The news on Customs duty
hike for non-alloy flat steel products like HR & CR is said to be a much hyped rumor
and there has been no confirmation yet from the Customs department.
The Union Budget
2012-2013 had proposed to revise the Customs duty on non-alloy flat steel
products to 7.5% from the previous rate of 5%. But Industry bodies like
Assocham had expressed their views on revising it to 10% in order to check the
rising inflow of cheaper imports especially from China.
China exports a large
quantity of boron-treated hot-rolled coils, sheets and plates conforming to
alloy steel category and offers export incentive at 9 per cent of export value.
This attracts only five per cent import duty and not 7.5 per cent, as increased
in the recent Budget proposal, said Mr D.S. Rawat, Secretary-General,
Associated Chambers of Commerce and Industry of India (Assocham).
From October 2011 to
February 2012, steel imports have increased by 120% over the same period the
previous year.
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