The Indian Stainless Steel Development Association (ISSDA) has written to the Government to remove preferential tariffs on imports of cold-rolled stainless steel from ASEAN countries.
The industry body has instead recommended that such projects be subjected to customs duty of 7.5 per cent, similar to that for flat products.
Tweaking of rules
ISSDA claims that domestic firms are colluding with foreign companies and tweaking the rules of origin to claim undue benefits under the Comprehensive Economic Co-Operation Agreement between India and Malaysia as well as the India-ASEAN Free Trade Agreement. Imports of stainless steel from these two regions have zero duty due to the concessions as part of the agreements.
“The fundamental premise for claiming such benefit is that the export item should have undergone a minimum of 35 per cent value addition in the country of export,” said NC Mathur, President, ISSDA
Source: The Hindu Business Line
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