India: Import Duty on Japanese SS Scrap Reduces to Zero under FTA

In a notification dated 31 Mar’16, Indian government has scrapped out the import duty on stainless steel scrap under Free Trade Agreement (FTA). Earlier in 2015, the import duty on stainless steel scrap having HS-code 72042190 was 0.8%.

In Aug ‘11, India had signed a FTA with Japan, under which the 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. India had signed the same agremeent with South Korea also in Jan’10.

Duty Structure for steel scrap imported from Japan

*w.e.f 1 Apr’16

Click here for original notification.