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ISSDA Seeks Custom Duty Relief On Raw Materials Imports

Steel News - Published on Tue, 25 Jun 2019

Image Source: The Financial Express
Economic Times reported that Indian Stainless Steel Development Association has sought an immediate customs duty relief on imports of key raw materials ahead of the full presentation of the union budget on July 5. ISSDA has said in a submission to the government that ferro-nickel and stainless steel scrap attract an import duty of 2.5% each and are unavailable in the country and hence need to be necessarily imported. This elevates the overall cost of stainless steel production in the country.

ISSDA said it has worked out that any revenue loss due to relieving basic customs on Ferro-Nickel and stainless steel scrap will be more than made up by a higher domestic production and its subsequent effects on the economy.

Mr Pahuja added that "The new government has rightly embarked on giving a big push to industrial growth. We urge the Ministry of Finance to not see the duty on raw materials as a revenue source; rather, consider the larger vision of kick-starting invincible economic growth along with higher manufacturing growth and job creation.”

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Posted By : Ratan Singh on Tue, 25 Jun 2019
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