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Move to abolish import duty on steel
Special Correspondent
NEW DELHI: Union Commerce and Industry Minister Kamal Nath on Friday said his Ministry would recommend scrapping of import duty on steel whose rising prices had contributed to the surge in the inflation rate that had shoot up to 6.68 per cent.
“We are planning to recommend scrapping of import duty on steel. The government is also looking at a proposal to ban non-basmati rice export,” Mr. Kamal Nath told newsmen here while stating that rising inflation was a matter of concern. Seeking to improve the supply situation in the domestic market, the Commerce and Industry Ministry had late last night withdrawn export incentives given to at least 40 items, including steel.
The withdrawal includes the tax refund scheme — Duty Entitlement Pass Book. The total number of items on which DEPB benefits have been withdrawn would be running into about 40-50.
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