Indian budget proposes lower unified customs duty on steel products, import duty on scrap reduced to nil

Monday, 01 February 2021 14:32:47 (GMT+3)   |   Kolkata

The Indian government has proposed a unified lower import duty of 7.5 percent on steel semis, flat and long products of non-alloy, alloy and stainless steel products in the national budget presented to India’s parliament on Monday, February 1, finance minister Nirmala Sitharaman said in her budget speech on the same day.

The national budget also proposes to reduce customs duty on steel scrap to nil from the current rates in the range of 2.5-5 percent, the finance minister proposed in her speech.

“Medium, small, micro enterprises (MSMEs) and other user industries have been severely hit by the recent sharp rise in iron and steel prices. Therefore, we are reducing customs duty uniformly to 7.5 percent on semis, flat and long products of non-alloy, ally and stainless steel. To provide relief to metal recyclers which are mostly MSMEs, I am exempting duty on steel scrap for a period up to March 31, 2022. Further, I am also revoking antidumping duty (ADD) and countervailing duty (CVD) on certain steel products,” the finance minister said in her speech.

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