Stainless steel producers want import duty hike of 15% in budget

Published on : January 13, 2016 Topic : Business

KOLKATA: A leading body of stainless steel producers have urged the government to raise basic customs duty import duty on stainless steel flat products to 15% in the forthcoming budget from the present 7.5% to curb growing imports.

The Indian Stainless Steel Development Association (ISSDA), which has top manufacturers of stainless steel flat and long products as its members, has said considering the fact that imports occupy 45% -50% market share, there is a crying need for increasing the import duty on stainless steel flat products.

"In order to protect and revive the domestic ailing stainless steel sector govt. must enhance basic customs duty on Stainless Steel Flat products from the existing level of 7.5% to 15% in the budge," ISSDA said in a pre budget statement.

ISSDA has also urged the government to initiate investigation in anti circumvention petition (on width >1250 mm) at the earliest to check unwarranted imports.

It also said duty on critical raw materials like pure nickel, ferro nickel, SS Scrap and MS Scrap also needs to be reduced to NIL from the existing level of 2.5% in order to create a level playing field with China and other countries.

Source: The Economic Times
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