Budget 2021: FM Lowers Customs Tariffs On Imports Of Steel Goods To 7.5%

On imports of semi-, flat and long materials of non-alloy, alloy and stainless steel, the government has decided to cut customs duty to 7.5 percent, Finance Minister Nirmala Sitharaman stated in her Budget 2021 statement on February 1. Until March 2022, the government removed duty on steel scrap. On copper scrap, FM Sitharaman also cut the taxes, lowering it to 2.5 percent. Smaller firms and those that recycle will support this. A new significant rise in iron and steel prices has affected MSMEs and other consumer sectors badly.

Consequently, on quarter-finals, straight, and long items of non-alloy, alloy, and stainless steel, we are lowering Customs duty steadily to 7.5 percent, Sitharaman stated. I am exempting the duty on steel scrap for a duration up to 31 March 2022 to give support to metal recyclers, mainly MSMEs. In addition, on some steel products, I am also renouncing ADD and CVD. I am also lowering the tariff on copper scrap from 5 percent to 2.5 percent to bring comfort to copper recycling centers, she said.