February 21, 2012: FICCI in its pre-budget memorandum has given the following recommendations for steel and other ferrous metals:
The Government may consider reviewing the duty structure on following items:
> Customs duty on Vanadium Pentoxide (Chapter Heading 2825 30) and Vanadium sludge/ Ammonium Metavanadate (Chapter Heading 2841.90) may be reduced suitably from the present level of 7.5%.
> Government may consider listing Ferro Manganese Slag under Free Items instead of Restricted Items under chapter heading 2621 9000.
> Customs duty on Ferro alloys under heading 7202 to 7.5% except Ferro Nickel (7202 6000) may be suitably increased.
> Customs Duty on the Ores viz. Manganese Ore, Chrome Ore, Molybdenum Ore/moly Oxide, Tungsten Ore, Wolframite Ore, Scheelite Ore, Nickel Oxide, Vanadium Ore etc., falling under Chapter 26, are basic raw materials and duty may be suitably reduced as these are not available in the country except the first two.
Source: The Economic Times