FII wants excise duties on steel to be kept at equal rates

FII wants excise duties on steel to be kept at equal rates

Federation of Industries of India (FII) has recently urged government to review excise duties on steel products as they vary product to product. As reported by SteelOrbis back in February, Indian government reduced excise duties on certain steel products from 16% to 8%. Many small and medium scale industries using steel are reportedly facing problems as the excise duty on steel products under Chapter 72 (generally raw materials used in steel production) is 8% and the excise duty on steel products under Chapter 73 (generally materials made out of steel) is still at the level of 16%. FII stated that, the variety in excise duties on steel products have resulted in end products users to bear higher prices due to higher excise duty on the subject products. Claiming that the variety in excise duties hurts steel users, FII demands government to keep excise duties at equal rates.