Customs duty on Steel Increased
GOVERNMENT has increased the Customs duty on steel by a complicated amendment to Sl. Nos 330 and 334 in the table to Notification No. 12/2012- Customs, dated the 17th March, 2012.
The Steel Industry has welcomed the hike, as it is likely to curb the imports from China. The hike is not going to have substantial effect as imported steel is still going to be cheaper than domestic steel. And China may reduce the price thereby offsetting the duty hike for the Indian consumers.
The Steel Minister Narendra Singh Tomar tweeted:
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Notification No., Dated: June 16, 2015