Import duty on Flat & Long steel increased by 2.5% w.e.f from 16 June’15.
Indian government has notified an increase in basic custom duty on certain steel products, which include ingot, billet, bars and rods and flat steel. The move comes as a measure to protect domestic steel industry.
Government has raised import duty on long steel from 5% to 7.5% and flat steel from 7.5% to 10%. However, increased duty is not applicable for those countries, which have signed foreign trade agreement (like Japan, Korea and ASEAN nations).
“In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in public interest so to do, hereby makes the following further amendments in basic custom duty on certain products.” read the notification.
Change in Custom Duty
1. Duty has been increased on ingot/billet/slabs (Chapter 7206, 7207) from 5% to 7.5%
2. Duty has been increased on bars and rods (Chapter 7213, 7214, 7215) from 5% to 7.5%
3. Duty has been increased on flat steel (Chapter 7208,7209,7210,7211) from 7.5% to 10%
Current & Previous Basic Custom Duty 2015-16
|
S. No. |
CH No. |
Item |
Previous |
Changed |
|
1 |
72.06 |
Iron & non-alloy steel in ingot or other primary forms |
5% |
7.50% |
|
2 |
72.07 |
Semi finish products of Iron or non-alloy steel |
5% |
7.50% |
|
3 |
72.13 |
Bars & rods, hot-rolled, in irregularly wound coils, of iron or non-alloy steel |
5% |
7.50% |
|
4 |
72.14 |
Other bars & rods of iron or non-alloy steel, not further worked than |
5% |
7.50% |
|
5 |
72.15 |
Other bars & rods of iron or non-alloy steel |
5% |
7.50% |
|
6 |
72.16 |
Angles, shapes & section of iron/non-alloy steel |
5% |
7.50% |
|
7 |
72.17 |
Wire of iron or non-alloy steel |
5% |
7.50% |
|
8 |
72.19 |
Flat-rolled products of stainless steel of width>=600 mm |
5% |
7.50% |
|
9 |
72.20 |
Flat-rolled products of stainless steel, of a |
5% |
7.50% |
|
10 |
72.21 |
Bars & rods, hot-rolled, in irregularly wound coils, of stainless steel |
5% |
7.50% |
|
11 |
72.22 |
Other bars & rods of stainless steel, angles, |
5% |
7.50% |
|
12 |
72.23 |
Wire of stainless steel |
5% |
7.50% |
|
13 |
72.25* |
Flat-rolled products of other alloy steel of |
5% |
7.50% |
|
14 |
72.26*
|
Flat-rolled products of a width of <600 mm |
5% |
7.50% |
|
15 |
72.27 |
Bars & rods, hot rolled, in irregularly wound coils, |
5% |
7.50% |
|
16 |
72.28 |
Other bars, rods, angles, shapes, section of other alloy steel, |
5% |
7.50% |
*except 72.25 (72251100, 72253090, 72254019, 722550, 72259900) & 72.26 (72261100)
| S. No. | CH No. | Item | Previous Custom Duty 2015-16 |
Changed Custom Duty 2015-16 |
| 1 | 72.08 | Flat rolled products of iron or nonalloy steel, of a width of 600 mm or more, hot- rolled, not clad, plated or coated |
7.50% | 10% |
| 2 | 72.09 | Flat rolled products of width>= 600 mm, cold-rolled (cold-reduced), not clad, plated/coated | 7.50% | 10% |
| 3 | 72.10 | Flat-rolled products of iron/non-alloy steel of width >=600 mm, clad, plated/ coated | 7.50% | 10% |
| 4 | 72.11 | Flat-rolled products of iron/non-alloy steel of width<600 mm,not clad,plated/ coated | 7.50% | 10% |
| 5 | 72.12 | Flat-rolled products of iron/non-alloy steel of a width<600 mm,clad,plated/ coated | 7.50% | 10% |
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