Ministry Of Steel Has No Plans To Increase Import Taxes: Govt Sources

The Ministry of Steel, Government of India has yet to make any immediate plans to seek higher taxes on imported steel even when India is the major importer of steel from other countries, reported a leading media house.  

According to the reports, the top steel producers of the country have urged the government to impose higher taxes so that the import rate will go down in the coming days. The report also highlighted that the ministry has not sent any proposal for higher taxes to the finance ministry. 

The steel mills want the import taxes to be raised to curb overseas supplies and to push domestic steel production. According to the data, India is the second-largest producer of crude steel and produces 18.20 Million tonnes (MT) of crude steel with a growth rate of 17.9 per cent over the corresponding period last year (CPLY).