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import price (MIP) on 173 steel products ranging between $341 to $752 per
tonne.
Engineering exports declined by 15.68% in December to $5.82 billion in
December 2015.
The move pertaining to input tax credit is in line with industry expectations
as it will improve competitiveness of Indian flag companies as against the
foreign flag vessels,
Keeping the heavy balance sheets and drying toplines of domestic
shipbuilding companies in mind along with the future prospects for them to
attract orders mainly from the navy and defence division, the budget has
exempted the shipbuilding company from excise duty on capital goods and
spares thereof, raw materials, parts, material handling equipment and
consumable for repairs of ocean-going vessels.
Plant shutdown and job cuts are underway as capacity utilisation of domestic
aluminium industry has fallen drastically in the last one and a half years as
global prices declined.
CEOs of aluminium producing companies like Vedanta and Hindalco had
sought an urgent intervention from Finance minister demanding a doubling of
import duty to 10% at least.
The Economic Survey presented last week had said raising tariffs to check
imports of aluminium will erode the competiveness of aluminium consuming
sectors like power, transport and construction.
Vedanta shares rose 4% at Rs. 74.50 apiece while NALCO shares were up
1.50% at Rs. 33.75 on Monday afternoon on BSE. Hindalco shares, however,
were trading flat at Rs. 69.25.
Routers, broadband modems and set top boxes, digital video recorder and
CCTV cameras are set to become cheaper by 7-8%, due to changes in excise
duty structure, said Nitin Kunkolienker, vice president of MAIT. The
government has annulled excise duties on parts and components, subparts
used for making these products locally.
The government has also proposed 10% BCD on preform of silica for
manufacturing of optical fibre. BCD exemption on capital goods and inputs
used for making micro fuses, sub-miniature fuses, resettable fuses has also
been proposed.
The government imposed BCD of 10% on soft switches and voice over
Internet Protocol (VoIP) equipment namely VoIP phones, media gateways,
gateway controllers and session border controllers, optical transport
equipment, IP radios, carrier ethernet switch and Long Term Evolution (LTE)
products among others.