Financial Daily from THE HINDU group of publications
Wednesday, Mar 01, 2006


News
Features
Stocks
Shipping
Archives
Google

Group Sites

Agri-Biz & Commodities - Budget
Industry & Economy - Metals


5 pc hike likely in landed cost

Dhimant Bhatt

Mumbai , Feb. 28

The landed cost of major non-ferrous metals including copper, nickel, zinc and lead metal is likely to increase by about 5 per cent, despite the 2.5 per cent basic customs duty cut proposed in the Union Budget 2006-07.

The Finance Minister, Mr P. Chidambaram, has proposed a 2.5 per cent reduction in the basic customs duty to 7.5 per cent from 10 per cent while he also proposed additional 4 per cent countervailing duty on all imports, apart from the normal rate of 16.32 per cent.

"The net effect of 4 per cent in the cost of raw materials will now be 6 per cent and the cost is bound to go up," Mr Rohit Shah, President, Bombay Metal Exchange, told Business Line.

"The Budget is not so exciting for the trade," Mr Shah said.

Service tax to hit trade

There has also been increase in the service tax from 10 per cent to 12 per cent, which will definitely hamper the non-ferrous metals trade.

More Stories on : Budget | Metals | Excise and Customs

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



Stories in this Section
Banks to cut lending rates on farm loans


Harrisons Malayalam bags 6 awards
Short-term credit at 7 pc — Farmers to get from kharif season
Priority in lending to food sector — Rs 1,000-cr corpus for refinancing loans
Going the extra mile for the farmer
Hails nod for tea protection fund
Cheer for Jain Irrigation Systems
Jute industry upset
Sugar sector feels let down — `No measures on de-control'
Customs duty hike — Vanaspati industry disappointed
5 pc hike likely in landed cost
Full credit on the farm front
Wah! Budget
`A boost to replantation'
Priority sector status hailed
`Greater credit flow likely'
Rice processing
Cheer for Jain Irrigation Systems
Steady trend in rubber
Boost for soya



The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line