Aluminium industry demands reduction in custom duty on raw materials
Steel

Aluminium industry demands reduction in custom duty on raw materials

The domestic aluminium industry has asked for a decrease in basic custom duty and correction in inverted duty structure on essential raw materials, comprising caustic soda, aluminium fluoride, pet coke, and alumina, to promote cost competitiveness in the sector.

The domestic aluminium industry, under representation from the Aluminium Association of India (AAI), has asked for immediate government help through the forthcoming Union Budget 2022-23.

It has additionally urged a surge in tariff rate of basic custom duty for aluminium and articles from 10 to 15% in line with the steel sector, as per the pre-budget expectations from the AAI.

A surge in the basic custom duty of primary aluminium from 7.5% to 10%, aluminium scrap from 2.5% to 10% and downstream aluminium products from 7.5% to 10% has additionally been requested.

The primary aluminium industry is meeting severe threats from the surging import of aluminium and scrap.

The share of scrap in total imports rose from 52% in FY'16 to 71% in the first half of FY'22 and is leading to a forex outgo of $2 billion (Rs 15,000 crore) per annum.

The AAI has asked for a surge in import duty on aluminium scrap at par with primary aluminium metal (planned 10%) to promote domestic recycling of indigenous scrap and encourage a circular economy.

The association has asked for the elimination of a high cess on coal (Rs 400 per MT) to help the power-intensive aluminium industry in reducing its burden.

The high coal cess is required to be rationalised to help the industry, and the same has been suggested by different ministries and government think tanks comprising NITI Aayog, coal ministry, mines ministry and power ministry, among others.

The GST Compensation Cess on coal under the GST regime was to be levied just for the initial five years from July 1, 2017, to July 1, 2022.

Image Source

Redefine the future of urban mobility! Join us at the Metro Rail Conference 2025 to explore groundbreaking ideas and insights. 👉 Register today!

The domestic aluminium industry has asked for a decrease in basic custom duty and correction in inverted duty structure on essential raw materials, comprising caustic soda, aluminium fluoride, pet coke, and alumina, to promote cost competitiveness in the sector. The domestic aluminium industry, under representation from the Aluminium Association of India (AAI), has asked for immediate government help through the forthcoming Union Budget 2022-23. It has additionally urged a surge in tariff rate of basic custom duty for aluminium and articles from 10 to 15% in line with the steel sector, as per the pre-budget expectations from the AAI. A surge in the basic custom duty of primary aluminium from 7.5% to 10%, aluminium scrap from 2.5% to 10% and downstream aluminium products from 7.5% to 10% has additionally been requested. The primary aluminium industry is meeting severe threats from the surging import of aluminium and scrap. The share of scrap in total imports rose from 52% in FY'16 to 71% in the first half of FY'22 and is leading to a forex outgo of $2 billion (Rs 15,000 crore) per annum. The AAI has asked for a surge in import duty on aluminium scrap at par with primary aluminium metal (planned 10%) to promote domestic recycling of indigenous scrap and encourage a circular economy. The association has asked for the elimination of a high cess on coal (Rs 400 per MT) to help the power-intensive aluminium industry in reducing its burden. The high coal cess is required to be rationalised to help the industry, and the same has been suggested by different ministries and government think tanks comprising NITI Aayog, coal ministry, mines ministry and power ministry, among others. The GST Compensation Cess on coal under the GST regime was to be levied just for the initial five years from July 1, 2017, to July 1, 2022. Image Source

Next Story
Infrastructure Transport

Banihal Bypass Started, Milestone Achieved By NHAI On NH44

The National Highways Authority of India (NHAI) has achieved another milestone on the Jammu-Srinagar four-lane highway after nearly four years of construction. The NHAI has completed the Banihal Bypass, and one side of the bypass was opened for traffic following a post by Union Minister for Road Transport and highways Nitin Gadkari on his official X handle. Traffic has been allowed from Jammu to Srinagar on one tube of the much awaited Banihal bypass.Project head of Banihal bypass from NHAI Kumar Jainendra told Greater Kashmir that the full public cooperation and support from locals was u..

Next Story
Infrastructure Transport

Hyderabad: Rs 70 Bn Sanctioned For Road Infra Works

As part of the Hyderabad City Innovative and Transformative Infrastructure (H-CITI) program the state government sanctioned Rs 70 billion for 38 works, including the construction of flyovers, underpasses, and road-over-bridges (ROB) to ease the traffic in various parts of Hyderabad and its nearby municipalities. As part of the Strategic Road Development Programme (SRDP) initiated by the previous BRS government, several flyovers and road infrastructure projects were taken up mostly under the limits of the Greater Hyderabad Municipal Corporation (GHMC). Out of the 42 works under SRDP, 36 projec..

Next Story
Infrastructure Transport

India's Second Cable-Stayed Bridge to Be Built In Howrah

Eastern Railways is set to construct India’s second cable-stayed steel deck bridge in Howrah, aimed at easing traffic congestion on the Howrah Bridge. The new bridge will span the existing GT Road route, linking Howrah Station with the Howrah Bridge. The new structure is a response to the rising volume of vehicular traffic, which has been placing significant strain on the 75-year-old Howrah Bridge, leading to regular traffic jams and delays.The new cable-stayed bridge will feature a four-lane design and will measure 134 m in length, an expansion from the existing 60 meters of the Chandmari B..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000