Reuters reported that India's Steel Ministry has asked the Finance Ministry for a waiver of import tax on steelmaking input materials, including coking coal in the next budget. The report quoted a source as saying that “The ministry's plan to scrap the tax on coking coal, limestone, manganese ore, steel scrap, graphite electrodes, chrome ore, and ferronickel has been sent to the finance ministry. The idea is to import raw materials, whichever is available, at the lowest possible import duty. We have asked for a waiver, complete removal."The proposal to scrap levies ranging from 2.5% to 7.5% comes ahead of the national budget for 2023/24 set to be unveiled in February.
Reuters reported that India's Steel Ministry has asked the Finance Ministry for a waiver of import tax on steelmaking input materials, including coking coal in the next budget. The report quoted a source as saying that “The ministry's plan to scrap the tax on coking coal, limestone, manganese ore, steel scrap, graphite electrodes, chrome ore, and ferronickel has been sent to the finance ministry. The idea is to import raw materials, whichever is available, at the lowest possible import duty. We have asked for a waiver, complete removal."The proposal to scrap levies ranging from 2.5% to 7.5% comes ahead of the national budget for 2023/24 set to be unveiled in February.
