Reduction of Custom duty on Steel products will not have any significant impact: Tata Steel

Bhubaneswar: The reduction customs duty, as announced in today’s budget, will have no significant impact on the domestic steel industry as most of the steel imported into India today comes from countries with whom we have Free Trade Agreement.

“Exemption of duty on steel scrap and reduction of customs duty on steel products would benefit the MSME sector. However, the reduction of customs duty on steel products will have no significant impact on the steel industry as most of the steel imported into the country today comes from countries with whom we have an FTA (Free Trade Agreement) and hence they enjoy zero import duty” said T. V. Narendran, CEO & MD, Tata Steel.

In her budget speech, Finance Minister Nirmala Sitharaman has announced reduction of custom duty to 7.5% on semis, flat, and long products of non-alloy, alloy, and stainless steels.

Apart from this, duty on steel scrap exempted up to 31st March, 2022 and Anti-Dumping Duty (ADD) and Counter-Veiling Duty (CVD) revoked on certain steel products.