Government imposes 5% customs duty on hot rolled coils
The Dollar Business Bureau
The Government has imposed 5% basic custom duty on hot rolled coils, cold-rolled magnesium oxide coated and annealed steel, hot rolled annealed and pickled coils, cold rolled full hard, that are used in the manufacture of cold rolled grain oriented (CRGO) steel.
“In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government being satisfied that it is necessary in the public interest so to do, hereby….amends the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.12/2012-Customs, dated March 17, 2012,” Ministry of Finance said in a notification no.23/2017-customs, on Monday.
“The following goods (under heading 7225), namely hot rolled coils; cold-rolled magnesium oxide (MgO) coated and annealed steel; hot rolled annealed and pickled coils; cold rolled full hard, used for the manufacture of cold rolled grain oriented (CRGO) steel, shall attract 5% customs duty,” it said.
Currently, according to the notification no.12/2012-customs, dated the March 17, 2012, there was no customs duty on the listed items.
India imported around $1,253.20 million worth of flat-rolled products of other alloy steel of width 600mm or more (under heading 7225) during the financial year 2016-17, a drop of 17.79% compared to the $1,524.32 million imported in 2015-16.