New Delhi, June 13 : Union Ministry of Finance on Friday made certain changes in the rates of export duty and Central Excise duties on large cars.
Central Excise duty on large cars, multi utility vehicles (MUVs) and sports utility vehicles (SUVs), of engine capacity exceeding 1500 cc, mostly used by the affluent sections, has been increased.
These would now be chargeable to a specific rate of duty in addition to the existing ad valorem rate of 24 per cent. For cars, MUVs and SUVs of engine capacity ranging from 1500 cc to 1999 cc, a specific duty of Rs.15,000 per unit has been imposed while for those having an engine capacity of 2000 cc and above, the specific duty is Rs.20,000 per unit. There is no change in the duty applicable to cars of engine capacity upto 1500 cc.
Export duty on iron ore was so far being levied at specific rates. Lumps, and fines having iron content exceeding 62 per cent were charged to duty of Rs.300 per MT, while the duty leviable on fines with iron content up to 62 per cent was Rs.50 per MT.
In order to further strengthen a policy regime that enables conservation of good quality ore and ensures its availability to domestic industry at a reasonable price, the effective rate of duty on iron ore has been enhanced to a uniform rate of 15 per cent ad valorem, irrespective of iron content.
Flat-rolled products of iron and steel, including galvanized products, and pipes and tubes that attracted export duty ranging from five per cent to 15 per cent ad valorem, have been fully exempted from export duty.
The rate of export duty on long products such as bars and rods; angles, shapes and sections and wire has been increased from ten per cent to 15 per cent, to improve their availability in the domestic market.