The Finance Minister has announced several relief measures for the steel sector, including reduction of basic Customs duties on plant and machinery imported for setting up of iron ore pellet plants or iron ore beneficiation plants from 7.5 per cent to 2.5 per cent.

The Finance Minister also proposed to reduce basic Customs duty on coating material for manufacturing of electrical steel from 7.5 per cent to 5.0 per cent.

On nickel ore and concentrate and nickel oxide/ hydroxide, the duties have been reduced to NIL from 2.5 per cent or 7.5 per cent.

In other proposals, export duty on chromium ore has been enhanced from Rs 3,000 a tonne to 30 per cent ad valorem. Basic customs duty on non-alloy, flat rolled steel has been proposed to be enhance from 5 per cent to 7.5 per cent.

(This article was published on March 16, 2012)
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