new Delhi. The government is considering implementing the proposed Boundary Adjustment Tax (BAT) to protect domestic industries from cheaper products coming from countries including China. Union Steel Minister Dharmendra Pradhan has himself urged the Finance Ministry to impose the proposed Border Adjustment Tax (BAT).
Pradhan told on Tuesday that with the introduction of this tax, equal opportunities will be available to local manufacturers. The proposed BAT will be levied in addition to the customs duty on imported products. This will enable the price of imported products to be at par with locally manufactured products. Indian industry has been complaining to the government for a long time about domestic taxes like electricity duty, fuel duty, clean energy cess, mandi tax, royalty, biodiversity fee etc. These duties are levied on domestically produced products. But many types of imported goods are not levied in their respective countries, which gives their products an advantage in the Indian market on price fronts.
Pradhan said that as far as support to the domestic steel sector is concerned, the government is already working in this direction. He said that there is a huge installed capacity of steel in the country and production is going on in the country accordingly. He said that today India is the second largest steel manufacturer in the world with large steel production capacity. India has an installed production capacity of 150 million tonnes, and produces 110 million tonnes of steel.
India will soon achieve the level of 150 million tonnes of production.
Pradhan said that we are also producing steel for special steel and defense and space projects. He said that we have requested the Finance Ministry to levy a border adjustment tax.
This post was published on July 1, 2020 12:38 pm
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