The current customs duty on stainless steel products is 5 percent.
New Delhi: The government on Friday proposed to raise tariffs on stainless steel products from 2.5% to 7.5%.
The current customs duty on stainless steel products is 5 percent.
The proposal was made by Finance Minister Nirmala Sitharaman in the 2019-20 budget.
It has also been proposed to raise the duty on other alloy steel and wire of other alloy steel (other than INVAR) to 7.5 per cent from the current 5 per cent.
“Changes to tariffs to provide a level playing field for domestic industry,” the minister said in her first budget speech.
The duty on fittings, fittings and similar articles of base metal suitable for furniture, doors, stairs, windows, blinds, hinges for automobiles has also been increased to 15 per cent from the current 10 per cent.
The announcement is significant as the Indian Stainless Steel Development Association (ISSDA) has raised concerns that stainless steel exporters from several countries are colluding with some Indian importers to abuse provisions of the ASEAN-India Free Trade Agreement.
In February, the ISSDA said stainless steel imports from Indonesia had increased eightfold over the past year.
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