Budget2021 : Govt to cut import duties on several steel items to help MSMEs
New Delhi: Finance Minister Nirmala Sitharaman today announced cutting down import duties on several steel items with a view to provide relief to MSMEs. The MSMEs have been badly affected by sharp increase in cost of raw materials in the last few quarters.
Sitharaman, in her Budget announcements for 2021-22, said that countervailing duty and anti-dumping duty have been revoked on some steel products.
"MSMEs and other user industries have been severely hit by a recent sharp rise in iron and steel prices. Therefore, we are reducing customs duty uniformly to 7.5 per cent on semis, flat, and long products of non-alloy, alloy, and stainless steels” said Sitharaman.