Direction of the Parliamentary Committee not to implement the decision regarding the tariff rate of Sponge Iron

Direction of the Parliamentary Committee not to implement the decision regarding the tariff rate of Sponge Iron

July 10, Kathmandu. The Parliamentary Committee on Industry and Commerce and Labor and Consumer Affairs has decided to issue a directive to repeal the discriminatory tax policy on customs and excise duty on sponge iron and billets.

Through the budget for the current fiscal year, the government had changed the rates of customs and excise duty on billet and billet-producing sponge iron imports. Committee Chairman Bimal Srivastava informed that the decision was taken to repeal the provision and implement the old tax rate as it was seen that many industrialists would be hit, lose their jobs and benefit from the industry.

“After the victim’s complaint, we had a discussion with all of them,” said Srivastava.

He also said that the budget arrangement between Sponge Iron and Billet was discriminatory in terms of customs duty and excise duty. The committee has stated that the price increase due to the exemption of customs duty and excise duty on sponge iron has not been mentioned.

Chairman Srivastava also said that the Ministry of Commerce and Finance has been instructed to implement the same tax rate by repealing the existing provision.

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