Indian steel producers are urging the government to impose an import cess on steel to protect the domestic industry from unfair competition, but the government is concerned that this might lead to higher costs for Indian consumers.
- Aug 04, 2023, 4:00 PM CDT
rose by 5.9% month-on-month and 7.6% year-on-year. Alongside China, the country also saw increased shares from Vietnam. The primary concern among local steelmakers is protecting their interests while avoiding negative impacts on local steel prices.China The surge in Chinese steel imports also has implications for the Indian government’s revenue. Indeed, the government levies significant taxes on steel imports, and the increased inflow of Chinese steel directly reduces tax collection.In response to the adverse impact of Chinese steel exports, Indian steel producers recently began urging the government to impose an import cess on steel. An import cess essentially functions as a tax on imported goods.
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