PRESS INFORMATION BUREAU GOVERNMENT OF INDIA *** INCREASE IN BASIC CUSTOMS DUTY ON IMPORTED 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.