| Close on the heels of slashing
duties on petroleum products, government today cut customs
duty on steel products, sacrificing Rs 3.05 bn in the
current year, as part of fiscal measures to contain inflation,
now inching towards eight per cent. The import duty on
non-alloy steel other than seconds and defectives was
reduced by five per cent from 10 per cent and on ships
for breaking from 15 per cent to 5 per cent.
The duty on melting scraps for iron and steel other
than stainless steel, which at present attract five
per cent, has been abolished.
The notification on the duty cuts was tabled in Parliament
today.
Today's decision comes two days after the Government
slashed customs and excise duties on petrol, diesel,
kerosene and LPG, which is estimated to cost Rs 25 bn
in the remaining part of the current year.
However, the notification made it clear that additional
duty of customs (countervailing duty) would now be payable
on import of such ships.
After a meeting of the Cabinet Committee on Prices
yesterday, Finance Minister P Chidamabaram said more
fiscal measures would be taken for reining in inflation.
Source: PTI, August
20' 2004 |
