Pakistan government’s revenues has emerged as the Achilles’ heel of the IMF Programme.These revenues are the cornerstone of Pakistan’s IMF loan agreements, focusing on aggressive tax expansion to meet revenue targets and secure funds. To align with the IMF’s $7 billion Extended Fund Facility (EFF), the FBR is pushing for a revised target of over Rs 13 trillion, including tough tax hikes, revenue reforms in agriculture, property, and increased …
Latest Customs Duty News & Updates
New Delhi, April 4 (IANS) Pakistani consumers are bearing almost half of petrol’s retail cost in the form of government levies and industry profit margins, an internal government document has revealed, coming just a day after a massive increase in the prices of both petrol and diesel was announced, a report said.According to the Geo News report, Petroleum Minister Ali Pervaiz Malik, speaking alongside Finance Minister Muhammad Aurangzeb at a press briefing, announced a Rs 137.23-per-litre rise i…
New Delhi, March 1 (IANS) In a bid to significantly improve ease of doing business, the Central Board of Indirect Taxes and Customs (CBIC) has introduced a new facilitation measure for trusted manufacturers by enabling the facility of deferred payment of customs duty to a new category of importers called Eligible Manufacturer Importers (EMIs), it was announced on Sunday.CBIC has issued detailed eligibility conditions, application process and operational guidelines through a circular dated Februa…
New Delhi, Feb 2 (IANS) Finance Minister Nirmala Sitharaman said on Monday that the customs duty changes announced in the Budget for 2026-27 are part of the Indian government’s ongoing economic reforms to rationalise tariffs and are not linked in any way to the policy decisions of the US.”We have changed customs duties, and we have been making customs duty changes in every Budget for a while now, and we have continued the same in this Budget as well,” she pointed out.The Finance Minister maintai…
New Delhi, Jan 1 (IANS) The Union Budget 2026 has made every necessary provision for maintaining the health of India, said Minister of State Anupriya Patel on Sunday.Speaking to IANS, Patel noted that the Budget, presented by Union Finance Minister Nirmala Sitharaman, laid special focus on health, pharma, and chemicals.“India has progressed on the path of self-reliance, and no sector is untouched by it today,” Patel said.Hailing the Biopharma Shakti Mission of Rs 10,000 crore, the MoS stated…
New Delhi, Feb 1 (IANS) Highlighting concessions on smartphones in the Union Budget 2025-26, Delhi BJP President Virendra Sachdeva said on Sunday that it offers several benefits to the youth and shields the middle class from new taxes.Sachdeva listened to the 13th Budget proposal of Prime Minister Narendra Modi–led government at the Delhi BJP State Office.He said that this Budget, which promotes sports and sporting talent, is youth-friendly.“Budget 2026, which promotes the construction indus…
New Delhi, Feb 1 (IANS) The government will roll out a Customs Integrated System (CIS) within two years as a single, integrated and scalable platform for all customs processes, Finance Minister Nirmala Sitharaman said on Sunday while presenting the Union Budget 2026-27.The utilisation of non‑intrusive scanning with advanced imaging and AI technology for risk assessment will be expanded in a phased manner to scan every container across all major ports, according to an official statement.The app…
New Delhi, Jan 22 (IANS) Federation of Indian Export Organisations on Thursday urged the government to use the Union Budget 2026 to tackle cost competitiveness issues faced by exporters through customs duty rationalisation and tax incentives.FIEO proposed five measures ranging from customs duty rationalisation to support for domestic shipping lines and enhanced tax incentives for R&D.The industry body argued targeted fiscal support and policy certainty are essential as India competes for glo…