Govt extends anti-dumping duty on certain steel items till December 15
The duties were imposed in August 2016 for five yearsSimilarly, the duty on cold-rolled flat products too extended up to December 15 this year
PremiumThe government on Tuesday extended anti-dumping duty on certain variety of steel products till December 15 this year with a view to guarding domestic manufacturers from cheap imports from countries, including China, Japan and Korea.
According to two separate notifications by the Department of Revenue, the duties on 'Hot-Rolled flat products of alloy or non-alloy steel' originating in or exported from China, Japan, Korea, Russia, and Brazil, and on 'Cold-Rolled flat products of alloy or non-alloy steel' coming from China, Japan, and Korea, have been extended.
The commerce ministry's investigation arm Directorate General of Trade Remedies (DGTR) had recommended for the extension of the duty on these products. While DGTR recommends the duty to be levied, the finance ministry imposes it.
The duties were imposed in August 2016 for five years. Amending two separate notifications, the department of revenue said anti-dumping duty levied on hot-rolled flat products are extended "up to and inclusive of 15th December, 2021".
Similarly, the duty on cold-rolled flat products too extended up to December 15 this year. Further, the department has also extend the levy on 'Tyre Curing Presses also known as Tyre Vulcanisers or Rubber Processing Machineries for tyres, excluding Six Day Light Curing Press for curing bi-cycle tyres' imported from China till November 30, 2021.
The duty has also been extended on 'Glazed/Unglazed Porcelain/Vitrified tiles' originating in or exported from China till December 31, this year. Countries initiate anti-dumping probes to determine if the domestic industry has been hurt by a surge in below-cost imports.
As a counter-measure, they impose duties under the multilateral WTO regime. Anti-dumping measures are taken to ensure fair trade and provide a level-playing field to the domestic industry. They are not a measure to restrict imports or cause an unjustified increase in cost of products.
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!
This story has been published from a wire agency feed without modifications to the text.
