Steel products will be dearer by Rs 900-1000/MT as the excise
duty has been hiked to 12 % from the previous 10%
SAIL has raised prices by RS 900-1000/MT, but not on basic. However,
largest domestic steel producer SAIL has said that the move will be revenue
neutral for the company. “For excise duty, generally cenvat is available
to us. So, it will be almost revenue neutral,” a SAIL spokesperson
said.
Another steel giant, TATA steel has also hiked prices by Rs
1000-1500/MT and TMT 12mm would now cost around Rs 54,000 + VAT (Ex
_Kolkata) said an official at TATA steel
According to a JSW Steel official, price hike
could be up to Rs 1,000/MT as the increase in excise and service tax rates will
be levied on ex-factory prices, while an Essar Steel official said the price
hike will be to the tune of the extent in duty increase.
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