Govt refers aluminium duty hike request to revenue department

 

  : The Ministry of Commerce & Industry has referred Aluminium Association of India's request for custom duty hike on metal to Department of Revenue.

  Earlier requests were examined by Department of Revenue as part of the Budget 2015-16 and had not been acceded to.

  Aluminium Association of India has requested for hiking basic custom duty on aluminium products from 5% to 10% and to increase basic custom duty on aluminium scrap to bring it at par with the duty on primary metal amid sliding prices of the metal in global market.

  Aluminium production was 2.047 million tons in 2014-15 while 1.12 million tons was imported in the fiscal year gone by.

  Domestic aluminium prices slumped 6.77% for the past five-straight trading weeks and traded in range of Rs 107.8-99.7 per kilograms on the Multi-Commodity and Exchange (MCX).