03/12/2022

Centre Removes Duty On Some Steel Items After Exports Plunge

Centre scraps export tax on low grade iron ore, some steel intermediates

NEW DELHI:

The Finance Ministry, in a notification, said the government scrapped the 15 per cent export tax it had previously imposed on several steel intermediates after exports fell last month.

At a time when steel and iron ore exports have seen a considerable reduction in October 2022, the decision to lower customs duty on stainless steel products has been made, said the late-Friday notification, which takes effect on Saturday.

Exports tax was also cut on low-grade iron ore lumps and fines containing less than 58 per cent iron, overturning a previous order from May that had increased the duty to a high 50 per cent to control inflation.

Apart from roasted iron pyrites, the centre also reduced the export tax on iron ore and concentrates from 50 per cent to 30 per cent.

The notification said:

The following items/products related with Stainless Steel will now attract Zero percentage Customs Duty with effect from 19th November, 2022:

— Flat-rolled products of stainless steel, of a width of 600 mm or more

— Other bars and rods of stainless steel; angles, shapes and sections of stainless steel

— Bars and rods, hot-rolled, in irregularly wound coils, of other alloy steel

The government determined that those changes were required for the benefit of the general public.

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