Ease of Doing Business
As a facilitator, the Government provides fiscal and other policy measures for the growth of steel sector. Currently, GST rate on steel products is18%. Government has imposed Export duty @ 15% on select steel products (HS-7201, 7208, 7209, 7210, 7213, 7214, 7219, 7222 and 7227).
The government has also imposed export duty of 50% on all grades of Iron ore and 45% on Iron ore pellets. The export duty has been notified vide Custom Notification Nos.
Other Government Initiatives:
Production Linked Incentive (PLI) Scheme: Government has approved inclusion of ‘Specialty Steel’ under the Production Linked Incentive (PLI) Scheme with a 5-year financial outlay of ₹ 6322 Crore to promote the manufacturing of ' Specialty Steel' within the country by attracting capital investment, generate employment and promote technology up-gradation in the steel sector. The Scheme was notified on 29.07.2021 and detailed scheme guidelines have been published on 20.10.2021 for operationalization of the Scheme.
Steel Import Monitoring System (SIMS): To facilitate domestic steel industry by disseminating the data related to steel imports, Steel Import Monitoring System (SIMS) had been put in place which requires the importer to submit advance information regarding intended imports to ensure granular data like end-use, grade & other technical specifications etc. of steel items being imported under Chapter 72,73, and 86 of ITC (HS). SIMS was notified by DGFT on 05.09.2019 and is operational w.e.f. 01.11.2019.