New Delhi: The Indian Metallurgical Coke Manufacturers Association (IMCOM), which represents a majority of merchant manufacturers of metallurgical coke in the country, has written a letter to Union Finance Minister Nirmala Sitharaman, requesting for review of taxes & duties on coking coal and Met Coke. The association urged Finance Ministry to reimpose 5% import duty on Metallurgical coke to help domestic Met coke producers to sustain. In other words, while there is only a 2.5% reduction in import duty on coking coal costs, there is a 5% reduction in import duty on metallurgical coke,” the Association wrote in its letter. Accordingly, the cess creates an inverted duty structure for the met coke manufacturers, and hence the 5% import duty on coke becomes more critical,” the Association said in its letter to the finance minister. “NIL duty on imported met coke has resulted in a flood of cheap imports of met coke into India, putting further pressure on our capacity utilization and selling price.

Source: Daily Nation October 03, 2022 12:01 UTC