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India's federal Ministry of Steel has no immediate plans to seek higher taxes on imported steel even though the country has become a net importer of the alloy due to rising shipments from overseas, particularly China, a senior government source said.
India's top steel producers have asked the government to impose higher taxes on imports to curb overseas supplies coming into the world's second-biggest crude steel producer.
However, the steel ministry has not sent a proposal for the imposition of higher taxes to the finance ministry at this stage due to brisk domestic demand, the source, who has direct knowledge of the matter, said.
Steel mills want authorities to raise taxes from the prevailing 7.5% on several steel products to curb imports, the source said, declining to be identified as discussions are not public.
The federal Ministry of Steel did not immediately reply to an email seeking comment.
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