Budget News

PHD Chamber Urges Gvernment To Improve Cost Structure Of Indian Aluminium industry
January 24,2022 17:52
The PHD Chamber of Commerce and Industry (PHDCCI) has stated that the government needs to improve the cost structure of the Indian Aluminium industry and enhance competitiveness in the upcoming Union Budget, according to media reports. In its pre-Budget memorandum PHDCCI has suggested to reduce the basic custom duty on the following critical raw materials - Calcined Petroleum Coke (for anode making in Aluminium industry), Raw Petroleum Coke (for anode making in Aluminium industry) , Caustic Soda Lye; Aluminium Fluoride and Green Anode/ Pre-Baked Carbon Anode all by 2.5%. The trade and industry body has sought for elimination of cess on coal (GST Compensation cess of Rs.400/MT) to support highly power intensive industries like Aluminium.
It has also asked the government to increase in basic custom duty on Aluminium scrap at par with primary metal to proposed 10%. Among other Pre-Budget Memorandum for the sector, PHDCCI has urged the inverted duty of Caustic Soda Lye to be rationalized and reduced from 7.5% to 2.5%; inverted duty of Aluminium Fluoride to be rationalized & reduced from 7.5% to 2.5%. The import duty on Alumina should be rationalized and reduced from 5% to nil to enhance raw material security for Aluminium industry, encourage domestic value addition and exports of finished Aluminium products, said PHDCCI.
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