Govt body recommends 10 percent import tax on hot-rolled steel products

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New Delhi | Published: August 3, 2016 11:52:31 AM

An Indian government body has recommended a safeguard tax on imports of flat sheets and plates of hot-rolled steel, an official statement said on Wednesday, to protect local mills hit by cheaper supplies from overseas.

The taxes will be applied on imported products costing less than 4 a tonne.The taxes will be applied on imported products costing less than 4 a tonne.

A Government body has recommended a safeguard tax on imports of flat sheets and plates of hot-rolled steel, an official statement said on Wednesday, to protect local mills hit by cheaper supplies from overseas.

The Directorate General of Safeguards has suggested an import tax of 10 percent in the first year, which will be reduced to 8 percent in the second, and 6 percent for six months of the third year.

The taxes will be applied on imported products costing less than $504 a tonne.

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