Union Budget 2021: Centre may address inverted duty structure for steel products to boost manufacturing, say sources
3 years, 10 months ago

Union Budget 2021: Centre may address inverted duty structure for steel products to boost manufacturing, say sources

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New Delhi: The government is likely to address the issue of inverted duty structure for certain steel products in the Budget next week to boost domestic manufacturing, sources said. Inverted duty structure refers to taxation of inputs at higher rates than finished products that results in build-up of credits and cascading costs. Presently the import duty on key inputs for stainless steel flat products, Ferro Nickel and SS scrap, is higher than the import duty on final goods coming in from free trade agreement partners. Inverted duty structure impacts the domestic industry as manufacturers have to pay a higher price for raw material in terms of duty, while the finished product lands at lower duty and cost.

Duty Inverted Duty Structure  say  union  inputs  manufacturing  centre  steel  stainless  structure  products  sources  domestic  raw  duty  higher  inverted

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