Govt withdraws custom duty exemption on iron

New Delhi, Nov 18 (UNI) In wake of the recent fall in the international prices of commodities and with a view to safeguarding the interests of the domestic producers, the government today effected changes in the custom duty rates, including withdrawal of full exemption from custom duty granted on specified iron and steel items.

These items include pig iron, spiegeleisen, semi- finished products, flat products and long products. Consquentially, they will be subject to a basic customs duty of 5 per cent ad valorem.

The changes also include withdrawal of full exemption from customs duty granted earlier on crude soyabean. Consequently, crude soyabean oil will be subject to a basic custom duty of 20 per cent ad volerm.

According to an official release here, there is no change in the import duty on refined soyabean oil.

These changes will come into effect from today.

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