Wednesday, March 4, 2015

India - Union Budget 2015-16 - Government proposes to hike peak rate of customs duty on steel products from 10 to 15%- we are yet to see credit given for corrosion control of metallic structures

The government proposes to hike peak rate of customs duty on steel products from 10 to 15%. This will help it raise customs duty upto 15% in a move that is likely to help stem the flood of cheap imports from Russia and China. While this was part of recommendations made by finance minister Arun Jaitley in his budget speech, the timing of the decision will depend on the government notification after the budget is approved by Parliament. It is more in the nature of an enabling pr ..

Domestic steelmakers who have been urging the government to raise customs duty on steel in the wake of huge surge imports this year, were keeping their fingers crossed. "For finished and semi-finished products of steel sector, tariff rate limit has been enhanced from 10 % to 15 %. This has created possibility of increase in import duty in the interest of domestic steel industry," steel & mines minister Narendra Singh Tomar said.

Article Source: http://economictimes.indiatimes.com/articleshow/46411469.cms
Publication Date: 28 February 2015

1 comment:

  1. Increase in tariff on iron and steel is an encouraging news for the domestic manufacturers. This will make extensive use of domestic steel in the manufacture of various items ranging from the household to industrial machineries and associated parts. The key question on the life of steel components is yet to be resolved. Corrosion control and maintenance of steel components are the major aspects in extending the life of assets. We are yet to see credit given for corrosion control of metallic structures in the union budget. Awareness on corrosion control has to be effectively implemented by our government to encourage material conservation efforts.

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