Secondary steel manufacturers want the union government to consider deemed duty paid on steel scrap for availing CENVAT credit in the union budget 2013-14.
According to the All India Induction Furnaces Association (AIIFA), the revenue collection of the central government would rise remarkably by allowing Deemed Duty Credit on steel scrap. The association said this in a statement.
The association has argued in the statement that the secondary steel sector contributes considerably to the overall growth of the domestic steel industry as well as for economic development of the country.
AIIFA suggested that details of deemed credit can be worked out in consultation with the industry to avoid its misuse.
AIIFA further added that the central government has earlier allowed the Deemed Credits on the Base Metals and Articles thereof falling under Chapters 72, 73, 74, 76, 78 and 79 of the said Schedule as per the following Orders issued by the Central Board of Excise and Customs, and the rates of the deemed credit which was allowed, were also revised from time to time.
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