steel export duty, tax for steel export.. Central government important announcement! – Central government has announced withdrawal of export duty on steel

The Ministry of Finance has now issued a notification regarding the export tax on steel. The central government has restored the pre-22 May 2022 status. The central government has also withdrawn export duty on iron ore lumps below 58 per cent iron content and certain steel products including low-grade lumps, iron ore pellets and pig iron.

In addition, import duty concessions on anthracite/PCI coal, coking coal, coke & semi-coke and ferronickel have also been withdrawn. In this regard, the report released by the central government has the following features.

• Export of iron ore lumps with less than 58 percent iron content is not subject to duty.

• Exports of iron ore lumps with an iron content of more than 58 per cent will be subject to a reduced export duty of 30 per cent.

• Export of iron ore pellets is exempt from duty.

• Export of pig iron and steel products classified under HS 7201, 7208, 7209,7210,7213, 7214, 7219, 7222 and 7227 is duty free.

• Anthracite/PCI & Coking Coal, Ferronickel will be subject to import duty of 2.5%.

• Coke and semi-coke will be subject to 5 percent import duty.

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This notification of the central government has come into effect from today (November 19). The government has said that the current measures will encourage the domestic steel industry and increase exports.