Steelmakers, auto industry demand taxes’ rationalisation
Business
January 20, 2021
KARACHI: Steel makers and auto parts’ makers on Tuesday demanded the government to rationalise taxes to support trade and industry amid the rising prices in the international market.
Domestic steel firms attribute the northward movement of the steel price to the rising iron ore prices, which have gone up multiple times in the recent past.
“High steel rates are a global phenomenon due to higher demand than supplies and we are in fact net importers of steel and its raw materials,” said Faizan Idrees, chief executive officer of ARE Steels.
“The government gave some duty and tariff concessions for the steel sector to minimise the impact of high steel rates and if it could for the time being waive sales tax on steel products, it could further boost construction activities and employment opportunities.”
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The government has exhorted domestic steel makers to become more competitive locally as also in export markets besides developing newer products for use in industrial and construction sectors. In the upcoming Budget, the steel makers are expecting relaxation in basic custom duty (BCD) levied on raw materials like coking coal, anthracite coal, graphite, electrode, limestone and dolomite etc. At a conference organised by Indian Steel Association (ISA) on Friday, Union Steel Minister Dharmendra Pradhan said domestic steel manufacturers should focus on increasing production of finished steel while reducing imports and increasing imports. I expect this from the ISA that when we hope for a tax restructuring from someone, we must increase production, become more competitive, increase exports and minimise import. The Finance Department gets some amount as revenue (on import of steel making raw materials). It must be filled with confidence that when the manufacturing line will be in o