The Hindu Business Line : Import duty on melting scrap hailed

The ship-breaking industry of Alang in Gujarat stands to benefit from the Union Budget announcement imposing a 5 per cent duty on imports of melting scrap.

"We had made a representation seeking removal of the 5 per cent duty on ship-breaking to bring us on par with melting scrap. The Finance Minister has brought about parity by imposing the duty on melting scrap," according to the President of the Shipbreakers' Association of India, Mr Pravin Nagarseth.

In addition, scrap importers have to pay a 4 per cent Cenvat while ship-breaking is among the very few activities exempted from the levy.

"The industry had been dealt a big blow after Clemenceau (the decommissioned French aircraft carrier ordered back by the President, Mr Jacques Chirac) went away. We hope the duty advantage given to us by the industry will give us a leg up," Mr Nagarseth said.

The industry, on its part, is also taking the necessary steps to provide personal protective equipment such as gloves, shoes and masks to the workers in the Alang and Sosiya yards, he said.

More Stories on : Shipping | Metals | Budget | Excise and Customs

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Airports upgrade may require up to Rs 20,000 cr

SilkAir holiday fares

Emirates Bangalore link

IDFC Private Equity to pick 8% in Delhi airport

Aviation majors in race for facilities

IOC group wins Bangalore airport bid

`Freight corridor must be linked to ports'

NMPT handles record iron ore fines

Import duty on melting scrap hailed

Cochin Shipyard bets big on overseas orders

Sical to raise $125 m thru convertible bonds, GDRs