Export duty on iron ore, steel revised

Subscribe to Oneindia News

New Delhi, June 13 (UNI) The government today effected duty changes on iron ore and certain steel products, bringing the effective rate of export duty on iron ore to a uniform rate of 15 per cent ad valorem.

Flat-rolled products of iron and steel, including galvanised products and pipes and tubes have been fully exempted from export duty.

At present, these items attract an export duty ranging from five to fifteen per cent ad valorem.

The rate of export duty on long products such as bars and rods; angles, shapes and sections and wire has been increased from 10 per cent to 15 per cent, to improve their availability in the domestic market.

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 tonne, while the duty leviable on fines with iron content up to 62 per cent was Rs 50 per tonne.

''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,'' an official release said here.

The government simultaneously increased excise duty on large cars, Multi-Utility Vehicles and sports cars.

UNI MP/GS CS AS2051

Please Wait while comments are loading...