EEPC India Welcomes Custom Duty Reduction on Steel Imports

Engineering Export Promotion Council of India has lauded the central government for slashing import duty on steel items and revoking antidumping
EEPC India Welcomes Custom Duty Reduction on Steel Imports
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Engineering Export Promotion Council of India has lauded the central government for slashing import duty on steel items and revoking antidumping duty. EEPC chairman Mr Mahesh Desai said “Our persistent pleas with the government for reining in rising iron and steel prices have been heard and reflected in the Union Budget. It is a great move for Atmanirbhar Bharat and the MSMEs that have been hit hard for an unprecedented increase in the recent months. The revoking of anti dumping duty and CVD on certain steel products along with relief to the copper recyclers and reducing duty on copper scrap from 5% to 2.5% would make a significant difference to engineering exporters.”

Jalna Steel Manufacturer Association’s Mr Nitin Kabra told TOI “The removal of 2.5% duty from the scrap will bring down the price of raw material by INR 600 per tonne. In terms of finished goods, the price will fall by INR 700 per tonne. The deduction in customs will create a win-win situation for the industry and the customers.”

Indian Finance Minister Ms Nirmala Seetaraman in her Budget speech announced reduction in custom duty on certain steel imports. She announced “MSMEs and other user industries have been severely hit by a recent sharp rise in iron and steel prices. Therefore, we are reducing Customs duty uniformly to 7.5% on semis, flat, and long products of non-alloy, alloy, and stainless steels. To provide relief to metal re-cyclers, mostly MSMEs, I am exempting duty on steel scrap for a period up to 31st March, 2022. Further, I am also revoking ADD and CVD on certain steel products.”

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