The new Budget presented in the Parliament today proposes to reduce customs duty on non-alloy steel from existing 15 per cent to 10 per cent while the excise duty on steel is to be increased from existing 8 per cent to 12 per cent so that the countervailing duty is also applicable to imports.
The peak rate on alloy steel, copper, lead, zinc and base metals is proposed to be reduced to 15 per cent. These are basic raw materials used in a variety of industries. Customs duties on refractory raw minerals and mineral products like graphite, asbestos, mica and gypsum is also proposed to be reduced to 15 per cent. Besides, customs duty on all catalysts will also be 15 per cent.
(Release ID :2385)