The central government has announced the abolition of export tax on iron ore in order to encourage domestic companies and increase exports.
First Published Nov 19, 2022, 5:27 PM IST
The central government has announced the abolition of export tax on iron ore in order to encourage domestic companies and increase exports.
At the same time, the import duty on products such as anthracite, coking coal and ferro-nickel used in the crude steel industry has been increased.
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After a gap of 6 months, rebate on export duty and import duty is back. The prices of iron ore products rose suddenly in the last month, due to shortage of raw materials for iron ore products. Subsequently, it reduced the import duty on steel raw materials.
Following this announcement by the central government, the export tax on pig iron, steel products, steel raw materials and pellets will be completely removed. Steel raw materials and steel products are tax exempted if 58 percent of the work is completed.
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Perhaps if the percentage of completion of steel products is more than 58 percent, 30 percent export duty will be levied on it.
Imports of anthracite, coking coal and peronickel have been increased by 2.5 percent. Earlier, coke and semi-coke were exempted from duty, now 5 percent tax has been levied.
Last Updated Nov 19, 2022, 5:31 PM IST
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