AGovernment Official has said that steel ministry wants lower import taxes on a number of key steelmaking raw materials, including nickel, to protect the domestic industry from the rising costs of basic resources. As per reports, Finance Minister Arun Jaitley could announce some of these measures when he presents his annual budget for the 2017/18 fiscal year on Feb. 1.

Commenting on the issue, a Government Official told the media, “The finance ministry could even scrap the current 5 percent import duty on nickel, largely used in stainless steel production. Nickel is not present in India at all, so our argument is there is no point in having the customs import duty on it. 

Get live News Updates visit us at http://ripplesadvisory.com or One Missed Call on @9303-093093.

There is a case to do away with it." “The ministry has also sounded out the government about lower dividend payouts by state-owned companies, including Steel Authority of India Ltd (SAIL), the biggest steel producer, due to their poor financial health,” Sharma said.