Indian government announces new DEPB rates for steel products

Indian government announces new DEPB rates for steel products

The Indian government announced new Duty Entitlement Pass Book (DEBP) rates for steel products following the reduction in the duties announced in the Union Budget. The new rates have been adjusted on the basis of freight on board (FOB) prices in February upon the request of Finance Ministry. The Commerce Ministry had favored the rates on the basis of FOB prices in August. Accordingly, DEPB benefit on steel wire rope is determined as 7% and the rate for mild steel wire mesh is 3%. The rate on cold rolled galvanized and colour-coated non-alloy steel has been reduced to 6%. Certain products are stated to have been deleted from DEPB category.