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Budget Wish List – Ficci calls for raising import duty on steel to 25%,-The 17th China(Guangzhou)Int’l&nb
sp;Metal &Metallurgy Exhibition
2/24/2016 Metal &Metallurgy expo |
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PTI reported that Ficci has asked the government to raise the import duty on all steel products to 25 per cent in the upcoming Budget, as demand slows down in China, the world''s largest steel producer and consumer.
It said "Import duty on all steel products should be raised to 25 per cent in the Union Budget 2016-17.”
It added "As an interim measure, we suggest that the customs duty on all steel products be immediately increased to 15 per cent.”
It said the tariffs on both Long and Flat Products need to be increased to provide a level playing field to the domestic industry, which has been severely hit due to rising imports.
In Budget for 2015-16, the government had increased the tariff rate on steel products (Long & Flat Products) to 15 per cent; however the custom duties are still only 10 per cent on long products and 12.5 per cent on flat products.
-The 17th
China(Guangzhou)Int’l Metal &Metallurgy Exhibition
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