Union Government extended safeguard duty on steel imports
Posted on:01 Apr 2016 17:40:20
01 April 2016 Current Affairs GK: Union Finance Ministry on 30 March 2016 extended the safeguard duty on steel imports until March 2018. The duty was imposed to protect domestic manufacturers from cheap Chinese imports.The central board of excise and customs in its notification said that the duty will apply to hot-rolled flat products of non-alloy and other alloy steel in coils of 600 mm width. The safeguard duty will not be imposed on goods that are imported at minimum import price.The safeguard duty will be 20 percent minus any existing dumping duty till September 2016, following which it will be reduced to 18 percent till March 2017, then brought down to 15 percent till September 2017 and eventually to 10 percent by March 2018.Earlier in September 2015, the Government imposed a provisional safeguard import duty on some steel products. In February 2016, it also set a minimum floor price for steel imports for six months to make sure that domestic producers are not hurt by cheaper imports from China.In financial year 2014-15, steel imports grew 71 percent of with China accounting for almost 36 percent of the total imports. In the April-November 2015 period, imports rose 34 percent.
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