Ministry of Finance Seeks Review of Conditional Exemptions and Customs Duty on Imported Steel or Mining Items

New Delhi, Aug 2 (KNN) The Ministry of Finance has asked the Ministry of Steel and the Ministry of Mines to submit a list of items that that have conditional exemptions or have concessional basic customs duty and needs to be reviewed, reported businessline.

The two Ministries have been asked to provide a list of items, not manufactured domestically, where conditional exemptions or basic customs duty are applicable; and such exemptions lapse on or before March 31, 2024.

Ministries have also been asked to explain whether such concession or exemptions need not continue or not.

In case such exemptions are expected to continue, the Ministries will have be to provide a "detailed justification" for their recommendations.

An office memorandum from the Ministry of Mines to the Steel Ministry, accessed by businessline reads: "....regarding review of conditional exemptions or concessional basic customs duty rates for import of and to provide a list of such items pertaining to this Ministry (of Steel) — whose validity is expiring on March 31, 2024 — which are not domestically manufactured and for which conditional exemptions or concessional basic customs duty for imports needs to continue and a detailed justification for the same."

As per officials aware of the discussions, there are 12 items on the indicative list prepared by the Ministry of Mines. Of these items, there is no applicable basic customs duty on gold ores and concentrates for use in the manufacturing of gold.

In case of the Steel Ministry, exemption of basic customs duty on CRGO (cold rolled grain oriented) raw materials, steel scrap and nickel cathode continues up to March 31, 2024.  (KNN Bureau)