Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TDS :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: empanelment :: ACCOUNTING STANDARDS :: VAT Audit :: Central Excise rule to resale the machines to a new company :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: articles on VAT and GST in India :: ACCOUNTING STANDARD
 
 
Customs and Excise »
  Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
 Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
 Seeks to amend Notification No. 27/2014-Central Excise
 Government doubles limit of excise duty evasion for arrest and prosecution
 Excise duty evasion limit to warrant arrest revised to Rs 2 crore
 Guidelines for launching of prosecution in relation to offences punishable under the Customs Act, 1962
 GST notification triggers uncertainty over excise duty
 Preparing for GST: govt looking at restructuring excise/customs cadre
 Refund of Terminal Excise Duty (TED) under Deemed Exports where Duty has been paid from CENVAT Credit and ab-initio waiver is not available.
 CBEC directs customs officials for random search of vessels
 Rate of exchange of conversion of the foreign currency with effect from 7th July, 2016

Govt might increase customs duty on iron & steel products
March, 04th 2015

The government has decided to increase the custom duty on iron and steel from 10 to 15 per cent, if necessary, in order to give a boost to the local manufacturing sector. The special additional duty (SAD) on steel scrap, which is used as a raw material by stainless steel industry, was also halved from four per cent to two per cent.

"Increase in the import duty on steel will help improve the competitiveness of the domestic steel industry," said T V Narendran, managing director (India and southeast Asia), Tata Steel.

Amid the concerns of China and other countries dumping huge amount of finished iron and steel products in India, the custom duty increase is small but significant. However, the stainless steel sector has not got any such relief.

"We had hoped that keeping in view the large-scale dumping taking place, basic custom duty on finished stainless steel products would have been increased," said Rajiv Rajvanshi, senior vice-president (corporate strategy) at Jindal Stainless.

Notably, the government has not touched the basic custom of duty of steel scrap, which is at 2.5 per cent. Rajvanshi said the government should have removed this basic custom duty, too. "Both these steps (increase in custom duty on finished products and removing custom duty from steel scrap) are necessary to align the industry to 'Make in India' concept and provide impetus to the manufacturing sector," he added.

While steel companies were expecting much more from the government, the government's decision to set up five ultra mega power projects and launch similar projects for roads, rail and ports has given them hope.

"All these measures will see a boost in demand for construction materials such as steel and cement, which have witnessed subdued growth on account of sluggish global as well as domestic market conditions in the recent times," said C S Verma, chairman, Steel Authority of India.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions