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Sunday, Jan 02, 2005

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Industry & Economy - Steel


Customs duty on defectives of steel and iron slashed

Our Bureau

New Delhi , Jan. 1

THE Finance Ministry has slashed the customs duty on imported seconds and defectives of iron and steel from 40 per cent to 20 per cent.

Full exemption from customs duty has been given on certain specified parts used in the manufacture of static converters for automatic data processing machines and units. Services in relation to telephone connection and general insurance business, insurance auxillary services and services provided by goods transport agencies have been specified as taxable services, wherein the service tax can be paid by a person other than the service provider.

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