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of <h1>New Customs Duty Rates for Steel: 70% for High Carbon & Alloy, 155% for Stainless Steel under Chapter 72</h1> The notification, dated March 20, 1990, issued under the Customs Act, 1962, prescribes effective rates of basic customs duty on high carbon steel, stainless steel, and other alloy steel under Chapter 72 of the Customs Tariff Act, 1975. It supersedes a previous notification from 1986. The specified rates are 70% ad valorem for high carbon steel and other alloy steel, and 155% ad valorem for stainless steel. The exemption applies to the portion of duty exceeding these rates, without affecting any other existing exemptions. High carbon steel is defined as non-alloy steel with 0.6% or more carbon by weight.
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