23 July 2012 07:02 [Source: ICIS news]
Definitive ADD was imposed on acetone imports originating from European Union (EU), South Africa, Singapore, US and Taiwan in 2008 for five years effective from June 2007, the date of imposition of the provisional rate of ADD.
The one-year extension of ADD follows review of the `sunset clause’ of the levy imposed in March 2008 and submission of a petition by Hindustan Organic Chemicals Limited (HOCL) for extension of the same and the duty will now be applicable till June 2013 as per a revenue department notification issued on Monday, the official said.
The ADD imposed on acetone imports notified by the department of revenue ranged between $87.14 per tonne to $277.84 per tonne depending on originating country of the shipments.
According to government data, the total domestic installed capacity for acetone production was estimated at 68,700 tonne/year with major manufacturers included HOCL, Herdilla Chemicals Limited and National Organic Chemicals Limited (NOCL).
Acetone is a key organic chemical used in manufacture of bulk pharmaceuticals, agro-chemicals, dyestuffs and categories of explosives.
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