New Delhi: The union government has decided to increase the export duty imposed on iron ore. The duty on exports of iron ore has been hiked by up to 50% from 30%. Duty on pig iron and spiegeleisen in pigs, blocks, or other primary formats; flat-rolled products of iron or non- alloy steel, of a width of 600 mm or more, hot- rolled, not clad, plated or coated have been hiked to 15%. At present there is no tax on these items.
The government also waived customs duty on the import of some raw materials, including coking coal and ferronickel, used by the steel industry. The import duty on ferronickel, coking coal, PCI coal has been cut from 2.5%, while the duty on coke and semi-coke has been slashed from 5% to ‘nil’. The tax on the export of iron pellets is fixed at 45%.
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The new decisions will lower the cost for the domestic industry and reduce the prices in the Indian market. The decisions were announced to facilitate greater domestic availability.
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