TaxTMI 
TaxTMI 
What if your next import from the UK… didn’t attract any customs duty?
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....hat if your next import from the UK… didn’t attract any customs duty?<br>By: - Pradeep Reddy<br>Income Tax<br>Dated:- 24-5-2025<br>No, this isn't a scam. It's real-the India-UK Free Trade Agreement just made that possible. And it's packed with benefits Indian importers (actually, the UK businesses) should pay attention to. 👇 🛃 64% of UK products will be duty-free from Day 1 ....
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.... 📉 Customs Duty on UK whisky to be reduced from 150% of sale price → 75% now, and 40% by Year 10. You'll still pay more for the glass than the spirit. 🚗 UK cars get tariff cuts from 100 %+ to 10% under quota, starting with ICE, moving to EVs, and hybrid cars. Recently, the US has started getting such benefit (With Trump 2.0 back in power), now it's the UK's turn). &#....
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....128132; Cosmetics & toiletries like nail polish, face cream, and shaving kits- get tariffs cut or removed (because smooth skin deserves smooth imports). 📦 90% of tariff lines to be reduced/removed, affecting 92% of UK imports to India. 📄 Customs clearance promised in 48 hours (one has to wait and watch this!, given such promises were made in other agreements as well), with option....
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....s for duty deferral and paperless trade And here's the twist... Rules of Origin Even if UK goods contain third-country inputs, they can still qualify for duty concessions under the flexible Rules of Origin ⚙️ (Yes-UK whisky using Irish barley still gets the reduced tariff!) India- UK FTA is expected to provide an estimated annual tariff cuts of around Rs.4,200 crores, projected to....
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.... double to nearly Rs.9,500 crores in 10 years, for the Indian importers. That's not just a tariff cut-it's a margin makeover for indian importers and a negotiation window opener for the UK's exporters! 📌 What happens next? The deal isn't in force yet. Legal text is being finalised-once signed and ratified, the benefits will begin rolling in. 💡 Importers, Tax heads, Tax man....
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....agers, CFOs-this is the time to revisit your landed cost assumptions for your imports from the UK<br> Scholarly articles for knowledge sharing by authors, experts, professionals ....