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Our Bureau

Kolkata , June 22

STEEL wire producers have said that the industry is in a precarious position following a Supreme Court judgment that keeps the process of drawing wires from wire rods out of the excise net.

According to a release issued by the Steel Wire Manufacturers Association of India, the judgment has broken the Cenvat value chain system and the input to the industry has become expensive.

"It would make domestic industry vulnerable against import, as the Cenvat will be available to imported wires, whereas the domestic industry is not able to pass on the same benefit to the customer."

The association has urged the Finance Minister to take immediate steps to correct the situation and amend the law concerned by introducing specific notes in the Central excise tariff chapters.

It added that there was substantial value addition in the process of wire drawing. All these units are paying a total excise duty of Rs 250-300 crore.

More Stories on : Steel | Excise and Customs

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