Safeguard Duty on HR Steel
GOVERNMENT had imposed safeguard duty on HR Steel in coils of a width of 600 mm or more falling under heading 7208 or tariff item 7225 30 90 of the Customs Tariff with effect from 14.9.2015 and is to expire on 31st March 2016.
The DG, Safeguards has recommended imposition of safeguard duty for a period of two Years and Six months.
This period shall be computed from the date of levy of provisional safeguard duty vide notification no.2/2015-Cus (SG) dated 14.09.2015 at 20% (minus ADD if any) from 14.09.2015 to 13.09.2016; at 18% from 14.09.2016 to 13.03.2017; at 15% from 14.03.2017 to 13.09.2017; at 10% from 14.09.2017 to 13.03.2018.
As the imports from developing nations except China PR and Ukraine do not exceed 3% individually and 9% collectively, the import of product under consideration originating from developing nations except China PR and Ukraine will not attract Safeguard Duty in terms of proviso to Section 8B (1) of the Customs Tariff Act, 1975. Turkey vide Notification No. 19/2016-Customs (N.T.) dated 05.02.2016 has been recognised as a developing nation. Therefore, Imports of the product under consideration originating from Turkey will not attract Safeguard Duty w.e.f. 05.02.2016.