Government changes customs duty on steel, soyoil

MUMBAI: In wake of the recent fall in international prices of commodities and with a view to safeguard interests of domestic producers, the Indian government has announced certain changes in customs duty rates effective from Nov 18.

The government has withdrawn full exemption of customs duty on few industrial and agricultural commodities. Iron and steel items such as pig iron, spiegeleisen, semi-finished products, flat products and long products are now subject to a basic custom duty of 5 percent ad valorem. It has also withdrawn customs duty granted on crude soybean.

Consequently, crude soybean oil will be subject to a basic customs duty of percent ad valorem. There is no change in the import duty on refined soybean oil.