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Stainless Steel November 10, 2014 07:30:21 AM

India hikes import tax on stainless steel

Paul Ploumis
ScrapMonster Author
According to the sources, the Steel Ministry of India, has put in a word to impose taxes on the stainless steel imports, especially on the imports from China, in order to help the local stainless steel manufacturers, but the final decision on the topic will be made by the Ministry of Finance.
India  hikes import tax on stainless steel

NEW DELHI (Scrap Monster): Considering the huge problems faced by the domestic stainless steel producers in India, due to the increasing imports of cheap stainless steel, a senior official, at the Indian ministry of steel, the ministry would suggest on imposing 10 percent import tax on the stainless steel imports, to the finance ministry.

The Joint Secretary of the Ministry of Steel, Syedain Abassi stated, that, the highest tax, which could be imposed in this country is only 10 percent, according to the rules of the WTO, so the government is helpless to do anything beyond that. The government is already imposing 7.5 percent tax from the imports. The decision of the finance ministry is still not known.

He also stated that,  if the ministry imposes a 10 percent tax from China, it will surely prove to be a relief from the Chinese exports of stainless steel.