Stainless steel industry seeks zero duty on ferronickel, scrap in upcoming budget
2020-12-23 09:49:45 [Print]
Ahead of the budget, the Indian Stainless Steel Development Association (ISSDA) has urged the government to remove import duty on ferronickel and stainless steel scrap
In its recommendations to Finance Ministry for the upcoming Budget for financial year 2021-22, ISSDA has also sought removal of import duty on graphite electrodes. ISSDA said "it has appealed to exempt the 2 . 5 per cent BCD levied while importing key raw materials, including ferronickel and stainless steel scrap" . At present, both the raw materials are unavailable in the country, making their import mandatory, it said.
Removal of duty on ferronickel and stainless steel scrap is a long-standing demand of the industry. The Ministry of Steel has also at times batted for zero duty on these items.
ISSDA has also sought removal of existing 7.5 per cent import duty on graphite electrodes, a critical component in stainless steel manufacturing which constitutes a major share of input cost.
Besides, it has sought an increase in import duty on stainless steel flat products to 12.5 per cent to bring it at par with carbon steel products and check undue imports.
These measures will not only boost domestic manufacturing but also curb "undesired" stainless steel imports, it said.
. Currently, ferronickel and stainless steel scrap attract basic customs duty (BCD) of 2 . 5 per cent.
In its recommendations to Finance Ministry for the upcoming Budget for financial year 2021-22, ISSDA has also sought removal of import duty on graphite electrodes. ISSDA said "it has appealed to exempt the 2 . 5 per cent BCD levied while importing key raw materials, including ferronickel and stainless steel scrap" . At present, both the raw materials are unavailable in the country, making their import mandatory, it said.
Removal of duty on ferronickel and stainless steel scrap is a long-standing demand of the industry. The Ministry of Steel has also at times batted for zero duty on these items.
ISSDA has also sought removal of existing 7.5 per cent import duty on graphite electrodes, a critical component in stainless steel manufacturing which constitutes a major share of input cost.
Besides, it has sought an increase in import duty on stainless steel flat products to 12.5 per cent to bring it at par with carbon steel products and check undue imports.
These measures will not only boost domestic manufacturing but also curb "undesired" stainless steel imports, it said.