India has removed the increased customs duty on exports of steel products. On May 21, India imposed 15 percent export duty on the export of such goods.
Quoting the Indian news agency PTI, The Economic Times has written that the increased 15 percent export duty has been abolished and zero customs duty has been established on exports.
Due to increasing exports, India had increased taxes to prevent the price of iron and steel from increasing in the domestic market. However, the Indian steel-producing companies strongly protested that the government policy of increasing the tax for almost six months has caused a contraction in exports.
Despite the increased customs duty, Nepal has imported iron and steel products worth 42.51 billion in the last four-five months. India’s policy will benefit companies that manufacture iron and steel products by importing steel raw materials.
