Government Extends Duty Exemption on Steel Scrap

Union Finance Minister Nirmala Sitharaman in the budget 2022-23 presentation on 1st February 2022 has proposed to extend the customs duty exemption on Steel scrap by one year to provide relief to the Secondary Steel producers in MSME sector.

In last year’s budget The Government had reduced customs duty imposed on ferrous scrap and waste imports to zero until 31 March 2022.

The Finance Minister also mentioned that anti-dumping duty (ADD) and countervailing duty (CVD) will be revoked on Stainless Steel and Coated Steel flat products, parts of Alloy Steel, and high-speed Steel considering prevailing high prices of metals.