Notification: Indian Govt Increases Import Duty on Steel by 2.5%

The Indian Finance Ministry has hiked the import duty on key steel products by 2.5 per cent. This move, the second such hike after June 16, is aimed at protecting the domestic steel industry. Import duty on flat steel has been increased from 10% to 12.5%, long steel from 7.5% to 10% and semi finished from 7.5% to 10%.

However this change will not impact imports from Japan,Korea and ASEAN countries due to trade pact with Indian government.

Notification attached

Increase in Custom Duty