India Imposes Tax On Chinese Steel
15/01/2013 92
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The Indian government has gazetted a new 20% tax on specified steel imports from China, in an effort to protect India's steel industry from what it calls "disruption."
A Central Board of Excise and Customs (CBEC) notification states that increased imports of certain types of hot rolled flat products of stainless steel have "threatened to cause market disruption to the domestic industry."
According to the notification, this has necessitated "the imposition of provisional safeguard duty on imports of the subject goods" from China. With immediate effect, relevant imports will be subject to a 20% duty.
The duty will be effective for a period of 200 days (unless revoked, superseded or amended earlier) from the official gazette date of January 4, 2013.
January 10, 2012
Source: Tax News
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