India: Import Duty on Japanese Steel reduces to 0.8% under FTA

Indian government has reduced duty on several products (including steel) imported from Japan under Free Trade Agreement (FTA) signed in August, 2011.

Earlier, India had signed FTA with South Korea in Jan’10 and with Japan in Aug’11. Under this FTA, duty on most of the products (including finished steel) traded between the countries are either eliminated or reduced sharply. Duties in the related cases come to zero level in phases.

Duty Structure for Steel imported from Japan

*wef 1 Apr, 2015

Indian steel industry has been asking to keep steel out of the FTA as cheaper import has hurted the domestic industry. Minister of State for Steel & Mines, Vishnu Deo Sai has also said that signing of Free Trade Agreements (FTAs) with South Korea and Japan has resulted in cheaper import of steel products from these countries in comparison to other nations.

For more detail click the link below:
http://www.cbec.gov.in/customs/cs-act/notifications/notfns-2015/cs-tarr2015/cs13-2015.htm