India resumes import Advance License of stainless steel sheet for 18 months
The Indian Stainless Steel Development Association (ISSDA) announced that it has already resumed the Advance Authorization licenses to 18 months because the materials could be imported without tax, said the Directorate General of Foreign Trade (DGFT).
Rohit Kumar, Director at ISSDA, said that a few years ago, the Advance Authorization period has been decreased to 6 months but actually it was 18 months not 6 months, so DGFT resumed the Advance Authorization to 18 months and it could help the exporters to make a good use of the time to export products.
Kumar said the change would not cause the direct affect about the production cost to the internal factories, but ISSDA asked DGFT to keep extremely caution and continue to check the related business to avoid abusing.
According to the data, the consumption volume of alloy steel sheet and stainless steel products in 2017-2018 was doubled to around 2.1 million tons compared to the same period in the previous year.
