Tuesday, July 23, 2019
News

Industry seeks higher import duty on certain steel materials

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi | Tuesday, 2019 5:15:05 AM IST
India's steel industry has sought an increase in basic customs duty for certain steel materials from the government in the upcoming full-budget 2019-20.

According to Indian Steel Association's budget recommendations made to the government, India should discourage imports of non-essential steel items such as 'hot rolled items and colour coated steel' that "it produces and have the capacity to meet the entire domestic requirement".

The association represents all the major public and private sector steel enterprises of India.

"Ensuing trade discord between USA and China, protectionist measures by EU, Canada, Turkey, among others, and global steel excess capacity is impacting the steel market," the memorandum of recommendations said.

"The resultant increase in non-essential steel imports into India and consequently an increase in the country's CAD is a cause for serious concern."

Besides, the association has sought reduction in import duty on raw materials to nil rate and rectification of inverted duty structure.

"In line with government's 'Make in India' policy, all input raw materials, which India imports (irrespective of the quantity) for promoting value addition within the country, should attract nil import duty," the memorandum said.

It has asked the government to reduce customs duty on Pet Coke from 2.5 per cent to nil, similarly, it has been demanded that customs duty on anthracite coal be reduced from 2.5 per cent to nil.

"Import duties on other raw materials used in steel making (iron ore, zinc, paint, oils and lubricants, refractory etc.) be removed," the memorandum said.

Apart from import duties, the association has called for rationalisation of GST and inclusion of petroleum products, natural gas and electricity under its ambit to allow input tax credit.

Subsume all mining related taxes, royalties, cess etc into GST so that input tax credit can be availed by producers, the association recommended.

The government will present the Budget for 2019-20 on July 5.

--IANS rv/prs

( 326 Words)

2019-06-24-23:10:05 (IANS)

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
NSE to exclude 9 stocks from futures and...
Stop financing subvention schemes: NHB...
Mastek reports 8 pc jump in Q1 FY20 net ...
Government panel for ban on cryptocurren...
Flipkart revamps seller onboarding proce...
Jaypee Infra: NCLAT reserves order on ex...
More...
 
INDIA WORLD ASIA
SC to hear Ahmed Patel's plea on August ...
India did not request Trump to mediate o...
Over 161 Amarnath pilgrims administered ...
Kiara Advani dazzles in red at ICW 2019 ...
Centre disempowering every citizen: Soni...
Two Afghan nationals arrested with 50kg ...
More...    
 
 Top Stories
Sai Praneeth advances at Japan Open... 
Centre sees RTI Act as a nuisance: ... 
Apple may buy Intel's modem busines... 
Flawed Facebook app let children ch... 
High prices of healthy food contrib... 
RSS to hold special session for BJP... 
3,187 terror attacks in J-K between... 
Indices end volatile day in the red...