New Delhi: PHD Chamber of Commerce and Industry (PHDCCI) has urged the government to improve the cost structure of the Indian Aluminium industry and enhance competitiveness in the upcoming Union Budget.
Finance Minister Nirmala Sitharaman is scheduled to present the Budget 2022-23 next month. (Also read: Raise PPF contribution limit from Rs 1.5 lakh to Rs 3 lakh, suggests ICAI)
In its pre-Budget memorandum PHDCCI has suggested to reduce the basic custom duty on the following critical raw materials - Calcined Petroleum Coke (for anode making in Aluminium industry), Raw Petroleum Coke (for anode making in Aluminium industry) , Caustic Soda Lye; Aluminium Fluoride and Green Anode/ Pre-Baked Carbon Anode all by 2.5%.
The trade and industry body has sought for elimination of cess on coal (GST Compensation cess of Rs.400/MT) to support highly power intensive industries like Aluminium.
It has also asked the government to increase in basic custom duty on Aluminium scrap (HS Code 7602) at par with primary metal to proposed 10%.
Among other Pre-Budget Memorandum for the sector, PHDCCI has urged the inverted duty of Caustic Soda Lye to be rationalized and reduced from 7.5% to 2.5%; inverted duty of Aluminium Fluoride to be rationalized & reduced from 7.5% to 2.5%.
Being the primary raw material the import duty on Alumina should be rationalized and reduced from 5% to nil to enhance raw material security for Aluminium industry, encourage domestic value addition and exports of finished Aluminium products, said PHDCCI.
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