Govt slaps safeguard duty on certain steel imports

Government has slapped safeguard duty on import of certain steel products like hot rolled flat sheets and plates of alloy or non-alloy steel to protect domestic manufacturers from cheap in-bound shipments.

10pt;">A Revenue Department notification said, the effective duty rate would be calculated after deducting the value of the goods and the anti-dumping duty payable when the import price is below 504 US dollars per tonne. It said, the duty arrived at would be 10 per cent in the first year and will gradually reduce to 6 per cent by 2019.