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        Case ID :
        Income Tax

        Increase in Basic Customs Duty on Imported Steel

        April 24, 2015

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        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.

        Basic customs duty on imported steel can be raised under WTO bound rates to address dumping concerns. Imposition of higher basic customs duty on imported steel was sought to counter alleged dumping; WTO bound rates set the permissible ceiling for duties on iron and steel. The Government noted that the bound rate for the tariff chapter covering iron and steel comprises specified ceiling figures, and that a recent Budget increased the scheduled basic customs duty rate for iron and steel items while leaving the effective applied rates unchanged. This position was stated by the Ministry of Finance in response to a parliamentary question.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Basic customs duty on imported steel can be raised under WTO bound rates to address dumping concerns.

                                Imposition of higher basic customs duty on imported steel was sought to counter alleged dumping; WTO bound rates set the permissible ceiling for duties on iron and steel. The Government noted that the bound rate for the tariff chapter covering iron and steel comprises specified ceiling figures, and that a recent Budget increased the scheduled basic customs duty rate for iron and steel items while leaving the effective applied rates unchanged. This position was stated by the Ministry of Finance in response to a parliamentary question.


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