Govt not to raise import duty further on steel products
Govt has increased basic customs duty on ingots and billets, alloy steel and non-alloy long products from 5 per cent to 7.5 per cent.
New Delhi: The government has decided not to increase the import duty further on iron and steel products as of now, Parliament was informed on December 2.
In view of the measures taken by the government and taking into concerns the views of the domestic user industry, "the government has decided not to increase the import duty further on iron and steel products for the present", Minister of State for Finance Santosh Kumar Gangwar said in a written reply to the Lok Sabha.
The government has received representations from the steel industry to increase the import duty, he said. On the other hand, he added, user industries has requested not to increase the duty.
During the last one and a half year, the government has increased basic customs duty on ingots and billets, alloy steel and non-alloy long products from 5 per cent to 7.5 per cent.
Also, anti-dumping duties at specified rates have been imposed from time to time on certain specified steel products. Safeguard duty was imposed on hot rolled flat products.