Indian Govt Reduces Import Duty From Japan Under Trade Agreement
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Indian government has further reduced customs duty on imports of various products imported from Japan under Indo- Japan Comprehensive Economic Partnership Agreement (IJCEPA).
Import duty on pig iron HS code (720120) stood at 0.50 in CY20 which was 0.90 in CY19.
Import duty on stainless steel scrap HS code (72042110) is hovering at 0.50 in CY20 which was 0.90 in previous year.
Also import duty on scrap of other alloys HS code (720429 to 720430) is at 0.50 this year in comparison to 0.90 in previous year.
Import duty on Hot rolled products with thickness greater or equal to 600 mm imported from Japan remain unchanged.
Duty structure of IJCEPA for steel products (Ch- 72)
| HS Codes | Product Description | 2017 | 2019 | 2020 |
| 720110 | Pig iron | 0 | 0 | 0 |
| 720120 | Pig iron | 1.8 | 0.9 | 0.5 |
| 720150 | Pig iron | 0 | 0 | 0 |
| 720211 to 720219 | Ferro Manganese | 1.8 | 0.9 | 0.5 |
| 720221 to 720229 | Ferro Silicon | 0 | 0 | 0 |
| 720250 to 720260 | Ferro Alloys | 1.8 | 0.9 | 0.5 |
| 720410 | Scrap | 0 | 0 | 0 |
| 72042110 | Stainless Steel scrap | 1.8 | 0.9 | 0.5 |
| 72042190 | Stainless Steel scrap | 0 | 0 | 0 |
| 72061010 to 72069019 | Iron & non alloys steel in ingot | 1.8 | 0.9 | 0.5 |
| 72069091 | Iron & non alloys steel in ingot | 0 | 0 | 0 |
| 72069092 to 72071910 | Iron & non alloys steel in ingot | 1.8 | 0.9 | 0.5 |
| 72071920 to 72072010 | Semi finished non alloy | 0 | 0 | 0 |
| 720272020 to 72072090 | Semi finished non alloy | 1.8 | 0.9 | 0.5 |
| 720810 to 722990 | 7208 HR coil thickness = 600 mm , 722990=wire of other alloy sheets | 0 | 0 | 0 |
Source- SteelMint Research
