Increase in Basic Customs Duty on Imported Steel
THE Government has received representations for imposition of 25% basic customs duty on imported steel to prevent dumping of steel.
As per World Trade organization's (WTO) guidelines import duty can be imposed to the extent of 40%. The bound rate for basic customs duty on iron and steel failing under Chapter 72 is 25% or 40%. In Budget 2015-16, tariff rate of basic customs duty on iron and steel and articles of iron and steel was increased from 10% to 15%. However, no change was made in the existing effective rates of basic customs duty on these goods.
This was stated by Mr. Jayant Sinha, Minister of State in Ministry of Finance in a written reply to a question in the Lok Sabha on Friday .