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Budget 2014-2015 Highlights

01/04/2015 | 23:54:29 | Daanish Ellias
 
This is what has been gathered for our steel sector:
 
Budget 2014-2015 Highlights
 
1. Royalty rates on minerals to be revised , which was due in 2012
2. Rationalizing Coal linkages and assuring adequate supply to power plants
3. Import duty on all type of Coal rationalized to 2.5% and 2% CVD
4. Import duty on Met Coke imposed to 2.5% 
5. Import duty on Stainless Steel flat rolled steel increased to 7.5% from 5%
6. Import duty on Ships called for breaking reduced to 2.5% from 5%
7. Import duty on Scrap unchanged at 2.5%
8. Import duty on Iron ore/Pellets unchanged at 2.5%
9. Export duty on Iron ore unchanged at 30% and Pellets at 5%
10. Transportation of Iron ore through slurry pipeline will be promoted 
11. Export duty on Bauxite increased to 20% from 10%
12. Import duty on Steel grade Dolomite reduced to 2.5% from 5%
13. The current impasse in mining sector, including, iron ore mining, will be resolved expeditiously
14. Changes,if necessary, in the MMDR Act, 1957 would be introduced to facilitate this
 
Import Duty in Steel Sector (FY14)
 
1 Pig Iron 72.01 5 % 5 % =
2 Semis 72.07 5 % 5 % =
3 Bar & Rods 72.13 5 % 5 % =
4 Structutal 72.16 5 % 5 % =
5 HR Sheets/Plates (Non Alloy) 72.11 7.5 % 7.5 % =
6 HR Coils (Non Alloy) 72.08 7.5 % 7.5 % =
7 CR Coils/Sheets (Non Alloy) 72.09 7.5 % 7.5 % =
8 GP/GC Sheets (Non Alloy) 72.10 7.5 % 7.5 % =
9 Steel Grade Lime Stone   5 % 2.5 % Down
10 Defective CR Coils 72.09 10 % 10 % =
11 Stainless Steel HR Coils for Coin Blanks 72.19 5 % 7.5 % Up
12 Melting Scrap (iron, steel & stainless steel) 72.04 2.5 % 2.5 % =
13 Re-Rollable Scrap 72.07 5 % 5 % =
14 Ships for breaking 89.08 5 % 2.5 % Down
15 Iron Ore/Pellets 26.01 2.5 % 2.5 % =
16 *Coking Coal of ash content below 12% 27.01 Varied 2.5 % Rationalized
17 * Coking Coal of ash content above 12% - Varied 2.5 % Rationalized
18 * Stream Coal 27.01 Varied 2.5 % Rationalized
19 Metcoke 27.04 0 % 2.5 % Up

 

 

*Varied import duty based to quality and origin has now been rationalized to 2.5% (Basic duty) and 2 % CVD to avoid confusion.
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