Re-rolling mills owners for VAT on MS rod import

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Against the backdrop of a sharp fall in the prices of raw materials, the country's MS rod manufacturers were now apprehending dumping of the product from a neighbouring country, reports UNB.
After the sudden rise in prices of raw materials and finished products, according to industry insiders, neighbouring India imposed a ban on its export of MS rods while Bangladesh relaxed the import of MS rods through withdrawing value added tax (VAT).
But within two months, the prices witnessed a sharp fall on the international market.
Facing this new situation, the Indian policymakers were now contemplating to withdraw the ban on export of MS rods, said an owner of a re-rolling mill who used to import raw materials from India.