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Question

According to Union Budget 2023-24, consider the following statements regarding Metal Industry:

1. Exemption from Basic Customs Duty on raw materials for Steel sector.

2. Concession of 2.5 percent from Basic Customs Duty on copper scrap is also being continued to ensure the availability of raw materials for secondary copper producers.

3. Secondary copper producers who are mainly in the large industry segment.

Which of the above statements is/are correct?

 

A 1 and 2 only Correct Answer Incorrect Answer
B 1 and 3 only Correct Answer Incorrect Answer
C 2 and 3 only Correct Answer Incorrect Answer
D 1, 2 and 3 Correct Answer Incorrect Answer
E 3 only Correct Answer Incorrect Answer

Solution

To facilitate availability of raw materials for the steel sector, exemption from Basic Customs Duty on raw materials for manufacture of CRGO Steel, ferrous scrap and nickel cathode is being continued. Similarly, the concessional BCD of 2.5 per cent on copper scrap is also being continued to ensure the availability of raw materials for secondary copper producers who are mainly in the MSME sector.  

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