MARCH 20238PANORAMAFIVE EMERGING TECHNOLOGIES IN STEEL INDUSTRYThe All India Induction Furnaces Association (AIIFA) and other industry associations have called on the government to simplify the scrap metal GST structure, affecting the entire steel industry in the country, according to an official publication of AIIFA. The scrap steel industry, which makes steel by recycling scrap procured from scrap dealers using the induction furnace route, accounts for nearly 35 percent of the country's total steel production."The GST system creates substantial disruption in the supply of metal scrap, a key component in many industrial processes. This contributes to various lawsuits regarding GST that incur large costs and take up considerable time", says Sudhir Goyal, Member, All India Induction Furnaces Association (AIIFA).He exhorted the government to consider the industry's suggestions on introducing reverse charges mechanism (RCM), also distinguish between new and old scrap using separate HSN codes, and notify sale of old scrap under RCM for commercial manufacturers.The steel industry in India has been an integral part of the country's economic growth over the past few decades. India's steel production has
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