Indian government has reduced customs duty to zero on imports of various products (including steel) imported from South Korea under the India-Korea Comprehensive Economic Partnership Agreement (CEPA).
However customs duty on import of other grades of finished steel from South Korea continues to remain unchanged.
The revised customs duty has come into effect from 01 Jan’17.
Under the Indo-Korea CEPA agreement, signed in Jan’10, India is committed to eliminate effective rate of customs duty on steel to nil by Jan’17.
Duty Structure for Flat Steel under HS code 720810 to 722550 imported from Korea RP-
|
HS Codes |
Rate in % | Change | |
| as on 30 Dec’15 |
as on 31 Dec’16 |
||
| 720810 | 0.63 | 0.00 | -0.63 |
| 720825 | 5.00 | 5.00 | 0 |
| 720826 | 0.00 | 0.00 | 0 |
| 720827 | 0.63 | 0.00 | -0.63 |
| 720836 | 0.00 | 0.00 | 0 |
| 720837 to 720851 | 0.63 | 0.00 | -0.63 |
| 720852 | 0.00 | 0.00 | 0 |
| 720853 to 730854 | 0.63 | 0.00 | -0.63 |
| 720890 | 5.00 | 5.00 | 0 |
| 720915 to 720916 | 0.63 | 0.00 | -0.63 |
| 720917 | 0.00 | 0.00 | 0 |
| 720918 to 720926 | 0.63 | 0.00 | -0.63 |
| 720927 | 0.00 | 0.00 | 0 |
| 720928 | 0.63 | 0.00 | -0.63 |
| 721011 to 721020 | 0.63 | 0.00 | -0.63 |
| 721030 | 0.00 | 0.00 | 0 |
| 721041 | 0.63 | 0.00 | -0.63 |
| 721049 | 0.00 | 0.00 | 0 |
| 721050 to 721069 | 0.63 | 0.00 | -0.63 |
| 721070 | 0.00 | 0.00 | 0 |
| 722550 | 5.31 | 5.00 | -0.31 |
Import duty on finished flat steel imported from Japan remains unchanged – Import duty on finished flat steel products of HS codes ranging from 720810-722990 remains unchanged at 0%.
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