Metal importers under scrutiny for quoting low
Steel

Metal importers under scrutiny for quoting low

After the customs authorities issued reassessment orders to a number of metal importers, commodity prices on the London Metals Exchange have been the most recent source of contention between numerous Indian importers and the revenue department. Officials contend that the prices for the metals on the LME were far greater than what the importers indicated. They have reportedly alleged that importers undervalued zinc and copper in order to avoid paying customs duty. Numerous importers have complained to the courts over the orders raising import charges. Importers claim that metal prices are quite erratic. They claimed that for calculating customs duty, the price at the time the order was placed, rather than the price in effect at the time the tax was imposed, must be taken into account. The reassessment decisions have been contested by a number of importers in the Madras High Court.

Also read:
NHPC forms MOU to create test projects for green hydrogen
Jindal Stainless to supply steel for tunnel project in J&K

After the customs authorities issued reassessment orders to a number of metal importers, commodity prices on the London Metals Exchange have been the most recent source of contention between numerous Indian importers and the revenue department. Officials contend that the prices for the metals on the LME were far greater than what the importers indicated. They have reportedly alleged that importers undervalued zinc and copper in order to avoid paying customs duty. Numerous importers have complained to the courts over the orders raising import charges. Importers claim that metal prices are quite erratic. They claimed that for calculating customs duty, the price at the time the order was placed, rather than the price in effect at the time the tax was imposed, must be taken into account. The reassessment decisions have been contested by a number of importers in the Madras High Court. Also read: NHPC forms MOU to create test projects for green hydrogen Jindal Stainless to supply steel for tunnel project in J&K

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code