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Budget Wish List – Indian Steel IndustryIn view of the continued economic slowdown in the country which had an adverse impact on the steel sector as also keeping in view the investments undertaken by domestic steel producers in anticipation of an increase in consumption in the country, there is an urgent need to provide protection to the domestic industry. This becomes all the more imperative in view of oversupply in the global market which has led to increased protectionism being resorted to by almost all the countries to protect their local industry.

Increase in tariff rate of basic customs duty from 15%

Import duty on Manganese ore, Chrome ore, Molybdenum ore, Vanadium oxides, Hydroxides and other salts of Oxo metallic Acids (Vanadium Oxides Concentrates and Ammonium Meta Vanadate) to be reduced to zero from the existing 2.5%.

Reduction in Customs Duty on Coking Coal

Custom duty on metallurgical coke to be reduced from 5% to NIL

Basic Custom duty on LAM Coke be increased from 5% to 10% ad-valorem.

Customs duty on LNG to made NIL

Import duty on iron ore should be brought down to zero from the current 2.5%.

Customs Duty on steel grade limestone and dolomite be reduced to Zero from current 2.5%

Expect customs Duty on all key raw materials like Ferro Nickel, Pure Nickel, Ferro Niobium, Ferro Vanadium, Ferro Titanium and Ferro Moly (used in the production of stainless steel) be reduced to zero

. Expect import duty on electrodes and refractory material may be reduced to nil from 7.5% and 5% respectively

Expect custom duty on Stainless steel scrap be restored to the original rate of nil from 2.5%

Expect excise duty on fabricated steel structure undertaken by PEB/Pre-fabricators at their own premises be reduced from the current 12% to 8%.

Expect capital expenditure in steel business to be allowed weighted deduction of 150% of the expenditure
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