After increased scrutiny by GST authorities, steel companies that use scrap metal as input have suggested removal of tax on sale of the raw material between dealers and imposition of the levy on its sale to manufacturers under reverse charge mechanism.
The up-cycle witnessed in steel prices over the last one year is likely to show some respite now, largely on account of the improving supply-side situation, CARE Ratings has said, though it is unlikely that the global prices will witness any steep correction from its peak levels.
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