Skip to main content

Budget 2018: Why FM should look at reducing import duty on coking coal

A snapshot of the Union Budget 2018-19 expectations of Rita Singh, chairman & managing director of Mesco Steel, on key issues


Budget 2018 presented by Arun Jaitley 


Finance Minister Arun Jaitley will be presenting Union Budget 2018 in Parliament on February 1. While there are several expectations of key announcements for the economy and its various sectors, it remains to be soon whom the finance minister would oblige this time.

Here is a snapshot of the Budget 2018 Expectations of Rita Singh, chairman & managing director of Mesco Steel, on key issues:

1. Reduction of import duty on Coking Coal

a. Currently import duty on Coking Coal is 2.5% and many of the steel companies are dependent upon imported coking coal as the domestic quality is not suitable for the steel industry, due to higher ash content.

b. The import duty to be levied should be NIL as this would in turn help the steel industry to reduce the raw material cost and would increase production

c. During FY18 (April – September), 22.6 MT of coking coal was imported. India’s coking coal imports have increased by 9.9% y-o-y basis

d. The removal of import duty would help in reducing the cost of producing the end product and would help to increase the profitability of steel companies, which would in turn benefit the industry as well as economy as a whole

2. Indian steel companies are also requesting for exemption from Environmental Cess.

3. Removal of import duty on stainless steel scrap:

For the manufacturing of stainless steel in electric furnace, stainless steel scrap is the key raw material. This scrap is not available in India and has to be imported and hence Customs duty on import of scrap may be reduced to NIL from current duty of 2.5%.

Click here : Budget 2018

Labels:

Comments

Post a Comment

Popular posts from this blog

Nearly 10 mn Afghan children in desperate need of humanitarian aid: UNICEF

  There are nearly 10 million children in Afghanistan “in desperate need of humanitarian aid”, said UNICEF Afghanistan Representative, adding these children are deprived of right to a healthy childhood There are nearly 10 million children in  Afghanistan  “in desperate need of humanitarian aid”, said UNICEF Afghanistan Representative, Herve Ludovic De Lys, adding that these children are deprived of their right to a healthy and protected childhood. “Those least responsible for this crisis, are paying the highest price — including the children killed and injured in a series of atrocities in Kabul since last Thursday”, the senior UN Children’s Fund official told correspondents. “Again, today, I heard of more unsettling reports – of unaccompanied children across the country…more reports of grave violations, including children being recruited by armed groups…All this in a year in which more than 550 children have been killed, and more than 1400 injured.” He said that against a...
Post a Comment
Read more

PSU bank employees go on two-day strike; services hit at many places

  Employees of public sector banks went on two-day strike against the move to privatise public sector banks impacting normal banking operation across the country Employees of  public sector banks  (PSBs) on Thursday went on two-day strike against the move to privatise public sector banks impacting normal banking operation across the country. Many branches across different parts of the country were shut as the United Forum of Bank Union (UFBU), an umbrella body of nine bank unions including All India Bank Officers’ Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW) had given two day strike call. As a result, services such as deposits and withdrawal at branches, cheque clearance and loan approvals might be affected due to the strike. But ATMs are expected to function as usual. Public sector lenders, including State Bank of India, had informed customers that services in their branches might be affected due to ...
Post a Comment
Read more

'When rape is inevitable, enjoy it...': Congress MLA in Karnataka Assembly

  Senior Karnataka Congress leader KR Ramesh Kumar made a sexist and unsavoury comment on rape in the state Assembly Senior  Karnataka Congress leader  and former Karnataka Assembly Speaker KR Ramesh Kumar on Thursday made a sexist and unsavoury comment on rape in the state Assembly. Speaking in the Assembly, Kumar said, “There is a saying that when rape is inevitable, lie down and enjoy it. That is exactly the position in which you are.” The senior Congress MLA’s remark was made when MLAs began to demand time from Speaker Vishweshwara Hegde Kageri to discuss farmers’ issues in the Assembly. When the Speaker asked how the Session would be conducted if the time was allotted to everyone. “Whatever you decide I will say yes. What I am thinking is that let us enjoy the situation. I can’t control or regulate the system, my concern is about the business of the house, it has also to be covered,” the Speaker told the members. To this, the  Congress MLA  Ramesh Kumar mad...
Post a Comment
Read more