Government Extends Duty Exemption on Steel Scrap

The government on Tuesday proposed to extend the customs duty exemption on steel scrap by one year. The move has been taken to provide relief to the secondary steel producers in the MSME sector, Finance Minister Nirmala Sitharaman said while presenting the Union Budget for the financial year 2022-23 in Parliament.

"Customs duty exemption given to steel scrap last year is (being) extended for another year to provide relief to MSME secondary steel producer," she said. In her Budget Speech, the minister also said certain antidumping duty (ADD) and countervailing duty (CVD) will be revoked on stainless steel and coated steel flat products, parts of alloy steel, and high-speed steel in larger public interest considering prevailing high prices of metals.

(PTI)