Lok Sabha 15” pib.nic.in PRESS INFORMATION BUREAU

Lok Sabha
15”
pib.nic.in
PRESS INFORMATION BUREAU
GOVERNMENT OF INDIA
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INCREASE IN BASIC CUSTOMS DUTY ON IMPORTED STEEL
New Delhi, April 24, 2015
Vaisakha 4, 1937
The Government has received representations for imposition of 25% basic customs
duty on imported steel to prevent dumping of steel.
As per World Trade organization’s (WTO) guidelines import duty can be imposed to
the extent of 40%. The bound rate for basic customs duty on iron and steel failing under
Chapter 72 is 25% or 40%. In Budget 2015-16, tariff rate of basic customs duty on iron and
steel and articles of iron and steel was increased from 10% to 15%. However, no change was
made in the existing effective rates of basic customs duty on these goods.
This was stated by Shri Jayant Sinha, Minister of State in Ministry of Finance in
written reply to a question in the Lok Sabha today.
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DSM/KA