Power ministry seeks withdrawal of import duty on coal into India

Tuesday, 22 Nov 2011

FE reported that the Indian ministries of power and finance are likely to lock horns over a proposal to withdraw customs duty on imported coal.

Taking up the cudgels for power projects hit by the unprecedented increase in international coal prices, the power ministry has moved to push for removal of customs duty on coal to provide relief to power projects using imported fuel.

Apprehensive that the North Block may not be keen to entertain a proposal which entails revenue loss for the exchequer, the power ministry has moved to secure support of the Planning Commission on the issue.

Currently, a 5% basic customs duty is levied on coal.

(Sourced from financialexpress.com)

Budget update - Steel users want zero import duty on steel

Monday, 14 Feb 2011

The Indian small and micro steel industry has requested the government to cut down import duty to nil from 5% and also levy duty on HR coils to contain inflation.

All India Confederation of Small & Micro Industries Association President Mr Sudarshan Sareen said that “Steel manufacturers have increased prices by 30% in the last two months anticipating that Australia may hike the coke price in view of the recent floods that impacted its coal mines.”

Mr Sareen said that there is no reason for the Indian steel producers to effect a hefty INR 9,000 per tonne increase in prices in January and February 2011.

(sourced:PTI)