Millennium Post

Steel ministry invites industry ideas on duty structures

The steel ministry has invited suggestions from industry bodies including FICCI, CII and Assocham on duty structures for submitting them to the finance ministry for the 2013-14 Budget.

'Ministry of Steel has initiated exercise for preparing the proposal for the union budget 2013-14. In this connection, it is requested that your proposals/ suggestions for making changes in the existing duty structure...,' the steel ministry has recently written to 19 associations.

As on 3 September, tinplates and defective cold-rolled coils attract the highest import duty at 10 per cent. A clutch of other items including Hot-Rolled sheets, coils and CR coils and sheets attract 7.5 per cent duty. Import duty on iron ore stands at 2.5 per cent. The steel ministry has asked industry to send views on changes in the procedural rules pertaining to direct/indirect taxation by 19 October and strictly adhere to the time-line so that the revenue department gets sufficient time to consider the proposal before finalising the Budget.
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