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Aluminum Companies Seek Hike In Customs Duty
Domestic aluminum manufacturers have urged the government to raise basic customs duty on both the primary aluminum and aluminum scrap from present 7.5% and 2.5% respectively to 10%, in the Budget for 2021-22, to rein in the rising imports.
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Realty Plus
Published - Thursday, 21 Jan, 2021
BY
Realty Plus
Published - Thursday, 21 Jan, 2021
Domestic aluminum manufacturers have urged the government to raise basic customs duty on both the primary aluminum and aluminum scrap from present 7.5% and 2.5% respectively to 10%, in the Budget for 2021-22, to rein in the rising imports.
They also want to eliminate GST compensation cess on coal, around Rs 400 per ton, to support the power-intensive aluminum industry.
In their representation to the finance ministry, the industry association has said that despite sufficient domestic capacity, nearly 60% of the domestic demand is currently being met through imports against the spirit of the self-reliance India.
“Aluminum imports witnessed a huge surge in recent years primarily from China, ASEAN countries and the Middle East having surplus aluminum capacity. These countries support their aluminum industry and provide subsidies with low-interest rate loans, cheaper power tariffs, preferential gas allocation, raw materials availability, tax benefits and export tax incentives bringing down the production costs to render competitiveness for their domestic industry,” the industry said.
In comparison to India’s current installed capacity of 4.1 million tonnes per annum (MTPA), domestic demand for aluminum is around 3.7 MTPA. However, imports in 2019-20 were at 2.15 MT or around 60% of the demand.
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