Post Budget Reaction of Mr Arun Kumar Jagatramka, CMD, Gujarat NRE Coke Ltd on “Equalisation of Customs Duty & CVD on steam & bituminous coal”

Post Budget Reaction of Mr Arun Kumar Jagatramka, CMD, Gujarat NRE Coke Ltd on “Equalisation of Customs Duty & CVD on steam & bituminous coal”

 

“There was no justification on a separate classification as bituminous coal and steam coal and the confusion created in last few months should have been done away with through a retrospective amendment. The industry had difficulty in accruing the benefit of lower custom duty on steam coal which was announced in last year’s budget due to this lack of clarity and existing non-uniform duty structure. Though the increase in custom duty on steam coal would increase the cost of power generated, the lowering of custom duty on bituminous coal would bring in relief. It is a welcome step that going forward such confusion and misclassification has been done away with. Still I believe there should not be any separate classification as bituminous coal since worldwide in global trade coal is classified as coking coal and non coking coal and the same needs to be adopted in India as well.”