13 AUGUST 2015AlCircle
India raises import duty on aluminium by 2.5 per cent
Edited by : AL CIRCLE
1 min read
Government of India has raised basic customs duty on base metals by 2.5 per cent. The decision was taken after Finance Minister Arun Jaitley approached Parliament seeking the revision for specified goods falling under Chapter 72.
Under the Central Board of Excise and Customs ( CBEC), this pertains to commodities such as iron and steel, copper, nickel, lead, zinc, tin, tungsten (wolfram), molybdenum, and aluminium among others.
Domestic aluminium producers have been demanding import duty hike for some time now as they are facing stiff challenge from China, which is exporting aluminium products at cheaper rates. Cheap imports from Middle East too are deluging domestic market. As a result of this, market shares of the Indian aluminium producers are getting shrunk.
Aluminium Association of India (AAI) met the Mines Secretary and other government officials last week and sought a level playing field for the producers by raising the import duty on aluminium metals to 10 per cent.
Under the Central Board of Excise and Customs ( CBEC), this pertains to commodities such as iron and steel, copper, nickel, lead, zinc, tin, tungsten (wolfram), molybdenum, and aluminium among others.
Domestic aluminium producers have been demanding import duty hike for some time now as they are facing stiff challenge from China, which is exporting aluminium products at cheaper rates. Cheap imports from Middle East too are deluging domestic market. As a result of this, market shares of the Indian aluminium producers are getting shrunk.
Aluminium Association of India (AAI) met the Mines Secretary and other government officials last week and sought a level playing field for the producers by raising the import duty on aluminium metals to 10 per cent.
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