CORSMA Thanks Steel Minister for Reduction in Steel Import Duty
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CORSMA Thanks Steel Minister for Reduction in Steel Import Duty

Cold Rolled Steel Manufacturers Association of India has thanked India’s Steel Minister Mr Dharmendra Pradhan for changes regarding import of steel into

Cold Rolled Steel Manufacturers Association of India has thanked India’s Steel Minister Mr Dharmendra Pradhan for changes regarding import of steel into India, announced in Budget. CORSMA ED Mr NK Sood in a letter to Steel Minister wrote “We appreciate that due consideration is being given to the industry’s concerns’, as projected by CORSMA. As a result of the same, two of our proposals relating to the reduction of Custom Duty on HR Coil and input to CRGO have been duly considered in the budget announcement on 1st February 2021. Accordingly, Customs Duty in case of HR Coil has been reduced to 7.5% from 12.5% and in case of input material to CRGO, the Custom Duty has been reduced from 2.5% to zero percent. This would not have happened without the support of the Steel Ministry.”

Mr Sood added “Reduction in duty in case of input material to CRGO may encourage investment and increase in the production volume by M/s. Thyssenkrupp Electrical Steel India Pvt Ltd Nasik.”

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