Financial Daily from THE HINDU group of publications
Saturday, Jul 10, 2004
Financial Daily from THE HINDU group of publications Saturday, Jul 10, 2004 |
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Industry & Economy
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Budget Paswan wants rollback of duty hike on steel Our Bureau
New Delhi , July 9 THE Union Steel Minister, Mr Ram Vilas Paswan, on Friday said that he would request the Finance Minister to consider a rollback in the decision to raise excise duty on steel from 8 per cent to 12 per cent. Speaking after a workshop on environment management, Mr Paswan said that the move could have an impact on steel price. "I will talk to the Finance Minister on the subject and ask him to reconsider the decision." The Minister, however, added that the price of steel may get balanced owing to the decision to lower Customs duty on the commodity. On the need for a steel regulatory body to monitor price, Mr Paswan said that steel prices were kept stable despite a 16 per cent increase in coal costs. "The proposed tax regime may also have an impact with or without a regulatory authority," he said. The steel industry has already expressed its fears that the increase in excise duty may affect user industries and end consumers. The user industry had warned the steel manufacturers of a backlash in case price goes up. Steel companies are worried that rising prices may make their product go out of competition when compared with other metals.
More Stories on : Budget | Steel
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