tariff evasion

US forces are enforcing a blockade on vessels entering or leaving Iranian ports in the Strait of Hormuz, a move experts deem an act of war. This directly impacts China, the largest buyer of Iranian oil, and could cripple Iran's economy. While India's direct exposure is minimal, global energy markets face significant disruption.

Chinese exporters are finding ways to avoid US tariffs. They are using 'origin washing' tactics. This involves rerouting goods through Southeast Asian countries. Social media promotes these methods. Vietnam and Thailand are increasing inspections. They want to detect fake origin certificates. US law requires 'substantial transformation' for goods to be relabeled.

Speaking at 61st Foundation Day celebration of the Directorate of Revenue Intelligence (DRI) on Tuesday, the FM pointed out how agencies such as the DRI have detected huge evasion of Rs 4,000 cr in the form of trade based money laundering. This is the 2nd time within a week that Jaitley has spoken about dismantling trade barriers in terms of higher tariff.

Calling upon revenue intelligence agencies to enhance cooperation with their global counterparts to check tax evasion and smuggling, finance minister Arun Jaitley on Thursday said free trade should also mean fair trade.

NEW DELHI: Losing about 20 crore every year in luxury tax evasion as against the total collection of Rs 72 crore, the state excise department has finally woken up to the problem.

In a bid to prevent octroi evasion and also confusion in octroi rates, the Brihanmumbai Municipal Corporation (BMC) has decided to bring parity in octroi rates of some of the commodities. The civic body has appointed Ms Singrodia Goyal and Company for this task.

After a couple of raids at hotel and resort booking agents’ offices, officials of state goods and services tax (SGST) department recently unearthed tax evasion of Rs 12 crore from across resorts at Sasan Gir.

A new 40% US trans-shipment tariff is set to create significant compliance hurdles for Indian and Asean firms, particularly in electronics and machinery. Moody's warns of potential supply chain disruptions and increased operational costs if the US adopts a broad interpretation, impacting countries like Vietnam, Malaysia, and Thailand.

Taxi unions in Goa have given a call for a strike on Monday beginning Sunday midnight.This follows the expiry of their 48 hours ultimatum to the state government to stop a new private taxi service on Saturday.

Initially, nations appeased Trump's trade tactics, but China's firm stance proved more effective. Trump's 'reciprocal tariffs' faced market crashes and legal challenges, earning him the nickname 'TACO.' As the 90-day tariff pause nears its end, India should remain firm in negotiations too.

Puducherry, Nov 3 () Puducherry Chief Minister V Narayanasamy today urged the Centre to ensure that GST does not cause hardships to the poor and farmers and said "more the tax more would be the evasion.

The United States and Bangladesh have finalized a new trade agreement. This deal lowers tariffs on Bangladeshi exports to the US. In return, Bangladesh will offer better access for American industrial and agricultural products. Both nations are committed to improving trade practices and strengthening economic security.

New Delhi, Feb 17 () India and Iran today signed an agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with regard to taxes on income.

America ends duty-free entry for small packages. This impacts e-commerce deliveries. The de minimis exemption allowed duty-free imports under $800. Concerns about misuse prompted the change. Now, all imports face US customs duties. China and Hong Kong are major suppliers affected. Online shoppers may see higher prices. Companies with US distribution networks may benefit.

The Ahmedabad zonal unit of Directorate of Revenue Intelligence (DRI) on Wednesday unearthed a multi-crore duty evasion scam by a Vapi-based firm in nylon partially oriented (NPO) yarn.

A GTRI report urges India to overhaul its import tariff structure and customs administration to boost trade costs, manufacturing competitiveness, and export growth. Recommendations include a gradual move to zero duty on raw materials and a 5% duty on finished goods, alongside simplifying procedures and eliminating inverted duty structures.

The DRI during investigation at Kolkata port discovered similar duty evasions at all major ports in the country.