Govt waives customs duty on imports of certain raw materials

24 May 2022 CW Team

To increase the domestic availability of coal, the duty on iron ore exports has risen to 50%, and a few steel intermediaries to 15%.

The duty on the import of ferronickel, coking coal, and PCI coal has reduced from 2.5%, while the duty on coke and semi-coke has been dropped from 5% to nil.

The tax on the export of iron ores and concentrates increased to 50%, from 30%, while 45% on iron pellets.

Duty on pig iron and spiegeleisen in pigs, blocks and other primary formats, including flat-rolled products of iron or non-alloy steel of 600 mm or more, hot-rolled, not clad, plated or coated, flat-rolled products of iron or non-alloy steel of 600 mm or more, cold-rolled, not clad, plated or coated, flat-rolled products of iron or non-alloy steel of 600 mm or more, clad, plated, or coated has increased to 15% from nil.

Another 15% duty has been imposed on flat-rolled products of stainless steel of 600 mm, other bars and rods of stainless steel, angles, shapes and sections of stainless steel, bars and rods, hot-rolled, wound coils, of other alloy steel.

Minister of Finance, Nirmala Sitharaman, said that customs duty changes in raw materials and intermediaries for iron and steel would lower their prices.

Apart from the duty on raw materials imports, used in the plastic industry has also been lowered to reduce the cost of domestic manufacturing.

The import duty on naptha has been reduced to 1%, from 2.5%, while the duty on propylene oxide has dropped to 2.5%.

Additionally, the import duty on Polymers of Vinyl Chloride (PVC) has reduced to 7.5%, from 10%.

Senior Partner of AMRG & Associates, Rajat Mohan, said that a steep reduction in import duty on such products would result in high inflation.

He added that global economies are ailing due to increasing debt and high inflation. The government has taken several measures to provide relief from the high prices of petrol, diesel, coal, iron, steel and plastic.

Image Source

Also read: Stainless steel industry seeks import duty cuts on key raw materials

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

The government has waived customs duty on some raw materials imports, including coking coal and ferronickel used in the steel industry, which will reduce the cost for the domestic industries and reduce prices. To increase the domestic availability of coal, the duty on iron ore exports has risen to 50%, and a few steel intermediaries to 15%. The duty on the import of ferronickel, coking coal, and PCI coal has reduced from 2.5%, while the duty on coke and semi-coke has been dropped from 5% to nil. The tax on the export of iron ores and concentrates increased to 50%, from 30%, while 45% on iron pellets. Duty on pig iron and spiegeleisen in pigs, blocks and other primary formats, including flat-rolled products of iron or non-alloy steel of 600 mm or more, hot-rolled, not clad, plated or coated, flat-rolled products of iron or non-alloy steel of 600 mm or more, cold-rolled, not clad, plated or coated, flat-rolled products of iron or non-alloy steel of 600 mm or more, clad, plated, or coated has increased to 15% from nil. Another 15% duty has been imposed on flat-rolled products of stainless steel of 600 mm, other bars and rods of stainless steel, angles, shapes and sections of stainless steel, bars and rods, hot-rolled, wound coils, of other alloy steel. Minister of Finance, Nirmala Sitharaman, said that customs duty changes in raw materials and intermediaries for iron and steel would lower their prices. Apart from the duty on raw materials imports, used in the plastic industry has also been lowered to reduce the cost of domestic manufacturing. The import duty on naptha has been reduced to 1%, from 2.5%, while the duty on propylene oxide has dropped to 2.5%. Additionally, the import duty on Polymers of Vinyl Chloride (PVC) has reduced to 7.5%, from 10%. Senior Partner of AMRG & Associates, Rajat Mohan, said that a steep reduction in import duty on such products would result in high inflation. He added that global economies are ailing due to increasing debt and high inflation. The government has taken several measures to provide relief from the high prices of petrol, diesel, coal, iron, steel and plastic. Image Source Also read: Stainless steel industry seeks import duty cuts on key raw materials

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

Real Estate

07 Jul 2026

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

Infrastructure Urban

07 Jul 2026

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..